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.
- Go to Settings ⚙, then select Chart of Accounts.
- Find the Savings account, then select View register.
- Select the Filter ▼ drop-down next to All, then Apply.
- Find the interest income, then Edit.
- Under the Account column, enter the Income account you use for bank interest.
- Hit Save and new or Save and close.
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.
- Outstanding transactions
- New transactions for a connected account
- Duplicate transactions
- Edited or deleted transactions
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.
