Recording bank interest and charges

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Some bank transactions - like interest and charges - aren't usually known until you receive your bank statement. You can easily record these transactions when reconciling your AccountRight with your bank statements by using the Bank Entry feature.

To record bank interest and charges

Go to the Banking command centre and click Reconcile Accounts.
Select your Account and enter the Bank Statement Date.
Click Bank Entry.
Enter the transaction details then click Record. The window below shows an example of a bank entry.

When you return to the Reconcile Accounts window, you'll notice that any Bank Entry transactions will have been automatically selected as Cleared.

FAQs

How do I record bank interest and bank charges on my BAS?

Bank interest and bank charges are recorded on your BAS in a few different ways:

Bank interests paid by you or bank fees charged to you are reported both at G11 Non-capital purchases and G14 Purchases without GST in the price. So bank charges and interest paid are entered using the FRE Tax Code.
Bank interest received by you is reported both at G1 Total Sales and G4 Input taxed sales. Bank interest received is entered using an Input Taxes Sales Tax Code, which many need to be set up in your company file.

For more information on tax codes, visit Setting up tax codes (Australia), or Setting up GST codes (New Zealand).

How do I set a credit limit or put an account on hold?

You should enter the credit limit you've assigned in each customer's card. If you want to stop sales from being recorded for customers who have exceeded their credit limit, you can place them on hold.

Related topics

Add a customer

Printing, emailing and saving forms

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Reimbursable expenses

Credit limits

Credit holds

Recurring transactions

Sales and purchases information

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