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EGG's avatar
EGG
Contributing Cover User
3 years ago

Term Deposit

Hi    We have received a term deposit back into our account less an early withdrawal fee. Normally I would simply create a general journal taking the funds out of the current asset (Term Deposit) a...
LRBooks61's avatar
LRBooks61
Ultimate Cover User
3 years ago

Hi 

Your Journal should look like this  e.g Term deposit was 15k fee was $30 and interest was $25 Total returned to Transaction Bank =$14995

 

DR Transaction Bank   $14995

CR Term Deposit                               $15000

DR Bank Fees               $30

CR Interest Received                            $ 25

 

Total DR 15025  Total CR 15025

 

Hope this helps

 

Lisa

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