Hi, We have 2 term deposits. They are in our assets list. When they mature we will roll them over together with the interest earned. How and when do I record the increase in the assets list. Do I need to do this every time they mature or only at the end of the financial year. THANKS
Hi Annemieke1954,
Thanks for reaching out.
I understand how important it is that the interest on those assets gets accounted for. Generally, we make journal entries for the amounts that we are adding. I would much suggest consulting with a financial advisor. Because recording assets and journals are considered financial advice that we aren't allowed to provide.
Let us know if we can provide any other assistance. We're happy to help.
Cheers,
Genreve
