How do I record interest earned from a bank account? The interest is on my funds not from a customer

What tax code do you assign to this type of transaction?

As Rustler mentioned the 2nd option to add the interest earned (and bank charges) on my first reconciliation screen dissapeared  this month. There is also no options for these in reconciliation - edit. What could have caused this?

Let's make sure that you're able to have them on the reconciliation page, Qobit.

The option will appear on the reconcile page if you choose Bank or Assets as the Account Type. If you select Equity, this option will not show.

I've added a screenshot for your reference:

You can check if you've properly selected the correct account type. That way, you're able to add the interest charges in QuickBooks. Here are the steps:

1. Go to the Accounting tab, select Chart of Accounts.
2. Locate the account.
3. Click the drop-down arrow beside View register.
4. Select Edit.
5. In the Account Type drop-down, make sure to select the correct one.

Let me know how this turns out. I'm here to assist you further.

No luck, I have checked and my bank Detail type is Bank.

I've tried both options of Close without saving and beginning again, and the Edit Info under Reconcile, the options just aren't there.

Resume - Finish now - Close without Saving – Begin again – Reconcile : does not show the option
Resume Reconciling : Edit info does not show the options.

Other info I just thought of now which I might have mentioned from the start of  my query:

1. I did a few manual customer payments (three transactions) imports from a bank statement  to experiment and see how it works, might it have caused it?

2. I had a payment for a customer allocated to the wrong customer, which I changed after reconciling for the previous month. Upon starting this months reconciliation QB popped up with a message (before I could enter anything else like the date and balance) and said it's opening value is out of balance and it will help me fix it. So it showed the customer (I changed) and if I remember correctly you could choose a R or C, I chose R to correct it as Reconciled. And QB told me it's fixed and I can continue. And right from there there was no option to enter bank charge and interest.

I know I can add these manually, but I’m am worried it might become a problem a few months down the line. I really appreciate your help.

Hi Qobit,

 You're unable to see the option to edit the information once you have already reconciled your transactions.  Let me provide you additional information about this so you can correct your reconciliation.

You can manually undo your reconciliation, however, I recommend reaching out to your accountant to guide you on how to do it. Since you have to re-reconcile each period impacted by the changes in chronological order so that your books will not be messed up.

Here's an article in case you have other questions about reconciling your account: Banking.

Feel free to let me know if you need further assistance. I'm always right here to help.

Problem Solved. My bookkeeper saw it was the manual imports I did. It changed the settings under my Bank account setup, there was an option 'link to bank account' or something she removed.

I have the same question, hoping someone answers :\

The savings account has been properly categorized as Bank, yet quickbooks is no longer giving me the option to record the bank interest before reconciling the account.  How do I correct this or proceed from here?

Thank you for joining the thread, @elindner.

Before proceeding to the reconciliation page, there will be an option on the Reconcile account window. Just make sure to fill in the necessary from there.

Here's how:

1. Click on Reconcile under Tools from the Gear icon.
2. Select the correct account under the Account section.
3. Fill in the necessary information from there and input the interest under the Interest earned field.
4. Tap on Start reconciling.

Get back to me if you have any other questions. I'm a post away to help. Have a good day!

Hi Angelyn

Thank you for your reply.  I've taken the steps you indicate.  However, the "reconcile an account" screen does not populate the add interest or bank fees fields.  Please indicate why this might be happening and/or how to resolve it.

Thank you!

I appreciate you for going through the steps above, @elindner.

Let's access your QuickBooks Online (QBO) account via a private window and access the reconciliation page from there. This way, we can check if this issue is due to stored data in the cache.

Stored data in the cache for a long time can cause unusual behavior to your browser that can affect the view of your QBO account. To start, you can use these keyboard shortcuts in opening a private or incognito window:

• Google Chrome: Ctrl + Shift + N
• Mozilla Firefox: Ctrl + Shift + P
• Safari: Command + Option + P 

If you're able to view the added interest or bank fees fields in a private window, then we'll need to clear your regular browser's cache. This will remove all the browsing history and make your browser to function efficiently.

However, if the issue persists, I suggest using another supported browser to check and see if this is a browser-related issue.

I'm also adding this great resource that can guide you effectively in reconciling your accounts: Reconcile an account in QuickBooks Online.

Let me know if there's anything I can help you with. Keeping you in working order is my top priority. Have a great day!

Dear Angelyn

Here is what my screen looks like:

Hi Jasro

I tried using an incognito login and that didn't work and neither did logging in using a different browser.  Any other suggestions?

Thank you!

Thank you for getting back to us here on the Community page, @elindner.

Allow me to share additional information about recording the interest earned in QuickBooks Online.

For the banks that are connected to QuickBooks or online banking, you won't be able to add the interest earned before reconciling since the amount will be downloaded to your account automatically. If you can't see the amount downloaded to your bank, then you can record it manually by following the steps provided in this article: How to record the interest received for bank accounts.

Post again if you have any other questions. I'm always here to help. Wishing you a good one!

I'm having this same problem with two linked credit card accounts.  I'm not able to enter any interest/finance fee when beginning the reconciliation process.

Thanks for joining in this thread, Darren_S.

Allow me to step in and provide some information regarding entering an interest or finance fee during the reconciliation process in QuickBooks Online.

As referenced by my peer above, if your credit card accounts are connected to online banking, the option to enter Service Charge, Interest Earned, and Finance Charge will be visible. This is because these entries are downloaded automatically from your bank.

If the account that you're reconciling is connected to your bank, then proceed with reconciling it.

However, if these accounts are not connected to online banking, we can run some basic troubleshooting steps to isolate the problem. We can start by accessing QuickBooks Online account in a private window. This usually resolves any browser-related issues.

Use these keyboard shortcuts depending on the browser you're using:

• Google Chrome: press Ctrl + Shift + N
• Mozilla Firefox: press Ctrl + Shift + P
• Internet Explorer: press Ctrl + Shift + P
• Safari: press Command + Shift + N

If you're able to enter the finance fee via the private window, it would be a good idea to clear the cache of the browser you're using to make sure this doesn't happen again.

The cache is stored to speed up browser loading times, however, too much can accumulate and impact processes and cause this kind of behavior. The following article contains additional insight, as well as steps for the supported browsers: How do I clear my browser cache and temporary Internet files?

Once done, you can visit these resources to help guide you in reconciling your account in QuickBooks:

Reconcile an account in QuickBooks Online

Learn the reconcile workflow in QuickBooks

If you have any questions about this topic or anything else in QuickBooks, let me know in the comment section. I'll be glad to share and provide further assistance whenever you need one. Have a wonderful day! Take care.

Still doesn't work...what a bunch of idiots all the QB techs are!  Half the problems never get fixed!

I'll help you get to the bottom of this so you can add the interest earned, aselix68.

Since none of the given troubleshooting resolved your concern, I recommend reaching out to our QuickBooks Online support. They can check your account further and will be able to provide another option to help you out.

Here's how:

1. Click Help (?) at the top right.
2. Select Contact Us to connect with a live support agent.

You can also check this article for detailed information on how reconciling works in QBO: Learn the reconcile workflow in QuickBooks. It provides a workflow which is easy to follow.

Let me know if you need anything else.

Yeah I've done that in the past and these IDIOTs still don't know how to fix it!

You've made OBO a live testing community, selling a product that's clearly not ready to go, and you use the public to work out your problems.  Garbage!

Agree

How do I get interest earned out of the "Savings - Other" line on the balance sheet and into the actual account for savings?  I use the Interest Earned box in the beginning reconciliation screen.  I tried a JE but it didn't do anything.  Like I never entered the JE.

Thank you.

Hello there, @Ps_25.

Thank you for sharing the steps you did when transferring the interest.

Since the journal entry doesn't affect your account's balance, I'd recommend deleting it so it won't affect your books. 

To move the interest, you can create a bank transfer. This will help you transfer the funds from your Savings account to the actual account. Here's how:

1. Click the + New icon and select Transfer.
2. From the Transfer Funds From drop-down list, choose the bank account that the money is coming from.
3. Select the bank account that the money is going to from the Transfer Funds To drop-down menu.
4. In the Transfer Amount field, enter the amount being transferred.
5. Edit the Date field.
6. Click Save and close or Save and new to complete the transfer.

Once done, you can find the transfer by opening the account register in the Chart of Accounts.

In addition, I'd recommend reaching out to your accountant for further assistance in handling your transaction in QuickBooks Online. This will make sure that your books are accurate.

You're more than welcome to visit this thread again if you need any other help with managing your accounts in QuickBooks. I'll be there to assist you. Have a good one.

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@Ps_25 wrote:

How do I get interest earned out of the "Savings - Other" line on the balance sheet and into the actual account for savings?  I use the Interest Earned box in the beginning reconciliation screen.  I tried a JE but it didn't do anything.  Like I never entered the JE.

 

Thank you.

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Savings - Other, or any account you see on the balance sheet with Other appended to it, is a QB creation. This happens when you have a parent / sub account structure and you post to the parent account.  Parent accounts are summing accounts, if you have a parent account you only use the sub accounts to post transactions to.