income accounts

[Mike or Penny Novack]

> When my LittleCreditUnion statement tells me that I received
> $5.55 dividend associated with 
> Assets:LittleCreditUnion:LittleCreditUnionSAV
> and
> $25.01 dividend associated with 
> Assets:LittleCreditUnion:LittleCreditUnionCERTIFICATE
> and I want to record them in my GnuCash register, to what account 
> should I best attribute the income?
> For the time being, I have created an account called
> Income:LittleCreditUnion and I attribute the dividends to that. ave

You COULD have an income account (sub account) for JUST this source of 
interest*, But that would normally be only when you had lots of 
different sources of interest income and wanted to be able to track them 
separately in addition to in total (and for the 1040, you do enter 
separately if filling schedule B). If you have only one source of 
interest income, no need to do that.

* Note I say "interest" as opposed to "dividends". Although savings 
banks often call it dividends (and declared by their board) these are 
classed as interest income, not dividend income, by the Feds and all of 
the states. Might not be true for other countries.

Michael D Novack