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Why does interest earned from an savings automatically record as an expense?
Hello Curiosity,
May I know what is your financial institution? Did you encounter any error messages?
Feel free to provide additional information and screenshots so I can further help you. Thank you in advance!
Hi,
The Savings account entry with QuickBooks online is recording the interest in and then debiting it back out. The bank balance and the QB balance for the Savings account is not reconciled. I am at a loss as to how to fix this. Please advise.
Thank you!
Hi there, MeemawMickey.
Let's fix the interest income that shows up as an expense and make sure both QuickBooks and the bank balance are accurate.
The information QuickBooks receives is all dependent on what your Financial Institution shares with us. Hence, you can download statements from your bank using an Excel file. Then, compare the transactions with what's downloaded in QuickBooks. That way, you'll be able to determine why interest income is posted as an expense.
If it's posted as an income from your bank, you can correct this by re-categorizing the interest as income in QuickBooks. Let me show you the steps on how to change the category.
I'd also like to share some insights about bank feeds. When the bank and QuickBooks balances don't match, here are some of the possible reasons.
From a business perspective, the bank and QuickBooks balance need to match by reconciling accounts. Use this guide anytime you need help doing a reconciliation: Learn the reconcile workflow in QuickBooks.
Please let me know by posting a reply in this thread if you have any additional banking concerns. I'm just a post away.
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