Our company has a money market account. How do I record the monthly interest that we received on the account?

Good day, graphicsetc.

You can create a bank deposit to record the interest that you're receiving from the money market account. You can also create a separate income account to easily track the interest.

I'd be glad to share the steps with you. Here's how:

1. Go to the Accounting menu, then select New to create a new interest account.
2. Under the Account Type column, select Other Income. Under the Detail Type column, select Interest Earned.
3. Enter the name of the account and click Save and close.

Once done, use this account in creating a bank deposit. Here's how:

1. Click the + New button and select Bank deposit. 
2. Under the Account field, select which bank the earned interest will be deposited. 
3. Scroll-down to the Add funds to this deposit section, then go to the Account column and select the account that you just created.
4. Enter the amount and any other details such as the Memo, Description, Payment method, and Date. 
5. Click Save and close. 

Let me also share these articles about the steps that I shared for additional reference:

• Add An Account To Your Chart Of Accounts In QuickBooks Online
• Record And Make Bank Deposits In QuickBooks Online

Please don't hesitate to reach out to us anytime you need help while working in QBO. 

Hi graphicsetc,

Hope you’re doing great. I wanted to see how everything is going about recording monthly interest in QBO. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at anytime.

Looking forward to your reply. Have a pleasant day ahead!

I have a question about Step 1 -

     1. Go to the Accounting menu, then select New to create a new interest account.

Questions:

1. Where is the Accounting menu? I am in Accounting view, is this what you mean and if so where do I select New? In the Chart of Accounts?

I've got you covered, @graphicsetc. 

All you need to do is hit the Accounting tab in your QuickBooks Online (QBO) account. Don't worry. I can walk you through it and provide you with visuals to help. 

1. Go to the Accounting tab on the left-hand menu bar. 
2. Tap the New button on the right-hand side of the screen. 

       3. Enter all the information needed. 

       4. When ready, hit Save and Close. 

Follow the rest of the instructions that my colleague gave you from the post above. In addition, here's a guide that can help you out: Add an account to your chart of accounts. 

I'm hoping my reply finds you with a smile. These steps and this visual should do the trick. Should you need any further assistance, please feel free to ask. Take care!

I have quickbooks desktop and those directions are for quickbooks online version.  Can someone help me?

Thank you for joining the conversation and asking for clarification about recording monthly interest from your company's money market account in QuickBooks Desktop. I appreciate you pointing out the need for desktop-specific instructions, and I'm happy to provide a detailed guide tailored to your needs.

To begin with, to record the monthly interest from your money market account, let's create an interest income account. Here's how:

1. Navigate Lists and click Chart of Accounts.
2. In the Account dropdown, select New.
   
   
3. Choose Other Income in the Other Account Types dropdown and then hit Continue.
4. Complete the account details.
5. Tap Save & Close.
   
   

Next, to record the interest income you've received, follow the steps:

1. Go to the Banking menu and select Make Deposits.
2. Close the Payments to Deposit window to enter the deposit transactions manually.
3. Select the bank 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, tap Save & Close.
   
   

Additionally, I recommend regularly reconciling your accounts with your bank and credit card statements. This practice will help ensure everything aligns correctly and offers a clear overview of your financial health.

This guide will assist you in successfully recording the interest from the money market account in QBDT. If you have any questions or need further assistance while going through the process, please feel free to reach out. I’m here to support you and ensure everything runs smoothly for your business.