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02/07/12 11:57am PST
Viewed by asker 02/10/12 12:28pm PST

Bank account - Earned Interest

QuickBooks Canada : Pro 2012

what account do you record earned interest in; when you do a bank reconcile and it askes for Earned interest and account?  Do you create an Earned Interest - Income account?  I see the Interest expense account. Can it be offset in there?

 

 

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The solution

Better to create a new income account call interest earned. Alternatively I have seen companies offset the interest against bank charges.

 

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