adding a GIC account

[kimvdh]

Hi
I transferred money out of out of one of our bank accounts (03 Fund) into a new account which is a 3 year non redeemable account which will generate interest.
How do I enter that in PC? and once I have a new account set up how will I handle the monthly interest?

[JohnDMeyers]

From your description, it sounds like the new account is also in the 03 fund. If that is not correct, let us know.

If you had your money in a checking account, I will assume it was 03-1110-000.

Add your new savings account
03-1120-000

Add a new interest income account
03-4120-000

To move money from the checking account to the new savings account
DB 03-1120-000 savings
CR 03-1110-000 checking

To record $10 in interest
DB 03-1120-000 savings $10
CR 03-4120-000 interest income $10