Recording Pension Income
How do you record Old Age Security (OAS) income being deposited directly into bank account?
Should I use record deposit but which account is it coming from? It is going into bank. Thanks.
I'm confused. This site is about bookkeeping for small businesses that are home-based. OAS is is personal income and has nothing to do with business income.
If you are using a program like Quicken to track your personal finances, book the entry as a deposit to your bank. Your offset account/category would be Pension Income ... an income account.
If you are running a business while retired, your OAS income has nothing to do with your business and is not recorded in your business records. I hope you have a separate bank account for your business income and are not co-mingling your personal finances and your business finances.
I hope this helps.