How To: Enter Bank Interest

How do I enter an amount for interest earned on a bank account?

1. Create a nominal account called "Bank Interest", for example.
2. Journal between the bank account and the bank interest nominal.

Notes:

• You could also set up a "Bank Charges" nominal too, if required.
• If you want to add VAT, then add the appropriate Tax nominal and when posting the journal the system will ask a series of questions about whether the VAT is included or excluded. It will then add an entry in the VAT Return.
  
  

See Also

• Accounts overview