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Experienced Member

How do I record interest earned from a bank account? The interest is on my funds not from a customer

 
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Best answer 3 weeks ago

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Established Community Backer ***

I create and use an income account called interest income...

I create and use an income account called interest income

then you can either, make a deposit in that amount using that interest income account as the source account for the deposit

or

when you reconcile, there is a place to choose the interest income account and enter the amount earned

2 Comments
Established Community Backer ***

I create and use an income account called interest income...

I create and use an income account called interest income

then you can either, make a deposit in that amount using that interest income account as the source account for the deposit

or

when you reconcile, there is a place to choose the interest income account and enter the amount earned

Active Member

Re: I create and use an income account called interest income...

What tax code do you assign to this type of transaction?