ANSWER ID:9077Some bank transactions are not usually known You 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. This support note explains how to record bank interest and charges using ther Bank Entry feature of your software.That's why it's easier to record these transactions 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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| The Which tax/GST codes used in this support note are examples only. Please check with your accountant 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 for advice on the applicable tax/GST codes for your circumstances. . The codes we use below are examples only. |
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title | Recording bank interest and charges |
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| Banking transactions are typically entered using Receive Money and Spend Money, but as bank charges are usually entered when reconciling your cheque account, they can be entered using the Bank Entry function from within the Reconcile Accounts window. To do this: - Go to the Banking command centre and click Reconcile Accounts.
- Select your Account and enter the Bank Statement Date.
- Click Bank Entry. The Bank and Deposit Adjustments window appears.
- Enter the transaction details then click Record. The window below shows Here's an example Bank Entry.:
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| The tax/GST codes used in the example above are FRE for the bank charges and ITS for the bank interest earned. Please check with your accountant or the ATO/IRD for advice on the applicable tax/GST codes for your circumstances. |
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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