User Support Forum

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?

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