interest earned in quickbooks lite

I'm sure gay people have beter things to do then enter interest in you QB, why not enter it as a deposit yourself?

Still tryin to figure out what 'Quickbooks Lite' is...

Its an Australian version now known as QuickBooks Accounting.

I've never seen the Lite product because I believe its specific to Australia. If you don't see a screen when you start the reconciliation that asks for charges and interest, or you don't see blocks to enter these things at the top of the reconciliation screen then I'd recommend entering the amount in your bank register manually.

Will do so. Thanks.

Yeah, I found that was all I needed for the moment. It's a slim version of the full accounting package. Didn't know it was specific to Australia only...

Andreas

The fields to enter interest and other charges in the reconciliation have been removed because they do not allow for the entry of the GST codes for these items (in Oz only).

You need either to enter interest using a sales receipt (you need to set up an item called Interest Received, Other Type, Tax code INP, or enter a journal entry Dr Bank account, CR Interest Received (Tax Code INP) to record this correctly.

Entering directly into the register will take you to a deposit window and there is no way to enter the tax code here.

Bob Williams, CPA In Oz

Thanks Bob. Let's see if I got this right:

1. I add a new Item with the name "Interest Received", a Sales Tax Code "INP' and assign it to the Account "Interest Inc".

1. Then I set up a Sales Receipt for that item.

Can you tell me who I would make the sales receipt out to (i.e. what to enter into the "Customer:Job" and "Sold To" fields)?

Thanks heaps for the help!

It doesn't matter if you have a customer in mind at all. A Sales Receipt, unlike an Invoice, does not require a customer.

If you do use one, then it is your bank of course. I actually prefer the journal entry, because it is simpler from an accounting point of view.

But if it easier for you to use the receipt, then make sure your bank customer has a different name than the supplier bank whom you write cheques for bank fees.

I use Bendigo Bank for my customer, and Bendigo Bank (s) for my supplier.

And don't forget to select GST, FRE, EXP and INP at G1 in your BAS when you set that up.

Bob Williams