How To set up a new bank account in QuickBooks?
Role of Bank Accounts in QuickBooks:
Reconciling bank accounts in QuickBooks plays a mandatory role to perform accounting processes thus be ensure that you have linked bank account into QuickBooks pro. Whenever you are setting up an account it implies embedding a new asset account associated with business charts of accounts.
The benefit of setting up Bank account:
If you connect bank accounts into QuickBooks online acts as an ideal method to track income without entering transaction each time manually. Whenever the account is linked with QuickBooks the details of the transaction of the past 90 days are recorded. These up-to-date features decrease the data-entry process.
Why connecting bank account in QuickBooks is important?
It reduces efforts and saves time by an automatic process of importing transactions. Because manual adding sales receipts & invoices consume time and take a lot of effort. Moreover, this banking automation reduces data entry errors and gives you peace of mind.
How to set up an account?
All transactions downloading and account connection tasks are operated on the Banking page of QuickBooks. This is also known as Bank feed. This helps to decrease efforts and saving time. This information regarding bank details plays a major role in QuickBooks as an entire task is based on finances. Thus QuickBooks lets this bank information to download automatically. There are mainly two ways to set up an account in QuickBooks i.e. direct feed connection & Adding a bank account manually.
Direct feed connection:
This is mainly used in a Bank account with banks’ feed availability. For this perform the below-mentioned steps:
- Locate QuickBooks company file
- Discover the lists menu displaying items, choose charts of Accounts
- Select the Account button and hit on New option
- After this, you need to select an Account type and Choose the preferred Bank and then select continue
- At last, you are required to fill the mandatory details for the new account including Account name, Subaccount name (optional field), Description, Account number, Opening balance, Routing number, Max-line Mapping & more
- After filling this information select Save & close.
To add Manual account:
This method is applicable when there is no bank feed availability or if you want to do a bank connection later.
Follow the steps:
- Locate the Accounting tab and wait for the loading of a Chart of Accounts
- Select New
- You will see a window will appear, choose and fill the account specifically
- Select the Banks on Account type dropdown box with name, and details type, currency, balance & date
- Hit on Save & Close
- After this new bank account will appear on the screen
- Click on View register and then hit on Connect Bank
- Once you are done with this now go back to A2X settings and locate connections and select on Refresh QuickBooks Cache.
How to enter a Bank account opening Balance?
- Select the Gear icon and hit Chart of Accounts then click on New
- Below the Detail Type option, select the type of account i.e. Cash, Saving, current and more
- Enter the appropriate account name i.e. Label the account with a descriptive name to ease identification
- Fill the suitable information regarding opening balance & date
- Choose Save & Close.
How to reach us?
Hopefully, this blog has covered the entire steps to set up a new bank account in QuickBooks. In case you stuck in performing any of them or to know more about banking transactions, account reconciliation, and QuickBooks errors. Get connect with experienced team members at toll-free QuickBooks 18008166849. They will always happy to serve all your queries in less time & provide you better assistance in a single call. If you are unable to reach the experts through the call then, get an instant resolution through an email.