I'm sure this is a simple fix but being new to QB, it's beyond me. We received a payment from the Government (US) that included interest because it was late. How do I apply to interest to interest income? I've applied the full amount of the payment to the customer account (as I want to show the full payment). I would think that I could 'write off' the over-payment to a G/L account but not sure how to do that. TIA for any advice!
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to reflect the interest on the invoice, which I do not think I would do, add an item that posts to interest income and enter that amount
I would receive the amount invoiced, and in make deposits on the next line select the interest income account and enter the amount
Thank you for the reply. Unfortunately if I use the Make Deposits option, there is no way to select the Interest Income account. Other thoughts?
Thank you! My ignorance - I took From Account to be a customer. I didn't look at the options. I'm all set. Thanks for the input - much appreciated!