How to enter a cash bonus offer from my bank

frank4bugs · ‎April 27, 2020

My bank had an offer where if you open a new account and another financial product and have a certain amount of transactions it will give you a $300 credit. That has now appeared on my statement. How do I put that $300 into my bank account with QB desktop? When I reconcile the account there is a way to put in bank fees but this is the opposite.

Thanks in advance.

Rochelley · ‎April 27, 2020

Hello @frank4bugs ,

There are two different ways you can do this.

1. Go to Banking-->Make Deposits. Choose the correct bank account the deposit is going to. In the 'Received from' column you can create an 'Other Name' type of name, for example 'RBC' or 'Scotiabank'. In the 'From Account' column, enter the income account you want to post this transaction too. I would suggest using QB Desktop's 'Other Income' account, as it is not sales income resulting from your operations. Enter the amount, and Save & Close. This will now be shown as a deposit in your bank account which you can check off on the deposit side of your bank reconciliation.

2. You can also enter this at the time of reconciliation. Right click on the bank account in the COA, and choose 'Reconcile'. In the 'Begin Reconciliation' window, enter the ending balance as you usually would. Tab down to 'Service Charge' and enter service charges date, and your account for Bank Charges. Tab to next field that says 'Interest Earned'. Enter amount of cash bonus from bank, date it was received, and change the account (which is defaulted to 'Interest Income') to the 'Other Income' account. Continue with your reconciliation as you normally would.

Either of these will get the result you are looking for.

Good luck!

View solution in original post

LauraAB · ‎April 27, 2020

Hello frank4bugs,

It's awesome to hear that you were able to take part in that kind of offer from your bank. I can appreciate how this is a bit trickier to record in the books because it's not the usual sort of money-in situation. It's important to me that you get this right.

For that reason, I recommend touching base with an accountant or bookkeeping professional, preferably one that's familiar with QuickBooks Desktop. It may be as simple as recording the entry as a Bank Deposit or perhaps even entering it directly into the account register, but an accountant or bookkeeper would know best, as well as what other accounts you may need to hit for this transaction.

If you're not already working with an accountant, you can find one by visiting our Find an Accountant page. When you search using your city name or postal code, you can connect with QuickBooks certified professionals near you. It's a great win-win situation.

Take care and have a great rest of your day!

Rochelley · ‎April 27, 2020

Hello @frank4bugs ,

There are two different ways you can do this.

1. Go to Banking-->Make Deposits. Choose the correct bank account the deposit is going to. In the 'Received from' column you can create an 'Other Name' type of name, for example 'RBC' or 'Scotiabank'. In the 'From Account' column, enter the income account you want to post this transaction too. I would suggest using QB Desktop's 'Other Income' account, as it is not sales income resulting from your operations. Enter the amount, and Save & Close. This will now be shown as a deposit in your bank account which you can check off on the deposit side of your bank reconciliation.

2. You can also enter this at the time of reconciliation. Right click on the bank account in the COA, and choose 'Reconcile'. In the 'Begin Reconciliation' window, enter the ending balance as you usually would. Tab down to 'Service Charge' and enter service charges date, and your account for Bank Charges. Tab to next field that says 'Interest Earned'. Enter amount of cash bonus from bank, date it was received, and change the account (which is defaulted to 'Interest Income') to the 'Other Income' account. Continue with your reconciliation as you normally would.

Either of these will get the result you are looking for.

Good luck!

frank4bugs · ‎April 27, 2020

Thanks!

I used the second solution as that seemed the easiest and quickest.

Rochelley · ‎April 27, 2020

Great! Glad you got it sorted.

BCSINC · ‎October 23, 2020

My Problem was identical, $300 cash bonus for JP Morgan Chase, New Account. I noticed the $300.00 Misc Credit on the bank statement. The instructions were perfect! I did select Other Income, as it was already setup in QB's. Very simple and all is balanced correctly. The bank type states "Misc. Credit", not interest as I thought. Thanks for the clarity.

Topics

Training

Community

Resources

How to enter a cash bonus offer from my bank