how to record square automated savings and interest payment in quickbooks?

I’ll make sure you’ll be able to record your Square automated savings and interest payments correctly in QuickBooks, @fcharlie125.

Thank you for sharing the details and screenshot. I can see that you've already created a savings account under Banks and mentioned that it's sitting there in the Bank Transactions screen, waiting for you to add it.

In this case, you don't need to manually record the automated savings and interest payments. All you need to do is to categorize it by clicking the Add option under the Banking page. Once done, the transactions will automatically be added to your account register or books.

I've added an article to help you reconcile your accounts with your bank and credit card statements: Reconcile an account in QuickBooks Online.

You're always welcome to add comments if you need additional assistance with banking in QuickBooks. I’ll be here to help.

@Aldren18 I do not think you understand. 

Which G/L account should it be? It cannot be an income account. If I add them to the "income account", it will overstate the Profit and Loss Statement for Fiscal Year 2023. 

I already know how to make a deposit. Should it be a savings account? If I do that, it will give me a negative balance if I categorize it under Savings Account. 

@Aldren18 Nevermind. I figured it out. 

This is what I did:

1. Add the deposit to an income account 

2. Go to the P&L statement. 

3. Click on the income account and click on the deposit. 

4. Add a negative amount to offset the deposit. 

In this case, the income account is unaffected and my cash account increased like it supposed to.

@Aldren18  Sorry, it didn't work. what is the solution?

Hey there, @fcharlie125. 

Thanks for reaching back out and giving us some more information. 

With the details you gave, I encourage you to run this by your accountant. They will help you determine the best route to take for your business. 

I'm only post away if you need me again. Have a wonderful day! 

@fcharlie125 where you able to find a solution?  I am also having this issue