Savings Account Interest
Posted: Mon Oct 23, 2006 7:23 pm
we have both a checking and a savings account. Now I am faced with the plight of us having earned interest. How would I go about putting interest earned into powerchurch?
01-1210 Savings acct. (Bank) Debit: 15.00
01-4410 Savings acct interest (income acct.) Credit: 15.00
Here is an example of mine. You go into fund accounting and "enter transactions". For Ref/check # I enter "Interest"; for transaction desc. I enter "Savings acct. interest"; for description I enter "3rd qtr. interest".
Hope this helps.