ANSWER ID:9077You could record bank interest and fees using Receive Money and Spend Money transactions. But you usually don't know these amounts until you receive your bank statement. That's why it's easier to record these transactions using the Bank Entry function when you're reconciling your account by using the Bank Entry function. This support note shows you how. | UI Text Box |
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| | Which tax/GST codes should I use? If you're not sure which tax/GST codes to use for bank interest and charges, check with your accounting advisor or the ATO/IRD. The codes we use below are examples only. |
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| title | Recording bank interest and charges |
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| - Go to the Banking command centre and click Reconcile Accounts.
- Select your Account and enter the Bank Statement Date.
- Click the Actions button and choose Bank Entry. The Bank and Deposit Adjustments window appears.
- Enter the transaction details then click Record. Here's an example:
Upon returning to the Reconcile Accounts window, you will notice that any Bank Entry transactions recorded through this window have been automatically selected as Cleared. |
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