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JMac23
August 7, 2023
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Recording a deposit into an Other Current Asset Account

  • August 7, 2023
  • 1 reply
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We have a brokerage account, including a money market account, I want to record as a deposit the dividends received, the QB account is set up as "other current asset" since that seems more appropriate.  But I can't figure out how to record a deposit

    Best answer by Rainflurry

    @JMac23 

     

    QBO only allows deposits to bank accounts so you can either set up the MMA/brokerage accounts as bank accounts or make a deposit using a journal entry - debit the appropriate other current asset account and credit income (presumably) for the same amount.

    1 reply

    C
    Carneil_C
    August 7, 2023

    It's nice seeing you post your concern here in the Community, @JMac23. I'm here to help you record the transaction QuickBooks Online. 

     

    Since QuickBooks sets it up as an Other Current Asset Account, you can follow the steps below to enter a bank deposit in QuickBooks Online. Still, please know that recording this transaction only allows you to deposit money into a bank account.

     

    Here's how:

     

    1. Click + New, then select Bank Deposit.
    2. From the Account dropdown, choose the account you want to put the money into.
    3. Tick the checkbox for each transaction you want to combine.
    4. Make sure the total of the selected transactions matches your deposit slip. Use your deposit slip as a reference.
    5. Click Save and close or Save and new.

     

    If you want to track the interest seamlessly, you'll want to create a separate income account.

     

    Let me share this article for reference: Record And Make Bank Deposits In QuickBooks Online.

     

    For future reference, you can also check out these resources here to help you organize your accounts flawlessly:

     

     

    Fill me in if you have more queries about recording transactions in QBO. I'd be glad to assist you further. Take care always.

    J
    JMac23Author
    August 7, 2023

    The Other Asset Account doesn't appear in the drop down from the Bank Deposit workflow, and when I try to enter it, it asks if I want to create a new account - so the method outlined in your post doesn't work

    Rainflurry
    RainflurryAnswer
    August 8, 2023

    @JMac23 

     

    QBO only allows deposits to bank accounts so you can either set up the MMA/brokerage accounts as bank accounts or make a deposit using a journal entry - debit the appropriate other current asset account and credit income (presumably) for the same amount.

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