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 ASBK - Bank (where AS represents the location code of the document type), from the Select a document type dialog.

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

  4. The Select an input form dialog is displayed. Select Bank Interest, 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 Bank Interest document input form is displayed populated with the details entered in the Document Input dialog.
  2. Firstly, select the bank account to which the interest was paid. Double-select in Bank, select the required bank account from the Select AST_BANK Account (where AST represents the location of the bank account) list, then select OK.
    If the required bank account is not displayed on the list, it may not have been added to the system or set up correctly. For more information, please see Creating a New Bank Account.
  3. The Document Date field defaults to the date entered in the Document Input dialog. The date must be the same as the date the interest was received. If required, you can change the date by selecting the Document Date drop-down arrow, then selecting the required date from the calendar.
  4. Next, enter the value of the interest received in the bank account in Value. This amount must exactly match the amount that was received. In the following example, the amount is 10.00 (do not enter any currency symbols i.e. £, $, etc.).
  5. To select the cost centre to which the interest received should be posted, double-select in Account, select the required cost centre from the Select AST_COSTCTR account (where AST represents the location of the cost centre) list, then select OK. In the following example, IOTH - Income - Other Income, has been selected.
    There is no requirement to select a nominal on the bank interest document input form as the document is posted to the pre-defined nominal on the Parameters Ledger. By default the nominal for Bank Interest is 1200. To check the default nominal for bank interest, select Maintenance, then select Nominals. If required, the default nominal for bank interest can be changed. For more information, please see, Changing the Default Nominal to which Bank Interest is Posted.
  6. Next, select the tax (VAT) type for the interest. Double-select in Tax Type, select the require tax type, typically, X- Outside the scope from the Select VATRATES key, then select OK.
    If you are unsure of the tax type that should be applied to the bank interest received, please contact your establishment/organisation financial advisor. The Tax Type is defaulted to E - Exempt. The defaulted tax type can be amended. For more information, please see Amending a Defaulted Field Setting on a Document Input Form.
  7. Enter a description (limited to 30 characters) to help identify when the bank interest was received (typically including the month and year) in Description, e.g. Bank Interest Received Jan 21.
  8. When you have entered the required transfer information, press the F5 key, or select POST to post the document.
  9. A blank Bank Interest document input form is displayed. The Bank Interest document input form you have completed is listed in the Documents Posted panel on the right-hand side.

Changing the default nominal to which bank interest is posted

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

In order to change the default nominal to which bank interest is posted, you need to be logged in as CUSTADMIN to access the Parameters Ledger. If you do not have access, please contact the person within your establishment / organisation who administers your system, i.e. has a CUSTADMIN login.

  1. Go to Maintenance, then select Accounts.
  2. The Select a ledger window is displayed. Select PARAMETERS - Parameters Ledger, then select OK.
  3. The Account Maintenance window is displayed. Select the Bank Interest account from the accounts list on the left-hand side, e.g. BANKINTEREST - Bank Interest Information, select the Analysis Fields tab, then select EDIT.
  4. To change the default nominal, select Element Nominal, over-type to enter the required nominal code (core nominal) for example, 1200, then select SAVE.
  5. An Update complete message is displayed. Select OK to close the message and return to the previous window.