I’m a QuickBooks user – relatively new. How would one post the moving of cash from a checking account to a CD? Some say it’s an expense item. I question this. It’s still a cash asset. So how should such be posted and reported using QuickBooks?
Yes, you are correct. Moving cash from a checking account to a CD, the item still remains an asset. You would create a general journal entry that would look like this: Credit to your checking account and Debit to your CD account, which you set up as a cash account.