Interest on Term Deposit Bank Guarantee
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Gina_10442850
Member Posts: 2 ✭
Our supplier required my company to have a bank guarantee. They recently said that we have earned interest of this. They have deposited the funds to our account. My accountant said to code it to interest received. My question is do I set them up as a customer to receive this payment, or is there something I can do in the supplier centre to reflect receiving this money?
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Comments
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You can just enter it in the make deposits window from the bank and select Income account called Interest Received0
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Thank you Kris!!!! This worked0
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Hi Gina
Depending how much this interest is, it may need to be entered via a Sales Receipt in order for it to be reflected on the BAS.
As per the ATO, interest earned should be included at G1:
I set up the Bank as a Customer - eg "ANZ (Int Rcvd)" - & use the INP tax code.Shaz Hughes Dip(Fin) ACQ NSW, MICB
Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)
Accounted 4 Bookkeeping Services
Ballajura, WA
0422 886 003
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
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Yep you are right, I was told once the simplified BAS came in we no longer had to include some of the tax free stuff we used to include, always something to learn0
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Read Shaz’s post, I wouldn’t like to give you a bum steer0
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