[GNC] Interest on savings account

Stephen M. Butler kg7je at arrl.net
Fri Oct 4 13:43:27 EDT 2019


On 10/4/19 8:40 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


Remember that GnC is based on a double entry bookkeeping system.  So you
need to have two sides to every transaction.  Where I live, interest
income is considered earned income.  In my case, I have three interest
income accounts (checking, savings, money market) all at the same bank
and the interest income is posted on the same day for all three accounts.

Asset:
    Bank:
        Checking
        Money Market
        Savings
Income:
    Interest:

Say I earned $0.54 on checking, $1.46 on savings and $15.99 on money
market.  My transaction (single transaction with 4 rows/splits):

Income:Interest:  $17.99 credit
Asset:Bank:Checking:  $0.54  debit
Asset:Bank:Money Market:  $15.99  debit
Asset:Bank:Savings:  $1.46  debit

If you have only Asset:Bank:Savings, then only two lines:

Income:Interest:  $1.46 credit
Asset:Bank:Savings $1.46 debit


--Steve


-- 
Stephen M Butler, PMP, PSM
Stephen.M.Butler51 at gmail.com
kg7je at arrl.net
253-350-0166
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