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Best answer November 13, 2024
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Allow me to assist you with recording the Required minimum distributions (RMD) in QuickBooks Online (QBO), @grnmjc.
I recommend consulting your tax professional or an accountant to determine the proper treatment of the distribution amount you've received.
Since RMD amounts are treated as taxable income, I suggest creating an income account in your Chart of accounts. You can follow these steps:
- Go to Settings ⚙ and select Chart of Accounts.
- Select New.
- Enter an Account name.
- Choose Income under the Account type, then select the Detail type from the dropdowns.
- Once done, click Save.
After creating an account, you can record it as either a Journal entry or a Bank deposit.
Moreover, there are lists of QBO reports available in Modern View that will help you a smooth transition over the rest of the year.
I'm here to answer whatever questions you have related to RMDs and any QuickBooks-related concerns. Have a good one.
Allow me to assist you with recording the Required minimum distributions (RMD) in QuickBooks Online (QBO), @grnmjc.
I recommend consulting your tax professional or an accountant to determine the proper treatment of the distribution amount you've received.
Since RMD amounts are treated as taxable income, I suggest creating an income account in your Chart of accounts. You can follow these steps:
- Go to Settings ⚙ and select Chart of Accounts.
- Select New.
- Enter an Account name.
- Choose Income under the Account type, then select the Detail type from the dropdowns.
- Once done, click Save.
After creating an account, you can record it as either a Journal entry or a Bank deposit.
Moreover, there are lists of QBO reports available in Modern View that will help you a smooth transition over the rest of the year.
I'm here to answer whatever questions you have related to RMDs and any QuickBooks-related concerns. Have a good one.
