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March 22, 2021
Question

How do I set up a Certificate of Deposit in QB?

  • March 22, 2021
  • 1 reply
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I am new to Quickbooks. And accounting class was long ago. We are moving money into a CD, and I don't know how to set up the CD account, where to move the money from, or possible journal entries. Sorry to be so dumb. I work for a nonprofit.

1 reply

MichelleBh
March 22, 2021

Hello there, @laceyllama61.

 

It's my pleasure to help you decide what to do with your Certificate of Deposit (CD) in QuickBooks Desktop (QBDT). 

 

In QBDT, you can set up a Chart of Account and choose Current Asset as a type for your CD account. This account type can easily turn into cash such as checking accounts, savings accounts, money market, and CD accounts.

 

Here's how: 

 

  1. Go to the Lists menu and select Chart of Accounts.
  2. Scroll down and click the Account drop-down and choose New.
  3. Choose Other Account Types and select Current Asset on the drop-down list, then click Continue.
  4. Complete the details by entering an Account Name and other necessary fields.
  5. Click Save & Close.

 

Visit this article for more guidance about the process: Add, edit, or delete accounts in QuickBooks Desktop.

 

I'd also recommend consulting with your accountant. They'll help you to choose accurate account types that fit your business and guide you with the whole process. If you don't have it yet, please click this link to get one: https://quickbooks.intuit.com/ph/find-an-accountant/.

 

To learn more about the different account types that you can add to your QBDT, check out this article: Learn about the chart of accounts in QuickBooks.

 

Feel free to leave a message below if you have further questions about setting a CD account. I'm always here, ready to guide you.