Recording Bank Interest

David ColemanDavid Coleman Member Posts: 2
edited May 2020 in Reckon One
Hi

I hope you're well in these weird times.

I have what I thought was a simple question but 3 calls to support haven't helped (the first guy sent an email about completely the wrong topic, the second hung up on me after 25 minutes and the third insists it's a question for my accountant).

Each month we get interest on our current bank account balance and I need to know how to record this in Reckon One - we're in Qld, Australia and don't have automatic bank transaction importing setup.

Screenshot from online banking:-


We don't generate an invoice or anything like that and in our previous accounts software I could just add a journal entry.

Trying to do the same thing in Reckon and it's not happy as the journal doesn't balance - the money is a credit for us from an outside source so I don't have an account to balance it against.





I searched the forums but the only thing I could find was https://community.reckon.com/reckon/topics/adding-bank-interest-in-reckon-one which says journals are the right way to do this but then links to https://community.reckon.com/reckon/topics/to-enter-a-transaction-you-must-select-a-contact-that-is-a-customer which is an error I don't get.

If anyone is please able to give me detailed instructions I'd be very grateful.

Many thanks in advance

David


Comments

  • LyndaCLyndaC Member Posts: 58
    edited May 2020
    Hi David

    How I record this and bank charges into the bank account.

    In Banking, I go the appropriate Bank account, with Reckon One Trasactions
    In the Green box I hit the down arrow for Add Receipt
    I change the date
    Add the contact as the bank
    go down to new
    Put the Account as Interest Recieved (Income Account)
    GST Code of INP
    Then the amount
    and Save

    Hope this is what you needed

    Lynda



  • David ColemanDavid Coleman Member Posts: 2
    edited May 2020
    Thanks Lynda - that seems to work beautifully.

    All the best

    David
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