Issue: When I receive my Bank Statement I find Charges and/or Interest, how do I reflect this in Fund Manager?
Solution: There are two ways of dealing with this.
- You can create one Account for both and enter Receipts or Payments against this account. This gives the added value of letting you know whether the account is paying you or costing you money.
- You can create two accounts, one for Bank Interest and one for Bank Charges and then entering Receipts or Payment against the relevant account.
Method:
- To create a New Account, click Administration > Manage Accounts > Create New Account
- Type in the Account code, the Account Name, to reflect if this is option 1 or 2 above, and click Save
To record Interest
- Enter Receipt(s) that reflect the item(s) on your statement:
- Choose the account you have created
- Enter the description eg ‘Bank Interest received’
- Enter the transaction as a direct credit
- Choose the correct bank account, record the date as the date on the statement, amount of the transaction and choose who the money was received from on the list of names.
Note: Creating new names if necessary to complete the process, save or save and print at the bottom
To record Charges
- Enter Payment(s) that reflect the Charges on your statement:
- Choose the account you have created
- Enter the description eg ‘Bank Charges received’
- Enter the transaction as a direct debit
- Choose the correct bank account, record the date as the date on the statement, amount of the transaction and choose who the money was received from on the list of names.
Note: Creating new names if necessary to complete the process, save or save and print at the bottom
