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.



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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.

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