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I am trying to reconcile a money market checking account. Interest is added to the account and shows up as a discrepancy in the account. How do I add to reconcile

 
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QuickBooks Team

I am trying to reconcile a money market checking account. Interest is added to the account and shows up as a discrepancy in the account. How do I add to reconcile

Hi there, neldahowton.


Welcome to the Online Community. Let’s create a deposit to track the interest in your company.


You can start by adding the Other income account and then use it to record the interest. Here’s how:

 

  1. Tap the Accounting menu on the left panel to choose Chart of Accounts and then hit New in the upper right. 
  2. On the Account window, pick Other income as the Account Type and Interest Earned for the Detail Type.
  3. Key in a term that will identify the entry in the Name field.
  4. Hit Save and close.
    income.png income1.png

Now, let’s go ahead and input the interest.  The process is a breeze, and I’m here to help you.

 

  1. Go to the New menu in the upper left and choose Bank deposit under the Other section.
  2. Choose which bank you want to track the interest and then enter the date of the transaction.
  3. Scroll to the Add funds to this deposit section and under the Received from column select your bank.
  4. Enter Other income in the Account field and then type in the interest in the Amount box.
  5. Click Save and close.

After performing these steps, you can start reconciling the account. However, if you encounter any roadblocks, I’m adding an article that will help resolve the problem.


The troubleshooting is scenario-based, so I suggest following the steps that fit your situation: Fix issues when you're reconciling accounts in QuickBooks Online.


Stay in touch if you have any other questions about QBO. I’ll be right here to answer them for you. Have a good one.

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