[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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