How to Add a CD?

Question

I've decided to try a couple of CDs for the first time in decades. I don't link my institution to the desktop, so chose Offline. In the Bank options, it's only Checking, Savings, and Credit Card. When I added an investment, I needed to buy shares.

What's the best way to simply add a CD that gets interest to Quicken Classic Deluxe? Do I add them as savings accounts or is there some other method?

UKR · Answer

It might be best to open this offline Savings account with a $0.00 Opening Balance.

When you actually fund the CD account, follow that with a Transfer transaction from, for example, the checking account to the CD account.

Quicken Carlos · Answer

Hi @David7,

Thank you for reaching out to the Quicken Community.

Either account type may work for your needs. If you prefer a simpler method for tracking the account, I recommend using a Savings Account.

To add a Savings:

* Go to Accounts > Add Account
* Select Offline Account
* Choose Savings

* Enter a name for the account
* Enter the opening balance (your CD deposit)

To record interest:

* Open the account register and enter a transaction with the following details:* Type: Deposit
* Category: Interest Income (or create a custom category such as “CD Interest”)
* Amount: Interest earned

If you would prefer to track the CD as an investment account, I recommend using an Other Investment account.

Other Investment option:

* Go to Accounts > Add Account
* Select Offline Account
* Choose Other Investments
* Select Other (for investment accounts entered manually)

* Enter a name for the account

This account type does not require securities to be created.

To record interest:

* Open the account
* Click Enter Transactions
* In the transaction list, select Inc – Income (Div, Int, etc.)

* Complete the income transaction details

I hope this helps!

splasher · Answer

I've always done CDs from a bank/credit union as Savings.

I do have some thru my brokerage, but they are listed by the brokerage as a bond.