Period-end tasks

Using the Bank Entry Feature

If you wish, you can use the Reconcile Accounts window to enter bank service charges and interest. Click the Bank Entry button to open the Bank Entry window.

Bank service charges

If you've received bank service charges, enter the amount of each charge in the Service Charges section.

If you're reconciling a Detail Checking Account, the bank fee will be recorded as a Spend Money transaction assigned to the checking account you're reconciling. (If the account you're reconciling is a Detail Account, the bank fee will be recorded as a General Journal transaction.)

The ID number assigned to the transaction begins with SC and includes the bank statement date you've entered in the Reconcile Accounts window. Verify the date and enter the account you to which you wish to allocate the charges (usually an expense account).

Interest

If you received interest, enter an amount in the Interest Earned section.

If the account you're reconciling is a Detail Checking Account, the interest will be recorded as a Receive Money transaction assigned to the checking account you're reconciling. (If the account you're reconciling is a Detail Account, the interest will be recorded as a General Journal transaction.)

The ID number assigned to the transaction begins with IE and includes the bank statement date you've entered in the Reconcile Accounts window. Verify the date and enter the account you wish to allocate the bank interest to (usually an income account).

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