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

[Dale Alspach]

Perhaps you are over-thinking this. I would create an income account with a
name such as "CD interest". Each month create a transaction

Credit CD interest $x
Debit Checking $x

where $x is the amount of interest paid for the month.

Dale

On Mon, Feb 18, 2019, 11:06 PM Art Chimes <arts.online at gmail.com wrote:

> I have been trying to learn GnuCash for several months now, and I am
> apparently dumber than I thought. I am pretty good at keeping my checking
> account, but I find more complex actions more challenging.
>
> For example, I bought a CD (cert. of deposit) last year, and it resides in
> my brokerage account. Each month it pays me a small amount of interest,
> which is automatically deposited in my checking account. When the CD
> matures I will get my original money back.
>
> As I learn GnuCash I am still using Quicken (Q 2000!) and in that program
> it is a simple matter there to record the interest+transfer event as an
> IntIncX (interest income transfer) transaction. But I am stymied in an
> effort to correctly record this kind of transaction in GnuCash.
>
> I have searched GnuCash resources extensively but I keep getting sent back
> to an unhelpful example in which the earnings accrue to the CD, to be paid
> out at the end of the term. (e.g.
> https://www.gnucash.org/docs/v3/C/gnucash-guide/invest_int1.html)
>
> Do I create a split transaction that shows the interest income increasing
> the value of the CD's asset account and simultaneously being transferred to
> the checking account? I tried this without success, but I am still pretty
> rocky with splits.
>
> I imagine the procedure is analogous to handling period bond interest
> payments, or mutual fund dividends, etc., but again I am apparently not
> smart enough to find resources that I can use. (It seems the documentation
> — like in Quicken — is not very robust for fixed-income investments.
>
> I really want to move away from Quicken, but right now I am maintaining
> parallel sets of books as I try to get comfortable with GnuCash. Thank you
> for any help you can provide.
>
> Art
>
> PS - I'm a noobie ... please be gentle!
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