How to Enter Interest Income in the General Journal
You can watch the video procedure or follow the instructions below.
1. Go to the “Finances” tab and the “General Journal” subtab.
2. In the selector at the top left, click on the company that has received interest income.
3. Click on “Add” at the top right.
4. Tick “Company” in the “Assignation” column.
5. Select the date at the top right.
6. In the “Identification” section, name the interest income (example: “interest income”).
7. In the “Debit” column, select the account where you want to deposit the amount, and enter the amount.
8. In the “Credit” column, select an “Income” account (4***) (example: “4090 – Bank Fees”), and enter the amount.
9. To create an account on either side, click on “+” next to “Debit”/”Credit.”
10. Click on one of the calculator icons.
11. Make sure that both sides of the entry balance.
12. Click on “Finish.”
You have now accounted for interest income in the general journal.
Transcription of the Subtitles
Here is how you account for interest income in the general journal.
Go to the “Finances” tab and the “General Journal” subtab, and click on “Add” in the upper right corner.
Now, under “Identification,” enter a description of the entry, which can simply be “Interest income.”
Select the date when you want to account for the interest income.
Under “Assignation,” tick “Company,” and select the company that has received the income.
In the “Debit” section, select the account of the chart assigned to the bank account where the interest income was deposited, and enter the amount of the interest income.
In the “Credit” section, select an account in the four thousand, such as “4090 – Bank charges,” and enter the amount of the interest income.
You could also click on the plus sign to create a new account.
When you create an entry in the general journal, the credits and debits should balance.
Now, click on “Finish,” and you will have accounted for the interest income in the general journal.