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K
Keith2271
October 13, 2023
Question

New Certificate of Deposit Transfer from Savings

  • October 13, 2023
  • 1 reply
  • 0 views

I've transferred funds from a linked savings account into three new certificates of deposit. The three transfers show in QuickBooks from the linked savings account. I have not recorded the transfers in QuickBooks as I can't figure out how to show the new CD accounts to use as the destinations for the transfers.

How do I create the new CD accounts in QuickBooks and reconcile the transfers?

1 reply

btks
btks
October 16, 2023

Create a current asset account called "CD's" . Then show the transfer from savings.

K
Keith2271Author
October 17, 2023

Thanks for the reply. Let me add a few details.

There are three new CDs that were purchased at the bank from savings. The savings account that is the source for the CDs was already linked from my bank to QB, so the transfers from savings are showing in QB waiting to be registered. The transfers are not registered at this point to a particular destination. I've tried two things.

1. If I link the new CDs from the bank to QB they show up as they should as new accounts, but they show up already funded. If I then try to register the new CDs as the destination for the transfers then the CDs appear to have twice as much money in them as they should (it's counted twice: already funded + transfer).

2. If I don't link the new CDs from the bank to QB and try to create them manually as "savings" accounts, which I then specify as the destinations for the transfers, QB doesn't like it and says there is something wrong with the transfer.

It was my hope I could simply link the new CDs from the bank to QB and have QB keep track of everything automatically, but I'm stuck.

 

J
JD144
November 26, 2023

I would like to know how this is accomplished as well. 

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