Posting bank interest received

If your establishment / organisation uses bank interest, then any bank interest that is received is posted in IRIS Financials using a document input form.

When the bank interest is received it needs to be entered into the software using a document input form.

1. Go to Documents, then select Document Input.
   
2. The Document Input dialog is displayed. Select ... in Document type, then double-select to select REC - Receipt.
   

3. To select the correct input form, select ... in Input form.
   

4. The Select an input form dialog is displayed. Select Nominal Receipt, then select OK.
   
5. The Date field defaults to the date that you are entering the information, i.e. today's date. The date must be the same date as the date the interest was received. To change the date, select the Date drop-down arrow and select the required date from the calendar.
   
6. The Period field defaults to the current accounting period. The period needs to be the accounting period in which the interest was received. If the required accounting period is now closed and no longer available, select the next open accounting period by selecting ... in the Period field.
   
7. The Select a period dialog is displayed. Select a period, then select OK to return to the Document Input dialog.
8. Select OK to confirm your selections. The applicable document input form is then displayed.
   

Recording the details of the bank interest received

1. The Nominal Receipt document input form displays populated with the details entered in the Document Input dialog. Currency is pre-populated with your default currency. To change this, double-select and select the applicable currency.

   

2. Entity is pre-populated with your default Entity. To change this, double-select and select the applicable Entity.

3. Paying In\Bank Direct is pre-populated with B - Bank. This means the income is posted directly to your bank account. You do not need to change this.

4. Double-select in Bank, then double-select to select the applicable bank account from the Select account dialog.

5. Receipt Date is pre-populated with the date selected on Document Input. This should match the date the interest is received on your bank statement. Change this is needed.

6. Enter the interest received in Total Receipt Amount.

7. Enter a reference for the receipt in Receipt Ref, for example, Interest Received - April 2022.

8. Double-select in Nominal to select the nominal to post the interest received.

9. Next, select the account to which the payment relates. Double-select in Account, then double-select to select the required account from the Select account dialog.

10. If the nominal is linked to an Analysis Field, you will need to double-select in Additional Information and enter the applicable details.

11. Next, enter the total amount for the payment including VAT in Gross Value, for example, 25.00 (do not enter any currency symbols such as £, $, €).

12. Select the applicable VAT rate for the payment. Double-select in VAT Code, then double-select to select the required VAT rate from the Select VATRATES key dialog. The VAT £ and Net are then automatically populated.

13. Enter a description to help identify the interest received in Description.

14. you need to provide a more detailed description for the interest, press and hold the Ctrl key and the F8 key. The Detail Line 1 Comment dialog is displayed, as shown in the following graphic. Enter the details you want to include in the item description, then select Date Stamp to add the user details, time, and date to your comment, then select OK to save your comment.
    

15. To defer the interest, enter the start and end date of the deferral in Deferral Range. For example 01/04/2022-30/06/2022.

16. When you have entered the required transfer information, press the F5 key, or select POST to post the document.