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Junior Member
Group: Forum Members
Last Login: 6/10/2008 2:12:38 AM
Posts: 0,
Visits: 5
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| How do I enter a fixed term/interest deposit with a quarterly auto-reinvestment facility?
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MySF Administrator
Group: Administrators
Last Login: 4/11/2010 3:24:01 PM
Posts: 464,
Visits: 633
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Hi,
The best way to handle this is to create it as a new Bank Account (System Setup > Bank Accounts) and record the interest received as either
1) General Journal
DR bank account created above $x
CR interest received (Acct 4130) $x
2) Cash Received
recorded for the amount received, using the income account 4130
You can set up regular transactions under Cash & Journal Processing > Regular Transction Manager, however these are set up to be fixed amounts (such as rent) so you may find that it is not appropriate for interest reinvestments.
Please let us know if you would like any further assistance.
Regards,
MySF Pty Ltd
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