How to Enter Interest Income in the General Journal?

Modified on Tue, 25 Jul, 2023 at 11:40 AM

You can view the video procedure or follow the steps below. This video procedure is available with English subtitles. Start the video, click on “⚙️” and on “Subtitles,” and choose “English (Canada).” 

Steps to Follow

1. Go to the “Finances” tab and the “General Journal” subtab.

2. In the selector at the top left, select the company that has received interest income.

3. Click on “Add” at the top right.

4. Tick “Company” in the “Assignation” column.

5. Select the date at the top right.

6. In the “Identification” section, name the interest income (example: “interest income”).

7. In the “Debit” column, select the account where you want to deposit the amount, and enter the amount.

8. In the “Credit” column, select an “Income” account (4***) (example: “4090 – Bank Charges”), and enter the amount.

9. To create an account on either side, click on “+” next to “Debit”/”Credit.”

10. Make sure that both sides of the entry balance.

11. Click on “Finish.”

You have now accounted for interest income in the general journal.

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