I Recorded Deposits of $1,000 (to checking account) and the from accounts were 900 to Contracts receivable and 100 to Interest Income.
Journal show correct but COA does not show the Interest Income value of 100. It does show the 900 to CR.
It shows checking account with 1,000
Interest Income is an Income account and Contracts Receivable is an Asset account.
Why isn't it showing the Interest Income in the Chart of Account???
Thanks,
Tom
you need to have two separate transactions
one Receivable for 900
and another is cash receipt for 100 for interest income received
create an invoice for 900
then a receipt of 100
create an item interest that point to interest income when u enter the receipt
by default all goes to undeposited fund
make a bank transfer when the deposits are credited to your bank from undeposited fund transferring to your checking business account..
If u think this answered your question mark it Solved...Thanks
I did that in one transaction.
In the transaction, I :
deposited 1000 - which when into my checking account.
Credited Contracts Receivable - which shows the correct amount (57,000 - 900 = 56,1000)
Credited Interest Income - which shows nothing.
The Journal shows the transaction correctly - as one transaction
But the COA doesn't.
Also, I am not using the Undeposited Fund. I have that turned off as I want to do the transaction manually - which does seem to work except for the Interest Income.
BTW, I would have shown the images but the insert image doesn't work. When I select insert image it comes up with an Insert Image window but when I do a Paste, it freezes and I have to close the whole reply window.
Thanks,
Tom
Also, looking at Account Balances in Company Snapshot, it also shows Interest Income as $100 and clicking on that shows me the details correctly. If I double click on Checking (which has a $1,000 balance) I can see the transaction and if I click on split, I can see the $900 and $100 entries as well.
So why does the COA not show the $100 for Interest income.
Is it a bug?
Thanks,
Tom
When you say the COA does not show the $100 interest income, to what are you referring? Are you looking at the list of accounts? If so, that ONLY shows the balance in the balance sheet accounts. Income statement accounts don't show amounts on the list because, instead of being as of a moment in time, income/expense accounts are as of a moment in time, and so the numbers as shown there would be meaningless. Try going to Reports, Company and Financial, Profit and Loss. That will show your income and expense accounts.
I guess I am talking abou the the Listing of accounts. The window that comes up when you press the Chart of Accounts.
This is not the Balance sheet, it is the list of accounts. It should show what the amounts are in those accounts whether a point in time or not, I would think. I understand that different accounts would be on different reports. As you say, Income and expense accounts would be on the P & L report not the Balance Sheet. But this is showing a list of accounts and the amount in each account. When you double click the account you can see the balance.
For example, if I have applied 200 and 400 into Interest Income, I can see 600 when I double click on Interest Income, it shows me both amounts and the total. I should see the 600 in the list of accounts as well. This is not a list of balance sheet accounts, it is a list of accounts. It should show me the amount of all the accounts. The Balance Sheet would show me the amount at a particular time.
Just like the balance sheet would show the balances of the balance sheet accounts the P & L show me the balance of the the Income and Expense accounts. But the COA should show both. I can then drill down and see detail (which it does fine).
At least that is what would make sense to me.
I should be able to look at the COA and see all numbers for all the accounts. Heres all the accounts and here is what is in them.
OK.
I figured it out.
There are 2 balance columns in the COA listing. The default one is Balance total, which does as you mentioned and does not give current totals for revenue and expense accounts. But there is another column called "Balance" that gives all the current values and is what I would expect in this window.
You can set which columns you want to see so I can turn off "Balance Total" and turn on "Balance". Works great.
Your discussion helped point me in the right direction.
Thanks,
Tom
