Add Interest, Fees, or Adjustment

Entering interest & fees

Enter interest as a credit entry to revenue and a debit to cash. Enter fees as a debit entry to expenditure and a credit to cash.

You can use the Add Adjustment or Transfer feature to add interest, but it's better to enter interest as a cash receipt because it will then appear in the Bank Account Register as a deposit. This method also allows you to print a Cash Receipts Journal Report showing all interest income.

Correcting an incorrect bank account adjustment

Remember: Creating & saving an adjustment in the Bank Account Register also creates actual journal entries in the general ledger. If the adjustment is incorrect, you'll have to correct both the bank account register and the actual journal.

There are two ways to correct it:

• Create another adjustment in the bank account register to correct or zero out the original transaction. This action will create the corresponding journal entries in the actual journal.

• Create a void transaction in the actual journal, and then return to the bank account register and remove the incorrect adjustment.

Add interest, fees, or adjustment

1. Select Bank Account Register from the Banking menu, and the window opens.

2. Select a Bank from the pull-down list. Only banks that have been setup in Bank Account Management appear in this list.

3. Select an Account Number from the pull-down list. The window will display the transactions for the selected bank account.
   Note: Only bank accounts that have been added to the selected bank appear in this list.

4. Click the Add Adjustment Or Transfer button, and the Bank Account Adjustment or Transfer window opens.

5. Click the New radio button, and the fields for a new entry are displayed.

6. Optional. Enter a Number for the transaction.

7. Click the , and the Quick Journal Entry window opens.

8. The Transaction Type of Actual has been pre-selected and is the only option for bank fees, interest, and adjustments.

9. Enter the Transaction Date. This date can be edited until the transaction is posted.

10. Optional. Enter a Transaction Comment.

11. Click the Add button, and the Add Quick Journal Entry Line window opens.

12. Enter the AccountCode, or click the to use the Account Code Assistant to select it. Note: The amounts entered for all account codes must balance within the funds. This field is required and can be edited until the transaction is posted.

13. Optional. Enter a LineComment.

14. Enter either the Debit or Credit amount.

15. Click Save, and you're returned to the Quick Journal Entry window.

16. Repeat steps 11 - 15 to create the balancing entry or entries.

17. When finished entering accounts & amounts, click OK. You're returned to the Bank Account Adjustment or Transfer window with the transaction saved as a temporary entry designated by the letter T as a prefix to the transaction number.

18. Click the Save button at the bottom of the window. The transaction is saved and posted to the general ledger.

Return to Bank Account Register Overview