Term Deposit Journal Entries

Michael Brown

10 years ago

The term deposit journal entries below act as a quick reference, and set out the most commonly encountered situations when dealing with the double entry posting of term or fixed deposits.

In each case the term deposit journal entries show the debit and credit account together with a brief narrative. For a fuller explanation of journal entries, view our examples section.

Typical Term Deposit Journal Entries

Cash transfer to term deposit account
Account	Debit	Credit
Term deposit account	XXX
Cash		XXX

Interest income on term deposit accrued
Account	Debit	Credit
Accrued income	XXX
Interest income		XXX

Interest income on term deposit received
Account	Debit	Credit
Term deposit	XXX
Accrued income		XXX

Maturity of term deposit
Account	Debit	Credit
Cash	XXX
Term deposit account		XXX

Last modified November 12th, 2019 by Michael Brown

About the Author

Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping. He has worked as an accountant and consultant for more than 25 years in all types of industries. He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a BSc from Loughborough University.