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Hi all. Our business bank account recently sent us some compensation to say sorry for poor service. Any ideas how this should be categorised please? Thanks so much.

3 replies
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QuickBooks Online

I am not a qualified accountant. I just had this exact question myself and asked our accountant. They set up a new category: 'Other Sundry Income' and used 'No VAT (sales)'. Make a note in the memo what the income was for.

A

Ashleigh1

Level 14

Hello Userbrickproject-uk,

Welcome to the Community page,

We would advise you speak to a trained and qualified accountant who would be able to help and tell you what it needs to go to as we are not trained accountants just technical support.

M

MarkAgAnswer

I am not a qualified accountant. I just had this exact question myself and asked our accountant. They set up a new category: 'Other Sundry Income' and used 'No VAT (sales)'. Make a note in the memo what the income was for.

U

userbrickproject-ukAuthor

Thanks so much, we really appreciate your input. That sounds like it's about right. Have a lovely evening.

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