Can some kind soul tell me how to record interest received from my bank?

Thank you for reaching out to the Community, stevesandford. I'm here to assist you in recording the interest you received from your bank in QuickBooks Online (QBO).

To begin with, you can create a new interest account and post the amount as a deposit to track the interest from a bank or savings account.

Here's how to create an interest account:

1. Go to the Transaction and click Chart of Accounts.
2. Click on New. 
3. Under the Account Type column, select Other Income. 
4. In the Detailed Type, choose Interest earned.
5. Tap Save and close. 

Once you have completed the above steps, follow these instructions to create a bank deposit: 

1. In the left panel, select + New.
2. Click Bank Deposit.
3. Under Add funds to this deposit, select the customer’s name who paid the interest, then select the interest account you just created.
4. Type a description, payment method and amount.
5. Select Save and close.

Additionally, you can reconcile your accounts so they always match your bank and credit card statements.

Keep us posted if you have other concerns in recording your interest and other QuickBooks-related. I'm always here to help. Have a great day!

Good day,

I have the same question, but for QBD (quickbooks desktop) 

I am unable to find anything for QBD on the internet.

I would really appreciate if someone can help me.

I appreciate you for reaching out the us, @Destarte.

Let me share with you the simplified steps in recording the interest you earned in QuickBooks Desktop. No worries, it's super easy to do using the Make Deposits feature. Ideally, you can track interest from your bank, savings account, investments, or even interest payments to your business. Just follow the detailed steps below and you'll be good to go:

1. Go to Banking and select Make Deposits.
2. Select New to create a new interest account.
3. Under the From Account column, select Add New on the drop-down option.
4. Tick the Income radio button under the Categorize money your business earns or spends.
5. Next, tick the Other Account Types radion button. Then, select Other Income under the drop-down option and click Continue.
6. Enter the name of the Bank in the Add New Account page and fill out the necessary information, then select Save and Close.
7. On the Make Deposit page, select the Bank account under the Deposit to field drop-down.
8. Select the newly created account type under the FROM ACCOUNT column drop-down option.
9. Enter the received amount under the AMOUNT column and fill out the information in the required fields.
10. Finally, select Save and New.

By following these steps, you can effectively track and record the interest you earned in QuickBooks Desktop.

Additionally, you can check out these articles to get additional insights and information on bank deposits and bill payments related to your concern: 

• Record and make bank deposits in QuickBooks Desktop
• Void or delete a bill or bill payment cheque in QuickBooks Desktop

Feel free to comment below for more questions about other banking-related topics in QuickBooks Desktop. I'm sure to help anytime. Have a great day!

I have a follow-up question on this.

If I already have an account, say Fidelity and I have to manually enter all transactions for a period. How do I add interest for this existing bank account in my Quickbooks desktop? 

Struggling with balancing account of Fidleity since QBD doesn't have any integration with Fidleity and doesn't have any import csv import capability.

Very frustrating.

ANy help will be appreciated. 

I have the information and steps you need to record interest for your existing bank account in QuickBooks Desktop (QBDT), Reetu.

To begin with, could you please confirm whether you're a United States (US) or United Kingdom (UK) QBDT user? This distinction is important as QBDT is tailored specifically for US users.

If you're a US user, you can directly create a bank deposit entry to record the interest earned from your existing bank account. This approach ensures that your financial records accurately reflect the interest earned. I'd be glad to show you how:

1. Navigate to the banking menu, then Make Deposits.
2. Close the Payments to Deposit window to enter the deposit transactions manually.
3. In the Make Deposits window, select the account where you want to deposit the interest from the Deposit To dropdown menu.
4. Under the Received From column, choose the customer names and input all other data needed, like From Account, Memo, and Amount.
5. Once done, hit Save & Close.

Additionally, there are various ways to track customer transactions in QBDT. For more information on these workflows, take a look at this article: Customer transaction workflows in QuickBooks Desktop.

Stay in touch with me if there's anything else I can help you in recording interest in QBDT. I'll be right here to provide the information you require.

Thank you. 

While filling out Make Despoist window, in FROM field - I added "Fidelity National Securities" as money is coming from that bank and in DEPOSIT TO, I selected Fidelity Investment - which is the account in my QBDT.

Does that sound OK?

Also what about investment value changes? We haven't sold anything per se, but our account has some gains. Do we need to record that in our QB for tax purposes? I'm still working on 2023 taxes. 

We have not recorded any gains/losses so far in our QB as 2023 is our first year using Fidelity investment bank.

Thank you.

I appreciate what you've done and yes, you're on the right track, Reetu. Allow me to share more details to help fix your concern about recording investment value changes in QuickBooks.

I know how important it is to get this right. While we can't specify which accounts to use for tracking in QuickBooks, it's best to consult your accountant to keep your books accurate. If you’re not affiliated with one, you can check our ProAdvisor page and we’ll help you find there. Also, they can provide further guidance about tracking the investment value changes in your account.

Once everything is settled, you can check out this article to ensure that your account matches your real-life bank and credit card statements: Reconcile an account in QuickBooks Desktop. Please note that this article is US-based (United States)but the same principles apply.

Just tag me in this thread anytime you need assistance with your QuickBooks accounts or transactions. I'm here to help.