Nominal Ledger Code?

Discussion in 'UK Accountancy' started by Rob Meade, Nov 1, 2003.

  1. Rob Meade

    Rob Meade Guest

    Hi all,

    New to;

    a) this group
    b) accounts
    c) Sage Instant Accounts Plus

    I have been using it for a little while now and have got to grips with it a
    little, however I am still a little unsure of creating new Nominal Ledger
    Codes, ie, ensuring I've placed the item in the correct group.

    I need at the moment a code for Interest Received (ie, from my bank), having
    performed a quick google search I wasn't able to find much, but one website
    (for a different product) had it in the same group as the Sales? I thuoght
    personally it would have gone in Capital & Reserves within Sage?

    Groups I have available are :

    Sales 4000-4999
    Purchases 5000-5999
    Direct Expenses 6000-6999
    Overheads 7000-8999
    Fixed Assets 0001-0999
    Current Assets 1000-1999
    Current Liabilities 2000-2299
    Long Term Liabilities 2300-2999
    Capital & Reserves 3000-3999

    Out of all of those its the only one that makes any sense to me.....

    Can some one let me know if this is correct, or if not, which group I should
    be creating the item in please?

    Thanks in advance for any help,


    Rob Meade, Nov 1, 2003
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  2. Rob Meade

    Rob Meade Guest

    ....I have 2 items in the current Sales group;

    4901 Royalites Received
    4902 Commission Received

    Now, I would assume that Interest Received would fall into the same group -
    correct? Incorrect?


    Rob Meade, Nov 1, 2003
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  3. Rob Meade

    Dave Guest

    Everything ?

    Sage is at:
    You are welcome,

    ----- + ----- + -----
    The internet is too big to fit in your recycle bin
    Do you REALLY want to delete it?
    ----- + ----- + -----
    Dave, Nov 1, 2003
  4. Ideally there would be a group for "Other income", but Sage doesn't have
    that, so sales would be the next best option. Put it somewhere near the
    end of that group - in the 49xx region.

    Capital and reserves is a completely different thing. If your company
    issues shares, you put that in there. If it is a sole trader and you draw
    money for personal use, you put that there. When you get to the end of the
    year, and clear the profit & loss balances to start next year's accounts,
    the balance goes there.
    Jonathan Bryce, Nov 1, 2003
  5. Rob Meade

    Marc Guest


    You are new to this group so let me introduce you to Dave.

    Dave is the one who will try and belittle you at every turn. He will have a
    go at you for having the audacity to ask for help about accounting issues on
    a newsgroup about business accounting issues.

    Do what the rest of us do and just ignore him. If you can.

    Welcome to the group btw.

    Marc, Nov 1, 2003
  6. Dear Rob,

    Interest we tend to post to 4900 (usually I select code 4906 for interest

    Naturally, any other queries please contact me at


    BSL Grouo
    Basement Studios Limited, Nov 3, 2003
  7. Rob Meade

    Rob Meade Guest

    Hi Rob,

    Many thanks for your reply. I took a gamble in the end and had already
    placed it in the 4900 range before seeing your post, cant remember if it was
    4905 or 4906 now - but obviously in the correct range - yay!

    Many thanks again for your reply and offer for further help.


    Rob Meade, Nov 3, 2003
  8. Rob Meade

    Michelle Guest

    I don't know if this is right, but I have always coded it in the section

    Overheads 7000-8999

    There is a section here, account 7900 for bank interest paid, and I just put
    a credit on this account. I have never had any complaints from our

    Michelle, Nov 5, 2003
  9. Interest received and paid are treated completely differently for tax
    purposes, so it is a good idea to keep them separate.

    Interest received also has to be disclosed separately on the accounts.
    Jonathan Bryce, Nov 5, 2003
  10. Rob Meade

    Keith Guest

    <ho hum... off to the out box..>
    Keith, Nov 5, 2003
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