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Doing Bank recon. Cr interest from my Bank .

WBC2429

Hi.

The bank feed doesn't bring thr' credit interest . so I manually try to put in receipt of interest for end of May. The receipt screen wants a 'accounts Receivable' whatever. I don't produce invoices for getting cr interest from my bank !!! . So really simple process but Reckon does not let me put an interest cr into my bank account. Really !

Accepted answers

Acctd4

No, if you already have a relevant Account, then you just need to create an Item & a Customer, that’s all 😁

A Sales Receipt is just the income-equivalent of a Cheque eg it’s for DIRECT payments … as opposed to Invoices (for Accounts Receivable) & Bills (for Accounts Payable)

The reason it needs to be entered via a sales form is because it needs to be included at G1 income on the BAS. The tax reports are driven by tax codes so are unable to pick-up stand-alone Deposits (because there’s no tax code column in the Make Deposit window!). Therefore any reportable income needs to be entered this way. 😬

All comments

Acctd4

Hi @WBC2429

It needs to be posted to an Interest Income account, rather than Accounts Receivable. I also create a Customer especially for this eg "ABC Bank (Int Rcvd)".

A Sales Receipt needs an Item so if you don't already have one set up for it, create an "INT RCVD" Other Charge Item - INP tax code - linked to a "Bank Interest Rcvd" Income-type account.

Create the Sales Receipt under the new Bank Customer name, using the "INT RCVD" Item. Use the applicable Date received & enter the relevant Amount. Set it to Deposit to the applicable bank account it's paid into.

Once you have it looking how you want, Memorise it! I set it to auto-enter & then just edit the transaction specifics where applicable (eg Date & Amount) accordingly each time 😊 :

WBC2429

Hi Shaz.

I already have a chart of accounts. 'Interest earned'. So I guessed right - Reckon wants everything to go thr' customer / sales receipt !!!

So from what you have written I have to create another account called 'interest recd' under customers ? and treat it like a receipt payment. Sound very long and difficult process if Reckon does this. So this is for bank fees , I need a Supplier payment in accounts payable - really !

Acctd4

No, if you already have a relevant Account, then you just need to create an Item & a Customer, that’s all 😁

A Sales Receipt is just the income-equivalent of a Cheque eg it’s for DIRECT payments … as opposed to Invoices (for Accounts Receivable) & Bills (for Accounts Payable)