On 10/4/2019 11:40 AM, KenWA wrote:
How does one enter interest on a savings account which has been automatically
paid in to that account. Just entering the amount as an increase results in
an Imbalance? sinc
Fundamentals of double entry bookkeeping. There are always two sides to
every transaction.
In this case, you received interest, that is, you have interest income
<< you do have an income account "interest", yes? If not, create one >>
So the transaction would be:
debit "savings account"
credit "interest"
You had an Imbalance amount because you forgot to specify the credit
side of the transaction.
Michael D Novack
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