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Post Info TOPIC: VT entries for interest earned on a savings account.


Newbie

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VT entries for interest earned on a savings account.


Hi I have just joined and I need help with VT accounts. The company I work for has opened a savings account I need to know how to enter the interest earned. Thankyou



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v chase
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Think of the double entry. What do you think that would be.

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Think of the double entry. What do you think that would be.


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Guru

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Hi Vicky,

I'm not sure if you mean what would the journal be, or is there a specific way of doing it in VT. I haven't used VT for many years so I can't remember the answer to the second I'm afraid, but the answer to the first would be CR Interest received (or similar nominal) DR Savings account.



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Jenny

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Master Book-keeper

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Hi Jenny, it's a journal entry.

Vicky, along the top row you will see a tab called JRN. Click on that and you can enter the transaction(s) as Jenny describes.

See my other post below



-- Edited by Leger on Saturday 19th of December 2020 12:35:36 PM

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John

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Guru

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Leger wrote:

Hi Jenny, it's a journal entry.

Vicky, along the top row you will see a tab called JRN. Click on that and you can enter the transaction(s) as Jenny describes.


Hi John, why would it be a journal entry? would you not just click on the Savings Bank account (once set up) and enter the transaction



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Doug

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Master Book-keeper

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Hi Doug, you're absolutely right. Was thinking that would mean physically putting the money in. I've done similar transactions as you describe loads of times, so no excuse.

Jenny, sorry, its P+R press 3 then allocate it to income > interest.



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John

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Newbie

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Thankyou I think I have set up the account in the wrong place as I have set it up as a bank account

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v chase



Newbie

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I think I have set the account up incorrectly as my boss said add as a bank account. I think should be a savings account. Also I presume I cannot import from a csv file in the same way as I do the bank

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v chase


Master Book-keeper

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Hi Vicky, the savings account itself should be a bank account, that is correct. When adding the interest you click P+R, select savings (or whatever you've called it) from the drop down box, then code as I described above.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.

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