[GNC] How-to question: CD Interest payments deposited in a different account

[David Cousens]

Art,

The transaction is pretty simple

                                              Debit          Credit
Asset :Bank:Checking               xxxx
Income:InterestCD                                    xxxx

Where under the Income top level account the account to record the interest
should be located will depend on your circumstances. Generally interest
income is likely to be taxable but you would only have to differentiate if
you also had sources of non-taxable income. You could also either lump all
your interest income into one account or use sub-accounts to record interest
from different sources. It depends on the level of detail you require.

If the interest amount is the same each time, i.e. only depends on the
principal, you could also set it up as a scheduled transaction ending when
the CD matures.

David Cousens



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David Cousens
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