How do you enter a New CD Deposit?

Hi, @lmulkey4007.

Open the chart of accounts, click NEW and select an asset account, name it upper right side, save

Use that account for the CD.

Here's how:

1. Go to Settings ⚙ and select Chart of accounts.
2. Select New. Depending on your account view, you’ll either see a panel labeled New account or New category. Select the option you see below for next steps.

It is advisable to consult with your accountant for guidance on how to proceed with this process.

I would like to share this article you to know how tocreate subaccounts to keep your chart of accounts organized: Create subaccounts in your chart of accounts in QuickBooks Online.

If you have any further questions about QuickBooks or anything else, please don't hesitate to ask. I'm here to assist you.

lmulkey4007@yaho 

Create a new bank account in QBO, not an asset account as suggested by @AldritchM since a CD is considered a bank account.  Then, if the funding for the CD is coming from an existing bank account in QBO, use the transfer function (New > Transfer) to fund it.  

I need a bit more explanation.  I am on Quickbooks Desktop Non Profit, deposited money into our bank account and then it was transferred out into a 6-month CD.  So, in trying to make a new Bank account to transfer the CD into like you mentioned above, what do I do where it asks for a bank account number and routing number?   

We appreciate you for adding your concern here in the thread, @zvilleccd. Let me guide you further with setting up a CD deposit inside QBDT. 

When setting up a CD deposit, it is essential to note that, unlike other bank accounts, there is no need to enter the Bank Account Number and Routing Number. These fields can be left blank since a CD deposit is a distinct type of bank account. Instead, the most crucial information to include when setting up a CD deposit is the tax line mapping and the account type. 

Moreover, I suggest reviewing this article and making it a reference in managing accounts inside QBDT: Add, edit, or delete accounts in QuickBooks Desktop. 

Don't hesitate to reply on this thread for more clarifications about CD Deposit in QuickBooks. I'm ready to help you. Have a good one!

I opened in acount the CD bank which is where the funds for the CD were deposited from the business account.  My 

question is what is the tax line for the CD?

Thanks for following along with the thread, @Debarnold.

Would you mind clarifying your questions about the tax line a bit more? For example, are you looking for more information about tax line mapping and the account type? Or do you need to know where to enter the details? 

The more info you can share will be a great help to me in providing the best solution for you. 

I'll be sure to keep an eye out for your response. Please don't hesitate to let me know if you have any additional questions or concerns. Chat with you soon! 

I made a bank account that handles the CD. Now, how do you handle interest earned for 1099 received on the CDo

I recognize the importance of handling your interest earned correctly, Deb. Let me provide you with some information on how to properly manage this in QuickBooks Online (QBO).

To accurately record the interest earned on your Certificate of Deposit (CD), you'll want to create a  Bank Deposit transaction in QBO. Doing so ensures that the interest income is captured and accounted for in your financial records. I'd be glad to walk you through the process.

1. Click the + New button, then Bank Deposit.
2. Choose the appropriate bank account from the Account dropdown.
3. In the Add funds to this deposit section, enter the details of the interest earned.
4. Select an appropriate category of interest in the ACCOUNT column.
5. Enter the AMOUNT of interest earned and other necessary details.
6. Hit Save and close to record the deposit.
   

Please note that for precise categorization of the deposit, it is recommended to consult your accountant to ensure your financial records are accurate and aligned with your chart of accounts.

 If you don't have a financial professional, we can help you find one: Find an Accountant.

You might want to check out these resources in the future to help you manage your transactions:

• Match online bank transactions in QuickBooks Online.
• Reconcile an account in QuickBooks Online.

Additionally, you can also run reports to get a comprehensive overview of your business' finances.

Keep me posted if you have further questions about managing CD deposits in QBO. I'll be here to help. Take care.