interest entries in savings

Thanks for reaching out to the QuickBooks Community, tbredtreasurer.

When recording an interest in QuickBooks from the bank account, make sure to select the correct account since this might be the reason why the balance is incorrect. You may consult with your accountant if what account you need to use to ensure your books are accurate.

However, if you've selected the correct account and the balance still incorrect, you can do a reconciliation to make sure that the balance is matching from what should have from the bank account. 

You can download this link to check the detailed steps on how to reconcile an account. On your keyboard press Ctrl+F and search Reconciliation: https://qblittlesquare.com/2018/09/quickbooks-mac-2019-users-guide/. 

Please let me know how it goes. I'll be around to help if you have additional questions. Have a good one. 

This happens when the from and to accounts are the same, correct the from account.

When you record interest in the reconciliation window, should that account be the same as the account you are reconciling? That is what I did and my interest now shows up in my register as a deposit and then a payment immediately after. So it doesn't even change the balance. What am I doing wrong?

Thanks for joining this thread, @rachealdiane.

Yes, the account is the same as the one you’re reconciling when recording interest in the Reconciliation window. There will be two entries showing on the register if you use the source account on the distribution line

When creating a transaction based on  your checking, credit card, or accounts payable, specify an expense, asset or liability account in the distribution area to indicate what the money was used for. This way, you’ll only see one entry on the register.

Here's how to correct the issue:

1. In your company file, go to the Lists tab and select Chart of Accounts.
2. Pick the correct bank and double-click on it to open the register.
3. Choose the interest, then click the drop-down to change source account to a distribution category.
4. Click on Record to save the changes.

For more information about modifying information on the chart of accounts, click on this link and type in Chart of Accounts in the search field to get the full details.

This information will get you on the right track correcting your records.

Let me know if you have additional questions or concerns while working in QuickBooks. I’ll jump right back in to answer them.

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@rachealdiane wrote:

When you record interest in the reconciliation window, should that account be the same as the account you are reconciling? That is what I did and my interest now shows up in my register as a deposit and then a payment immediately after. So it doesn't even change the balance. What am I doing wrong?

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