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SD1925
February 11, 2022
Question

journal entry for interest income

  • February 11, 2022
  • 1 reply
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I need to allow for some interest income that was not entered earlier in the year. How do I decrease my money market account and increase the interest income account?

1 reply

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Pete_Mc
February 12, 2022

I'm assuming the Interest was actually Deposited into the Money Market Account.  Correct?

 

So the total of the Money Market Acct would not change.   Just go into the Register for the Account(s) and change the Interest Deposits to be categorized as Interest Income.  Some people have Sub Accounts so at year end they can easily tell if they should be expecting a 1099 for that Acct or not. 

 

So it might look like:

 

Interest Income

- Chase MM Interest - 1234

- BoA MM Interest - 5678

 

The 1234 and 5678 represent the last four of the Account number.

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