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:
- Go to the Gear icon and select Chart of accounts.
- Select New to create a new interest account.
- Type an applicable name for the account in the Account name field.
- Under the Account Type drop-down list, select Other Income.
- Under the Detail Type drop-down menu, choose Interest Earned.
- Hit Save.
Once done, record a bank deposit.
- Go to the + New button.
- Select Bank Deposit.
- Under Add funds to this deposit, select the customer’s name who paid the interest, then select the Other income account you created.
- 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!
