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I have done my savings account reconciliation, and it all balances except I dont know how to enter the credit interest and tax on interest - can you help?


Press the "Bank Entry" button  at the bottom of the bank reconcilation screen.

A pop up window will come up, allowing you to enter money out (tax component) in the top half of the screen, and money in (credit interest) at the bottom of the screen. 

NOTE:  Tax paid on interest is an asset, so should be coded to a 1-xxxx account.  This is because you are essentially paying tax in advance of your year end profit.


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Page: How do I enter any credit interest and tax on interest in the reconciliation screen? - Last Updated: 10th September, 2010