[GNC] Interest on savings account

[Michael or Penny Novack]

On 10/4/2019 11:40 AM, KenWA wrote:
> How does one enter interest on a savings account which has been automatically
> paid in to that account.  Just entering the amount as an increase results in
> an Imbalance? sinc

Fundamentals of double entry bookkeeping. There are always two sides to 
every transaction.

In this case, you received interest, that is, you have interest income  
<< you do have an income account "interest", yes? If not, create one >>

So the transaction would be:

debit   "savings account"

credit "interest"

You had an Imbalance amount because you forgot to specify the credit 
side of the transaction.

Michael D Novack