Banking
Fixed Deposit Interest Paid at Maturity
Paying the accumulated interest to a customer whose 12-month fixed deposit has matured.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Accrued Interest Payable (Deposits) | Liability (-) | 2,000.00 | - |
| Cash / Customer Account | Asset/Liability (-) | - | 2,000.00 |
💡 Accountant's Note
This clears the accrued interest liability. The principal repayment is a separate entry. Interest payments have already been expensed monthly — this is the cash settlement of that liability.
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