How do I enter interest on a Bank Account? I did a search for this, and the forum suggested clicking on Bank Accounts, then click on the blue account balance, which is supposed to bring up “Receive Money”. There is no “Receive Money”. I tried using Journal Entry, but that doesn’t work. Please help! Thank you! I am using the desk top version, and I think the program version is 21.3.75.
The starting point for us all is at https://www.manager.io/guides/. You have to enable bank accounts in settings, then a “tab” will appear and you can create as many bank accounts as your business has. Please it is important that you try to plough through these guides yourself as it is impossible for anyone to start holding hands.
Interest you earn on a bank account is income to you. You will need to setup an income account in your chart of accounts (e.g.”Interest income”).
When you import your bank statements or enter the receipt manually, post the amount to the interest income account.
The forum post you mention is likely outdated as there is no more “Receive Money;” you would now use the Receipts and Payments tab to enter a manual receipt of money. As @eko suggested, review the guides first as they will reference the most updated version of Manager.
Thank you for your kind reply. I found Eko’s response to be insulting. I was very hesitant to even post, but just couldn’t find the answer in the guides or on the forum. Perhaps, I overlooked it somehow. I will go back and study it again.
Did not mean to insult, but curious if you could point out what was insulting. You joined this forum just over an hour ago. The question is not a problem and I tried to help giving a link to the user guides as for a complex program as Manager that is the starting point. Mentioning that it is impossible to hold hands was not meant as an insult but as a reality, as all here are volunteers, except @lubos.
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Interest earned on a bank account is a receipt. Those are covered by this Guide: https://www.manager.io/guides/7820. For Received in, select the bank account. The bank itself is the Payer. For the line item, select whatever income Account you have in your chart of accounts for interest income, as @p4unger already wrote. If you do not have a suitable income account already, add one following this Guide: https://www.manager.io/guides/9812.
Thank you! I already had all the necessary accounts set up, as per the Guide. I just wasn’t thinking of interest as a receipt! I don’t know why! Brain block, I guess. And, I’m not an accountant, just a volunteer bookkeeper. You and p4unger have been very helpful. Thank you very much! By the way, I really do appreciate all those Guides! I am reading them diligently. (And, I do forgive Eko for momentarily causing me to wish I had never signed up for this forum!)