As a business owner, it is crucial to have a bank account in this digital world. Most of your customers would like to pay for your offerings via digital medium, i.e, through online banking. However, when you use accounting software like QuickBooks, it is required to connect your bank account to the accounting software. So, your bank account transaction will reconcile with your QuickBooks account transaction. This will help you to maintain your records and operations in QuickBooks. Also, in this way, your books will be free of confusion and technically clean. This blog will provide you the information about adding your bank account to QuickBooks.
Method to Add a Bank Account in QuickBooks Online
Given below are the steps that will help you in adding a bank account to QuickBooks Online:
- Log-in to your QuickBooks Online account.
- Click on the ‘Accounting’ tab from the top of the menu bar.
- After that, choose the ‘Charts of Accounts’ tab.
- Click on the ‘New’ option.
- Now, you need to fill out the details in the relevant fields.
- In the ‘Account’ field, you need to choose your bank, in the name field, enter the name of the account holder, choose ‘Currency’ as ‘$/Dollar’.
- Enter the opening and closing balance.
- Then, you need to review the details that you have entered in the related fields.
- After doing this, Press the button ‘Save and Close’.
- Come back to your homepage.
- You will now see a new bank account under the charts of accounts menu.
- For connecting the bank account, you need to choose the drop-down menu located under the ‘View Register’ field, click on the ‘Connect Bank’ option.
- A confirmation message will appear asking for permission, click on the ‘Yes’ option.
- You have successfully added a bank account in QuickBooks Online!
Also Read: QuickBooks Banking Error 101
Alternative:
- Navigate to the ‘Banking’ menu.
- Choose the ‘Add Account’ option.
- Follow the prompts that are displaying on your computer screen.
- Fill out the necessary details about the bank account.
- Click on the ‘Save and Close’ button.
The alternative method is useful when the bank feeds are easily accessible in QuickBooks Online.
How To Add a Bank Account in the QuickBooks Desktop Application?
Given below are the steps to add a bank account in the QuickBooks Desktop application:
- Move to the location of your company files in the QuickBooks application.
- After that, open the ‘Lists’ menu.
- Click on the ‘Charts of Accounts’ option.
- Select the ‘Account’ tab.
- Then, click on the ‘New’ button.
- You are required to choose the type of account you want to add.
- In the ‘Account Type’ field, choose the ‘Bank’ option.
- After that, you need to fill out the details of the bank account like name, account holder, currency, opening balance, and closing balance.
- Leave the column of ‘Routing Number’ blank.
- In the ‘Description’ field, add the description that describes the account.
- Review all the information that you have entered.
- Then, click on the ‘Save and Close’ button.
Guide for Add a Bank Account in QuickBooks Pro
The following are the steps to add a bank account in the QuickBooks Pro version:
- Navigate to the ‘Company’ menu.
- Choose the ‘Charts of Accounts’ option.
- After that, select the ‘Account’ tab.
- Click on the ‘New’ option.
- Now, choose the ‘Bank’ option.
- Then, press the ‘Continue’ button.
- Enter the name of the account. For example, Saving account or expense account.
- If you need help, click on the ‘Select From’ drop-down.
- In case, you want to attach a sub-account, you need to fill out the details of the sub-account too.
- Fill out the description of the account.
- Enter the ‘Bank Account’ number.
- After that, fill out the ‘Routing Number’ too.
- Select the ‘Tax-Line Mapping’ option. A tax-line mapping is important for accountants that help in preparing income tax reports.
- Fill out the opening balance and closing balance in the appropriate fields.
- Enter your ‘Check’ settings.
- Review all the information that you’ve entered.
- If you want live bank feeds, enable the ‘Live Banking Feeds’ option.
- Click on the ‘Save and Close’ button.
Also Read: How to Create QuickBooks Journal Entry?
In Conclusion:
Hopefully, the above-given information is useful for you to get rid of this problem. But if you are still facing any issues with your software and need professional assistance, regarding accounting, bookkeeping & accounting software-related issues then feel free to get in touch with Certified Experts at +1-860-325-4922. The USA-based ProAdvisors will provide all sorts of assistance related to the software 24/7.
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