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4 replies

AlverMarkT
AlverMarkTModerator
Moderator
Apr 26, 2024 4:33 PM UTC

Hi, cotownofiliff. I appreciate you for joining us here in the QuickBooks Community. 

 

You can create a bank deposit for your Savings account to record the interest earned. I'd be glad to help you through the process. 

 

QuickBooks Online (QBO) has a default Other income account for recording other income that doesn't come from your company's main business, such as interest. However, you can also create one to track the interest earned for your Savings account. You can follow these steps:

 

  1. Go to the Gear icon and select Chart of accounts.
  2. Select New to create a new interest account.
  3. Type an applicable name for the account in the Account name field.
  4. Under the Account Type drop-down list, select Other Income. 
  5. Under the Detail Type drop-down menu, choose Interest Earned. 
  6. Hit Save.

 

Once done, record a bank deposit. 

 

  1. Go to the + New button.
  2. Select Bank Deposit.
  3. Under Add funds to this deposit, select the customer’s name who paid the interest, then select the Other income account you created. 
  4. Enter a description, payment method and amount, then select Save and new or Save and close.

 

When you're ready to categorize and match transactions in QBO after this, let me add these articles as a guide: 

 

 

You're always welcome in the Community should you have follow-up questions about recording interest earned in QBO. We're committed to offering ongoing support. Have a great day ahead!

AlverMarkT
AlverMarkTModerator
Moderator
Apr 30, 2024 5:06 PM UTC

Hi @cotownofiliff-gm,

 

Hope you’re doing great. I wanted to see how everything is going about entering earnings on your savings account in QuickBooks Online. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at any time.

 

Looking forward to your reply. Have a pleasant day ahead!

 

Thanks.

HERCUNG
New Member
Oct 28, 2026 6:05 PM UTC

Interested how can I start 

Bryan_M
Bryan_MQuickBooks Team
QuickBooks Team
Oct 28, 2026 6:57 PM UTC

To record interest earned from a savings account, you can either set it up as a manual deposit or handle it directly through your bank feed if your account is connected.

 

Here's how for a manual deposit:

 

  1. Go to the Gear icon and select Chart of accounts.
  2. Select New Account to create a new interest category.
  3. Enter an applicable name for the account in the Account name field.
  4. From the Account Type drop-down list, select Other Income.
  5. Under the Detail Type drop-down menu, choose Interest Earned.
  6. Click Save.

 

Then perform a bank deposit. Go to the Add funds to this deposit section to add the amount and assign the transaction to the correct account. You can leave the Received From column blank since you earned it from your savings account.

 

If your savings account is linked to QuickBooks bank feeds and the transaction has downloaded, you don't need to create a separate bank deposit. Find the interest deposit line and categorize it directly to your interest earned income account.

 

If the transaction hasn't been downloaded to the bank feeds yet, follow the bank deposit process to record and track it. Once the entry shows up, match it to what you recorded to avoid duplicates.

 

Please reply below if you mean something else.

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