Posting Bank Interest Received

This topic will explain how to post bank interest received into Accounting.

Posting bank interest

The interest will appear on your bank statement which can be downloaded into IRIS Financials.

To post bank interest to the accounts and cashbook:

    1. Go to Options > Document Input > Click on Bank in the list of document types.

    2. On the second drop down list, click on Bank Interest.

    3. Enter the Date exactly as the date shown on the bank statement. Also enter the period in which you want the interest to be shown.

    4. The Location will be pre-populated based on the document type selected and cannot be changed on this screen. If you need to enter the document for a different location, repeat step 1.
    5. Double click in the Bank field to change select a different bank account if required.
    6. Enter the Value as it appears on the bank statement.

    7. The Account will be the cost centre account that the income will be posted against.

      There is no option to enter the nominal on this form as it is pre-defined on the PARAMETERS ledger. By default the nominal for Bank Interest is 1200. You can check this in Masters > Nominals. If for any reason this needs to be changed, please see the section: how do I change the nominal where bank interest is posted to?

    8. The Tax Type will default to X - Outside the scope which in most instances will be the required type.

      This can be amended by double clicking in the Tax Type field to select a different tax type. If you are unsure which tax type you should select, please seek assistance from your own financial advisors.

    9. Enter a Description for the document. Typically this would be used to identify the month or period the bank interest relates to.
    10. Press F5 to post.

The graphic below is showing the debit and credit entries on a document enquiry after the posting. It is crediting the bank interest nominal and debiting the bank account.

I can't see the bank account I need

This could be down to the bank account has not been added to the system in all the required locations. To check this, see Setting the Default Bank Account for a Location .

If the bank account has been set up correctly, then it will be down to the individuals security roles on the bank account. To check these on, see: Overview of Security Roles.

Frequently asked questions

  • How do I change the default bank account on the bank interest input form?
  • How do I change the nominal the bank interest input form will post to?
  • How do I change the default tax type on the bank interest form?

How do I change the default bank account on the bank interest input form?

This is a global change which will affect all users for the selected location within your organisation. Please obtain the necessary authorisation required before making this change.

You may need to be logged in as CUSTADMIN or PSFADMIN to access the PARAMETERS ledger in order to make the change.

  1. Go to Masters > Accounts > PARAMETERS and click on the account for the location required. This will typically be two letters rather than the standard three letters in this ledger.
  2. Click on the User Fields tab.
  3. In the Element Nominal field, type in the bank account number of the account you wish to be shown as default.

How do I change the nominal the bank interest input form will post to?

This is a global change which will affect all users for the entire organisation. Please obtain the necessary authorisation required before making this change.

You may need to be logged in as CUSTADMIN or PSFADMIN to access the PARAMETERS ledger in order to make the change.

  1. Go to Masters > Accounts > PARAMETERS and click on the BANKINTEREST code.
  2. Click on the User Fields tab and in the Element Nominal field, enter the core nominal that you wish the interest received to be posted to going forward.

How do I change the default tax type on the bank interest form?

This is a global change which will affect all users for the entire organisation. Please obtain the necessary authorisation required before making this change. Please do not attempt to make any other changes to the input form as this may cause it to become unusable.

  1. Go to Masters > Document Input Forms and double click on Bank Interest which will open up the input form in design mode.
  2. Double click on the KLKTaxType box as shown in the graphic below.
  3. Click on the Functions tab, then click on the Default line and then the Edit button.
  4. Change the letter inside the double quotes to the tax type required and click OK. The tax type codes can be found in Masters > Keylists > VATRATES.
  5. Click on the Close button in the bottom right of the Properties window.
  6. Go to File > Save to save the changes with the design mode still open.