Important Guidelines for Payment Narrations in 2026.
Important Guidelines for Payment Narrations in 2026.
Proper narration not only aids in tracking transactions efficiently for TAX purposes but also ensures clarity for both the sender and receiver.
Please find below the recommended narrations for various scenarios:
1. Family Support: When receiving money from a family member, please ask them to include "Gift/Family Support" in the payment narration.
2. Refunds: If a friend or acquaintance is paying you back, have them write "Refund/Reimbursement" as the narration.
3. Personal Transfers: For transfers between your own accounts, use "Personal Transfer/Savings" in the narration.
4. Loans: If someone lends you money, the lender should specify "Loan" in their payment description.
5. Capital Contributions: For funds you invest into a business, please use "Capital Contribution" as the narration.
6. POS Transactions: If you operate a Point of Sale (POS) system, customers should write "POS Transaction" when transferring funds.
7. Sales Payments: As a business owner, customers should provide detailed narrations like "Payment for a loaf of bread and two eggs" when making payments for goods.
8. School Fees: As a student, please specify the purpose of payments such as "School Fees" or "Application Fee" in your narrations.
Following these guidelines will not only keep your finances organized but will also assist in accurate record-keeping.
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