Interest Received

If you have received interest from a financial institution such as a bank, there are several ways to record the transaction in Saasu.

Journal Transaction

  1. Click the Add > Journal in the main menu to load the Journal entry screen.
  2. Enter the transaction date and a brief summary of the transaction (eg Interest from Bank XYZ).
  3. Add the following line items to represent the two entries required to capture the $20.00 interest received:
    AccountTax CodeDebitCredit
    Asset: Bank XYZ A/c— No Tax Code —20.00
    Other Income: Interest Received*(choose tax code for your zone)20.00
  4. Save the transaction.

Sales Invoice

  1. Click the Add > Sale from the main menu.
  2. Enter the date and the Contact to be your financial institution.
  3. For Invoice line items select the Style to be “Service”
  4. Enter the Description to be Interest Received
  5. Select the account to be Expense: Interest Received or Other Expense:Interest Received (It will depend on your advisors preference for this).
  6. Select the appropriate tax code for your zone.
  7. In the Payment enter the date the money was received and choose the bank account it was received into.
  8. Save the transaction.