![]() If you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. To properly identify if you should create an asset account, write a check to a vendor, create a deposit with additional line items for interest you've accumulated, and etc., I'd recommend working with an accounting professional. If you have any other follow-up questions about this or any QuickBooks questions, please let me know by adding a comment below. In case you need help with other tasks in QBDT, feel free to browse this link to go to our general topics with articles. They can provide you with the right advice in making sure your books are accurate. ![]() I'd also suggest getting in touch with your accountant before recording your vendor payment and interest. If not, you can manually reconcile the transaction inside QuickBooks. That way, they will automatically be cleared on your bank register. If your account is connected to online banking, you can match this transaction to your downloaded. You can also check the screenshot below as your reference when recording the payment and the interest. You can still follow the suggestions above to record the transaction. We can link the $89.25 interest income to the $24,910.75 by recording them both as a single deposit in QuickBooks Desktop. Hey there, for getting back to this thread. Thanks for any additional help you can offer. So now I don't know how to link this $89.25 interest income to the $24,910.75 Tbill and transfer it all back into the checking account and make sure it will not screw up my bank account when reconciling it.Īs you can probably determine I'm not any sort of a book keeper. I have a Interest Income Income account so I created a Interest from T-Bills sub account. Now the Treasury Bill has been redeemed and Treasurydirect deposits the full $25,000 into my checking account which includes the interest payment I receive which is $89.25. This transferred the amount out of checking and into the T-Bills Asset account. I wrote a check from my Checking account to the vendor Treasury Direct and charged to account T-Bills. I created a Vendor called Treasury Direct. I then created an (other Current Asset) account called T-Bills. Treasurydirect withdraws funds from my checking acct for purchase of a T-Bill ($24,910.75) This is what I have setup in my Quickbooks pro 2016. I'm still not clear on the whole process. Let me know if you have questions about making deposits in QuickBooks Desktop. You can read this article to guide you in reconciling your account: Reconcile an account in QuickBooks Desktop. Note: Make sure the total amount is equivalent to the amount you received as the redeemed price.įor more details, read this article for reference when creating deposits: Record and make bank deposits in QuickBooks Desktop. Tap the Deposit To list and choose the bank account you want to deposit into.įor line 1, enter the amount of the interest income amount.įor line 2, enter the original purchase amount under the current asset account.Click OK, and it will go to the Make Deposits window.In the Payments to Deposit window, choose the payment you want to include with the deposit. ![]()
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