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How to record the interest received for bank accounts

by Intuit Updated 5 months ago

If you earned interest, you can easily record it in QuickBooks Online using the Bank Deposit feature. You can track the interest from bank or savings accounts, investments, or interest payments to you on loans your business made. Here are a few simple steps to record your interest earning

  1. Go to Transactions and select Chart of accounts (Take me there).
  2. Select New to create a new interest account.
  3. Under the Account Type column, select Other Income. Under the Detail Type column, select Interest Earned. Under the name column, input any name which is applicable, then select Save and Close.
  4. Select + New.
  5. Select Bank Deposit.
  6. Under Add funds to this deposit, select the customer’s name who paid the interest, then select the interest account you just created.
  7. Enter a description, payment method and amount, then select Save and New.
  8. On the Dashboard, you can notice that the deposit has already been recorded under Bank accounts.

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