General
Accrued Interest on Bank Term Deposit
Recording interest earned on a 6-month fixed deposit that hasn't been paid into the account yet.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Interest Receivable | Asset (+) | 250.00 | - |
| Interest Income | Revenue (+) | - | 250.00 |
💡 Accountant's Note
Standard month-end entry. Even if the bank only pays the interest at the end of the 6 months, you must 'earn' a portion of it every month on your books.
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