Help Required Please - Bank Acc SpreadSheet

SuzanneM

Hello,

I'm after some guidance/advice please. I have been tasked with setting up a spreadsheet that will account for 2 separate bank accounts where the money is swept from one to the other overnight to earn interest and then anything above 1m is retained in this account with the remainder being returned to the main account. Interest will be paid retrospectively every 30 days. I'm sure that I'm probably over complicating this and would value any help you may give!

Thanks

:confused1:

oakley

All the interest account needs is a spreadsheet to track the movements in and out from the current account, at any point you can then reconcile this to the bank statements, obviously if interest is added to this account you just need to add this in when necessary.

One point though, why have 1m in the current account if there is an automatic sweep, I know interest is low and immaterial even on 1m, but you could probably reduce this to 50k and get some additional interest.

SuzanneM

Thank you! I do have a tendency to over complicate things, and as I am fairly new here, looking at other spreadsheets, some of them are of black belt standard, so thought that I was perhaps missing the point!

Hasan.Ahmet

Sweep

Hello Suzanne,
"Sweep" is the name the banks give to the type of account they run.
What it means is that they keep the current account balance at Zero.
They transfer from interest earning overnight account into the business current account at the end of the day an amount equal to what's been paid out of the current account.
That way your funds always earning interest.

SuzanneM

Thanks Hasnan, All sorted now - I can enjoy the weekend!:001_smile: