How do I enter interest received on bank account?

Question asked by Stanley Nykamp 8 years ago

How do I enter interest received on bank account? Do I need a creditor for this entry?

6 Replies

Head to Settings > Codes > Create and add an appropriate account for bank interest. Next head back to Money > Manage money and create a money in transaction and explain.

Alternatively import a statement and explain the appropriate receipt on the imported statement. Select your bank in the 'From' box and select the interest code in the account.

Thanks Berhan, When explaining do I need to create a creditor i.e. the bank that is paying me that interest?

You will need to create a bank account in Money > Bank Accounts > Add if you haven't already. Then you can select the Bank account from the drop down list when explaining receipt.

Kind regards,

Berhan

I have followed the steps above however when I explain my transaction I get the following warning message.

"Savings Account is a bank account. Clear Books thinks that Bank Interest is not normally associated with a bank account. Please change the Account or To/From. To ignore this warning resubmit this form."

The gross interest has been applied to our Savings Account by the bank. In the "From" dropdown I have selected "Savings account" as the interest has been paid by the bank.

Am I missing something here? Or should I just resubmit and ignor the warning?

Thank you for your fast response, can confirm re-submit works ok.

Hi Rob,

Yes you can re-submit the form in that case. The warning message usually appears for account name the system thinks may be mismatched but in the case it appears you used the correct account name.

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