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How to Set up Bank Account in QuickBooks

setup bank account qb

QuickBooks is interesting and useful accounting software and which has many new features and it has made reach to every kind of business. Whether it is the small or medium business it is everywhere. It is also user friendly and easy to access.

In today’s article, we will talk about how to add a bank account in QuickBooks. Adding bank accounts to QuickBooks is a quick way to work faster and accurately.

In the below steps, we are going to specifically add the bank account in QuickBooks. You should have a bank account in QuickBooks with PayPal and if you will open a new bank account you have to add it to your QuickBooks chart of accounts as well.

Steps to Add the Bank Account in QuickBooks

  • Open your QuickBooks company file
  • Open the list menu
  • select the chart of accounts
  • click the accounts button and select new
  • Now the system will ask to select an account type.
  • Select bank and click continue
  • Now the system will ask you to select account type
  • Now select Bank and click continue
  • Now you need to fill the below details
  1. Account Name – choose a descriptive name which can be easily remember able and can be shown in drop-down menus
  2. Sub Account of _______- This one is optional. If you have multiple accounts in multiple banks enter the bank in this field else leave it blank
  3. Description – This is a kind of waste option, Most of the people leave it blank
  4. Bank account – if you want to use its online banking then you can fill it later. for time being leave it blank
  5. Routing Number – Leave it blank
  6. Tax Line Mapping – It can be beneficial if you plan for integrating with Turbo Tax for Business. You can leave this field If you work with the tax preparer.
  7. Opening Balance – Opening balance would be 0 if this is a new opening account
  • Save, close and you are done

How to Connect your Bank Account to QuickBooks

You can also connect your bank account through following the below steps:

  1. Click Connect your bank account under Bank account at homepage
  2. Once it is connected select your bank account to be connected
  3. Entering transactions – On bank and credit card page click on category or match to sort the column
  4. Change the transactions category – to make these transactions in different category open that transactions and open else if this is a new one select the add
  5. Choose payee – For new payee click +Add new at the menu options. enter the name of the new payee and click save
  6. Transfers – if you have paid the business credit card bill open transaction and choose transfer
  7. Split transaction – if you purchased the items within different categories, select split
  8. Batch Action – If QuickBooks correctly displays the list of transactions you can accept all together by clicking on one of the checkboxes.

How to contact us

For more information feel free to QuickBooks support number dial +1844-313-4856 and get the instant solution of QuickBooks queries and issues. QuickBooks experts are professional, knowledgeable, and polite and are having the same domain experience. These qualities make them more perfect to solve the issues quickly in a given time. You can also email at support@accountinghub.co and one of the experts contact you soon with the details.

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