A bank account for any user must exist in QuickBooks in order to make payments. It can also assist in classifying the transaction and will allow you to download them. Hence, It must be understood in a clear manner how to add a bank account in QuickBooks to make the most of the accounting software.
But before you dig deep into the complications of accounting with QuickBooks Desktop and QuickBooks Online, you must know how to add a bank account to it.
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Read on to know how to add a bank account in QuickBooks Desktop and QuickBooks Online.
Why do You need to Add a Bank Account in QuickBooks Online and Desktop?
When a user adds a bank account in QuickBooks, they can easily Import the Transactions and at the same time monitor their finances. When you add a bank account, it will help you to simplify the balancing of your QuickBooks account, prevents the rise of errors, and cuts down the number of data entry problems that users have to face.
By linking your account with QuickBooks, you can just delete volumes of data entry and the reliance on data.
How to Add a Bank Account in QuickBooks?
You can add a Bank Account in the QuickBooks Online and QuickBooks Desktop too. Read on to learn how you add an account in both.
How to Add a Bank Account in QuickBooks Desktop?
In order to add a bank account in QuickBooks Desktop, you need to:
Step 1: Navigate to the Company menu.
Step 2: Now press Chart of Accounts and then press Account. Now click New.
Step 3: Choose the right account type and then click Bank. Now press the blue button that says Continue. It will be at the end of the screen.
Step 4: Give a name to the Account by entering a name in the particular account. You can give names like Checking or Savings. Press on the Choose from Examples button in case you require help.
Step 5: Link a Subaccount. You can select to mark your account as a subaccount of any other particular account.
Step 6: Provide a description of your account. This will help you to identify it in your chart of accounts.
Step 7: Enter your particular Bank Account Number.
Step 8: Add the Routing number. You can enter the relevant routing number.
Step 9: Choose a Tax-line mapping.
Step 10: Type an Opening Balance on your particular account. You can add the information now. Press the button that says Enter Opening Balance. Now you will wish to add your opening balance to the particular statement that is ending in the balance slot. Now use the drop-down calendar to choose the date of the balance. Once everything looks perfect, press the button for OK.
Step 11: Select Check Settings.
Add your check settings. If needed you can choose a check to reorder and choose to order checks that can be printed from QuickBooks directly.
Step 12: Press the Save & Close button to select your new bank account.
Now that you know how to add a bank account in QuickBooks Desktop, let’s move on to adding a bank account in QuickBooks Online.
How to Add a Bank Account in QuickBooks Online?
There are basically two possible ways to connect a bank account in QuickBooks Online:
Solution 1: Direct Connection of Feeds
It is one of the most frequently used methods. If the bank feeds are available, set up for the particular bank feeds:
Step 1: Open the QuickBooks Online. Now navigate to the Banking tab and select the Add Account option.
Step 2: Now on your particular screen, choose the Direct Feed page and it opens up. Here you need to enter the name of the particular bank and then you need to adhere to all the instructions provided on-screen.
Solution 2: Add a Bank Account Manually
In case there are no bank feeds available, then it is a great opportunity for you. You can select this option if you may wish to connect to the bank feed after sometime.
Step 1: In the first step, search for the Accounting tab in QuickBooks Online. Now select New after the Chart of Accounts loads.
Step 2: In the Accounts option, select Bank.
Step 3: In the detail type, select Checking.
Step 4: In the name column, enter the bank name. If you need, not mandatory, you can also add the summary in the given description field.
Step 5: In the currency column, choose Your Currency.
Step 6: The balance column will display the opening balance section.
Step 7: When entering the accounting details is finished, click the Save and Close option.
In this article, we have added all the information regarding adding a bank account in both QuickBooks Online and QuickBooks Desktop. All you need to do is follow the steps in the given order. You cannot avoid adding your bank account to QuickBooks since it will prevent errors in your QuickBooks account. Hence it is mandatory for business.
But, in case you cannot add QuickBooks to your bank account even after following steps or you are facing some technical difficulties, you can immediately get in touch with our Dancing Numbers professionals.
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Frequently Asked Questions
Is it Possible to Add a Second Account in QuickBooks Desktop?
You can add several bank accounts in QuickBooks Desktop. This comprises savings accounts, checking accounts, credit cards, etc. via your financial institution.
How to Change the Bank Accounts in QuickBooks Online?
It is possible to change the bank accounts in QuickBooks Online with the following steps:
Step 1: In QuickBooks Online, Choose the Settings gear that is on the top-right and press it.
Step 2: Select Chart of Accounts.
Step 3: Locate the Bank Account that you want to configure.
Step 4: Press the down arrow that is on the right.
Step 5: Choose Edit.
Step 6: In the Account type section, choose the right Account Type.
Is linking my Bank Account with QuickBooks Considered Safe?
When you connect a bank account with QuickBooks, you can just import the transactions. You will never be asked to give a username or provide a password to any QuickBooks employee. Your username and password are encrypted for better protection.