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How do I record interest earned on a term deposit within a corporation? Thanks in advance for any help
Good afternoon Rose.
I apologize for the dealy in replying to your question!
Did you receive the principal balance back from the term deposit as well? Or did the interest just roll into the principal balance?
If you receive a payment to the bank account, you can claim the interest as income, and remove the principal balance from the term deposit as an A-.
If the interest rolls into the term deposit itself, you can do a deposit for $0.00 so that nothing affects the bank account. You would then have 2 lines in the transaction:
IN Interest Income - claim the interest earned
A+ Term deposit - increase the balance of the term deposit.
It just sort of depends on the details itself.
If you need further assistance with this, feel free to give me a call at 1-800-667-7893, and we can go over some more specific details.
Thanks!