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dn1
Experienced Member

Adding an interest dividend to savings account creates a credit and debit, cancelling it out.

I create a sales receipt from a dummy customer called Bank interest. I set the account to a line item also called Bank interest. I then tell it to deposit straight into the savings account. The result is a credit and a debit in the savings account, which cancels each other out. I know you can add bank interest through the reconcile window, but I'm not caught up on reconciling yet. I have old interest amounts I need to enter.
2 Comments
Established Community Backer ***

Re: Adding an interest dividend to savings account creates a credit and debit, cancelling it out.

the item you use on the sales receipt for this should have the interest income account selected and not the bank

 

then you use make deposits

 

or do  journal entry for this

debit bank
credit interest income

Established Community Backer ***

Re: Adding an interest dividend to savings account creates a credit and debit, cancelling it out.


@dn1 wrote:
 I know you can add bank interest through the reconcile window

No you don't add anything from the reconcile window.  You add from Banking>For Review. "Reconcile" is a different task

 


I create a sales receipt from a dummy customer called Bank interest. 

Just use a Bank Deposit transaction (which is what would be created if you click "Add" in Banking>For Review.  A Sales Receipt transaction is for a sale.