I am using Microsoft Accounting 2009 on a Cash Basis. Can someone please explain how the following Balance Items are created. a) Members Funds, b) Net Revenue, c) Net Income. Please explain how these items are generated, from Month to Month.
I am using Microsoft Accounting 2009 on a Cash Basis of Accounting for a Not for Profit Association. I have Rolled Over a Term Deposit and the Interest is added to the Term Deposit Value.
What are the Journal Entries to account for Interest Made and to increase Cash at Bank, by that amount...