I am new to Sage and have been cleaning up a big mess where I am working. Reconciling old bank statement. I know how to record interest in other programs but how do you record interest in Sage?
I am new to Sage and have been cleaning up a big mess where I am working. Reconciling old bank statement. I know how to record interest in other programs but how do you record interest in Sage?
Hi Lora. In the 1-5 Bank Reconciliation window, for interest charged, click the Add Checks/Charges button in the lower left corner and add the interest charge for the bank account there. Or you can do it outside of the bank rec by going to 1-1 Checks/Bank Charges in the menu. The cash account would go in the header and your interest expense account would go in the grid.
For interest earned, you would instead use Add Deposits/Interest in the bank rec window or the 1-2 Deposits/Interest in the menu.
I am using Sage 300 Construction and Real Estate.
Ok, I have moved your post to the general discussion board for 300 CRE.
In CM - Help - Help Files - Index Tab - type in Bank Account Setup Tab. "Any adjustments entered in Cash Management that have a type of Monthly interest or Overnight interest are included in these totals." So here's what we do:
ENTER INTEREST
CM - Tasks – Edit register
Enter date = end of month
Type of transaction = DEPOSIT
Description = INTEREST
Addition = Amount of interest shown on last page of statement.
(next screen) Description = INTEREST
IMPORTANT!--> Type = Monthly Interest
GLCredit Account = 7021 INTEREST INCOME for monthly interest
When finished, CM - Tasks - Post Entries
To record interest in Sage 300 CRE:
Cash Management > Tasks > Edit Register > Select Bank Account to Edit > On Register Screen, enter date, App defaults to CM, Type - Here you would select Adj. > Enter Description > Enter amount in Addition Column then Tab Key to Open Adjustment Screen. On this screen, select your GL account then OK. Once back on Register Screen, select finish to complete entry.
Thank you so much. I have used QuickBooks for so many years this has been a little different.
You are very welcome. I hope my instructions were clear enough. I have a document of instructions (pics and all - lol), but I could not figure out how to upload a PDF to the thread.
*Community Hub is the new name for Sage City