How to Enter Income Interest – Manual Invoice
You can watch the video procedure or follow the instructions below.
Instructions
1. Go to the “Accounting” tab and the “Collections” subtab.
2. In the selector at the top left, click on the company that has received interest income.
3. Click on “Invoicing” at the top right.
4. Tick “Company” in the “Assignation” column.
5. Select the date (at the top right).
6. Select the account that best describes the interest income (example: “4090 – Bank Fees”), or create a new account.
7. Describe the expense (example: “interest income”), and enter the amount.
8. Click on “Finish.”
9. Go back to the “Collections” subtab.
10. If you want to add a “payer” to this “invoice,” click on “Select the payers.”
11. Create a new contact for your financial institution by clicking on “Add” at the top right.
12. Enter the name of your institution, and click on “Finish” and on “OK.”
13. To account for your interest income, enter the date that you want to account for the income under “Payment Date.”
14. Select the payment method (most likely direct deposit), and reenter the amount of the interest income.
You have now entered interest income.
Transcription of the Subtitles
Here is how you enter interest income by creating a manual invoice.
Go to the “Accounting” tab and the “Collections” subtab.
Click on “Invoicing” in the upper right corner.
Now, tick “Company,” and select the company that received interest income.
Select the account of the chart that best describes the interest. For example, you could select “4090 – Bank charges.”
You could also create a new account by clicking on the plus sign here.
Next, enter a description, which can simply be “Interest income.”
Enter the amount the company received.
Select the date when you want to account for the income, and click on “Finish.”
Click on the three lines in the upper left corner to go back to the “Collections” subtab.
The “Payers” section is automatically blank. You can leave it blank, or you can select your financial institution as the payer. If it is already in your contacts, click on “Select the payers,” select your institution, and click on “OK.” If your institution is not already in your contacts, you can click on “Add.” Enter the name of your institution, and click on “Finish” and on “OK.”
To enter the payment, enter the date of payment, the payment method, and the amount.