Intuit has provided the best of features to QuickBooks users so that they are able to work in house on the application. Recording Investment Income in QuickBooks is one such feature. The income that the business earns from its savings accounts, certificates of deposits, or other investment vehicles is known as the interest income. The financial institution usually sends you a monthly, quarterly, or annual statement that has a separate line item reporting interest earned.
Now, this blog is going to describe the process to record Investment Income in QuickBooks. Read the complete blog or contact QB team (855)-526-5749.
How to Record an Investment Payment in QuickBooks?
To record investment income in QuickBooks it is important to set up Vendor and Equity account for the same. To help you with the task we are going to list them below for you:
Set up a vendor in QuickBooks for Investment Income in QuickBooks
First, open QuickBooks to click on Vendors from Expenses
Hit on New Vendors.
Fill in the vendor name along with the name of the contact person
The required information must be filled before you save the information with Ok.
Create an Equity Account so as to move ahead
Your answer on how to create an equity account in QuickBooks lies ahead.
Choose the option of Charts of Accounts from within the QuickBooks.
Click on New and open Account Type drop-down list to click on the option of Equity.
Click on Details drop-down list and choose from Partner’s & Owner’s equity options as the equity is based on different money sources
Next, you need to assign to this equity account and finally Save and Close.
How to Record Investor Money in QuickBooks Pro?
Go to QuickBooks application.
Select Chart of Accounts icon for the Chart of Accounts window.
Click on Add New Account and press Add New Account: Choose Account Type dialogue window opens.
Hit on Asset Account from the list of accounts.
Fill out the information for the new asset account. Fill in a name for the account, a description of the account and a note in the appropriate fields.
Next, click on the Save and Close button.
Select Record Deposits icon on the Home page. Enter the investment amount in the Amount field, select the asset account from the Account drop-down box and click Save & Close.
Now we conclude our blog here and hope it proved futile for working on record Investment Income in QuickBooks. But any query can be directly answered by the QB team on (855)-526-5749.