How to Record Interest Earnings.

This is the money earned by your business for lending funds.

Recording Interest Earnings in Simplebks: A Step-by-Step Guide

Step 1: Log in to your Simplebks account at www.simplebks.com.

Step 2: Access the "Transactions" section on the sidebar and select "Add New Record."

Step 3: Fill in the necessary details:

• Transaction Date: Input the date of the interest-earning.

• Description: Provide a brief description of the interest transaction.

Step 4: Specify transaction details:

• Transaction Type: Choose "Money In" to indicate receiving funds.

• Category: Select "Interest-Earning" to categorize the transaction appropriately.

Step 5: Identify the source of the interest:

• Enter the Account: Indicate whether the interest is received in cash (cash given out) or through a bank (mention the specific bank, e.g., Ecobank).

Step 6: Additional information:

• Enter the Entity Name: Specify the name associated with the interest earning.

Step 7: Confirm the transaction:

• Click on "Create Transaction" to finalize the entry.

Step 8: Transaction success:

• Receive confirmation that the transaction has been created successfully.

Step 9: Document the transaction:

• Click on "Print" to obtain a physical copy or download the receipt as a PDF.