TAX LIEN REDEMPTION - Interest accrued. How to classify?
2 Replies
Michael Porter
posted about 1 year ago
I have obtained a property tax lien in Mobile County this year but it got redeemed. I acquired interest and wanted to know what account type I should use for the general ledger. I already know it is revenue on the balance sheet.
Does anyone know a good website to use as a reference?
Katie Justiss
Accountant from Fairhope, AL
replied about 1 year ago
You have to add “earned interest” into your chart of accounts. That’s what it should be categorized.