Which Account would interest earned every couple of months go under for a Business Access Saver ACC'

Experienced Cover User shelloutwest
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Which Account would interest earned every couple of months go under for a Business Access Saver ACC'

Hi, 

just wondering which account interest earned would go under.

Would it just go under Service Income?

Need to know more or less ASAP.

Thank you

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Experienced Cover User shelloutwest
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shelloutwest
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Re: Which Account would interest earned every couple of months go under for a Business Access Saver ACC'

Also I forgot to mention it is only a coiuple of dollars a month for keeping the money in the Business Acess Saver. WE earn more even if it is a couple of dollars. I am just doing reconciling for this account which i only get statements onc ea year or 6 month for. It is an account we just put $1200 dollars in a month to cover Payg Withholdings and have aside for Tax payments they arise to the ATO

Ultimate Partner Seattle
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Re: Which Account would interest earned every couple of months go under for a Business Access Saver ACC'

@shelloutwest

 

I would use Interest Income.

 

Often I would add the Account Number.

 

The Pre-Filling Report has shown Interest Income for about a decade.

Interest is shown by account and amount.

Pre-Filling Report is not available for Companies.

 

By putting the account number in the Interest Income account name then it is easy to cross reference MYOB to the Pre-Filling Report.

 

Hope this helps.

 

Duncan 

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
Experienced Cover User shelloutwest
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shelloutwest
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Re: Which Account would interest earned every couple of months go under for a Business Access Saver ACC'

HI Seattle,

My sincere apologies, I have gone twice to sign in and thank you for your help and reply.

I did do as suggested and it was correct. Thank you very much.

Solution solved Smiley Happy 

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