Refund from bank

Hi Everyone,
My company has received a refund from the bank for the incorrect exchange rate for international payments.
Could you please advise where is the best place to allocate it for? 
Also, my company receives cashbacks for the credit card transactions. Is it ok to allocate it under bank charges?
Advice would be gratefully received

  • Hi Patty,

    I would advise that if you have received a refund from the bank for an incorrect exchange rate then I would personally post this into your Exchange Rate Variance nominal code. Ours is currently set at 7906 but as it's Bank Charges & Interest then it would need to be in the 7900 codes.

    Same applies to the second question, it might be worth setting up a new nominal code in the 7900s for cashback received credit card transactions. It all falls under the same category in the P&L reports anyway.

    If this has answered your question please click More > Verify Answer.

    Take care,