Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
I tried to record this as a deposit to the bank account, but the result was a negative amount reflected in the asset column of the balance sheet and no change to the bank account balance.
Solved! Go to Solution.
There is an "interest earned" entry option from the reconcile window. Or make deposits will work. If your deposit did not work as expected it's likely the from account.
There is an "interest earned" entry option from the reconcile window. Or make deposits will work. If your deposit did not work as expected it's likely the from account.
Working in Online Simple Start there is no place to enter interest (as there was in desktop pro 2016)
QuickBooks Online (QBO) and QuickBooks Desktop (QBDT) are distinct products, each is designed with unique features tailored to different business needs. In QBO Simple Start, you can easily create a bank deposit to record the interest earned. Let me guide you through the process.
To start, let's create a new interest account to track the interest. Here's how:
After that, here's how to create a bank deposit:
For more detailed guidance on tracking deposits, check out this article: Record and make bank deposits in QuickBooks Online.
For upcoming tasks, I encourage you to regularly reconcile your accounts in QBO, ideally every month. This will help you stay on top of your income and expenses and quickly identify any mistakes. To help you with this, check out this article: Learn the reconcile workflow in QuickBooks.
In addition, we have a team of experts who can offer personal guidance on linking your accounts, automating tasks, and teaching the best bookkeeping practices to increase your efficiency. Check out QuickBooks Live Expert Assisted for more details.
I'm all ears should you have any concerns in handling your bank transactions, just click the Reply button.
Thank you for your response.
I guess I wasn't clear enough....in the desktop version I came from the interest and/or fees were fields on the initial reconciliation screen with the ending date and balance.
Ken
Thanks for coming back, pwlhcondo. Let's discuss how the reconciliation feature works in QuickBooks Online (QBO).
In the QBO Simple Start version, the option to enter interest and fees directly on the initial reconciliation screen is unavailable as you experienced with QuickBooks Desktop Pro 2016. However, we can still record these transactions differently before you start the reconciliation process. To record interest income and bank fees in QBO Simple Start, you can follow these steps:
Then, we can record the interest by following the steps below:
To learn more about this one, you can check out this article: Record and make bank deposits in QuickBooks Online. After recording these transactions, we can proceed with your reconciliation where the interest income and bank fees will be included in the transactions for the account you are reconciling. Here's how:
By recording these transactions separately, you can ensure they are accurately reflected in your financial records and reconciliations. You can check out this article for more details about reconciling your accounts so they always match your bank and credit card statements: Reconcile an account in QuickBooks Online.
Moreover, you can check out this article for more details about running a reconciliation report: How do I view, print, or export a reconciliation report?.
The Community always has your back if you have other concerns with managing your bank transactions or any QuickBooks-related concerns. We're always determined to assist you with any concerns you have, pwlhcondo.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
For more information visit our Security Center or to report suspicious websites you can contact us here