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Desperate help needed please - receipts and payments accounts

  • Student
  • 14 posts
  • # 115279

Hi All, i'm after some desperate help - please!

 

With reference to a receipts and payments account, would you classify interest on a deposit account which has next to it in brackets (paid into deposit account directly) as income for the purposes of calculating total income that would be shown on the income and expenditure account for the year?

 

I hope that makes sense. Thank you so much in advance.

 

xx

  • Member
  • Practice Licence
  • 3 posts
  • # 115284

emmahills1983 said:

Hi All, i'm after some desperate help - please!

 

With reference to a receipts and payments account, would you classify interest on a deposit account which has next to it in brackets (paid into deposit account directly) as income for the purposes of calculating total income that would be shown on the income and expenditure account for the year?

 

I hope that makes sense. Thank you so much in advance.

 

xx


 If the Deposit Account is for the business then the Interest would be treated as an Income in the income and expenditure account.

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