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How to Setup Bank Account in QuickBooks Desktop, Online & MAC

In QuickBooks, if you are using payroll, bank features, and more then you have to create and set up your […]


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In QuickBooks, if you are using payroll, bank features, and more then you have to create and set up your bank account. Setting up a bank account in your QuickBooks account whether it is Desktop, Online, or Mac is easy with a detailed process. Set up a bank account and then download bank transactions into a QuickBooks account that helps you to avail of the bank services. Here are the ways to set up bank account in QuickBooks Desktop, Online, & Mac according to the operating system and edition you are using.

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How to Setup Bank Account in QuickBooks Windows (Pro, Premier, Enterprise)

QuickBooks Desktop is embedded with an incredible feature that enabled users bank to setup bank and credit card accounts for online banking. You can easily download transaction details without dwelling on time taking manual process. It will save you time and cutbacks unwanted errors.

You can use single mode and multiuser mode to set your bank and credit accounts for online banking. You can connect up to 40 accounts in it.

Following are the steps to connect a bank account to bank feeds:

  • Select Bank feed from the banking drop-down menu.
  • In the bank, feed enter the name of your financial institution whose bank feed you require.
  • Now you can connect your account to bank feed.

Connect Account to QuickBooks Bank Feed

We can set the account in two ways:

  • Direct Connect
  • Web Connect

It depends on your bank account which way is available in your bank.

Direct Connect for Downloading Account

  • Firstly login to your bank account with the use of bank provided password or pin.
  • Now click on the banking tab and then bank feed.
  • Now select the option of setting up a bank feed for an account.
  • In the name field enter the name of your bank and then select your bank from the list.
  • In case you are enrolling for the first time then you have to choose the enrollment site link.
  • Once your enrollment is done then click on continue.
  • Now login to online banking by entering your bank user ID and Password.
  • Now click on Connect button in order to connect your QuickBooks to your bank server.
  • Once the connection page opens search for the bank account from the list and selects it in order to connect to your QuickBooks.
  • Then hit the finish button as your QuickBooks connected to your bank account successfully.

Web Connect for Downloading Transaction

  • Internet web connect (.qbo) Files: .QBO (web connect) are the files of online banking transactions from your bank website which helps in getting the transaction online from the bank. Once the file is downloaded to your system then you have to import it so that it is available in your bank feed. Steps to be performed if your bank allows web connection.
  • Select bank feeds from the banking options and then click on import web connect files from bank feeds.
  • They select the.QBO file that you saved earlier in order to open the file.
  • Select one prompt from the two:
    • Use QuickBooks Account if it Already Exists: Choose this if your account is already set up in QuickBooks.
    • Create New QuickBooks Account: Choose this if your account is not set up in QuickBooks, you are creating a new account.
  • Then select continue.
  • Now dialog box appears on your screen that the data is successfully read into QuickBooks. Hit the OK button in this case.
  • Now you can go to the bank feed center in order to view your transaction.

How to Setup Bank Account in QuickBooks Online

Online banking saves time and chances of error as in this there is no need to enter anything manually. Once the connection is built between the bank and your QuickBooks the transaction will be downloaded and categorized automatically. Your job is to just approve them.

Following are the steps of connection:

1. Steps for Connecting a Bank or Credit Card Account:

You can connect to any accounting business as well as personal.

  • Open the banking page and select a transaction from it. And now select bank transaction from it.
  • You have to select connect account if this is your first account and if you already created an account then select link account.
  • Enter the name of your bank account name, credit card, or credit union.
  • If you cannot search your bank account name, credit card, or credit union, then you can manually add your bank transaction.
  • Once you are done with the above steps then you can click on continue.
  • Log In to your bank account with your login ID and Password.
  • While you are logging in there might be some security questions asked by your system answer them, it would take a few min.
  • Click on the account to which you want to connect.
  • Select the account type option and then choose the type options from the drop-down menu. Choose the option which matches your account.
  • In case you don’t see the right account type in the drop-down menu then you can select how far you want to download the transaction.
  • Then click on connect in order to connect to the bank.

2. Download Recent Transaction:

QuickBooks have the feature of downloading the transaction, so there is no need of entering transaction manually. You have to refresh the bank feed so that you can download the recent transactions detail.

  • Open the Bookkeeping page and then click on transaction.
  • Now select bank transaction from the drop-down menu.
  • Then select an update in order to update the transaction detail.

3. Transaction to be Categorized:

  • Once you are done with the downloading of your transaction then click on review and categorize your transaction from the options.
  • Once the review and categorize your transaction page opens then view properly all the transactions that are categorized properly or not.

Two methods of Adding Bank to QuickBooks Online

The two methods of adding a bank account to QuickBooks online:

1. Direct Feed Connection:

The bank which has the feature of bank feed includes in their services that the bank can set up for bank feed access. The steps to be followed are:

  • Open the banking page and click on the link account button.
  • Now type the name of the bank in the direct feed page opens.

2. Manually Add the Bank Account

If your bank doesn’t allow the feature of bank feed then you can add it manually. The steps to be followed are:

  • Open the chart of accounts in the accounting tab and then click on the new option.
  • Now add the account particulars in the account type.
  • Select the bank.
  • In the name field, you can type the custom bank name of your account and in the description box, you can add a description of the account.
  • In currency, field type the currency which is given by the bank to you.
  • The balance section shows the opening balance of your account.

Adding New Account to Chart of Accounts

  • Open the setting page by clicking on the setting tab.
  • From the setting, window click on the Chart of Accounts.
  • Select a new tab from the drop-down menu in order to create the new account.
  • Select the account type from the account type drop-down menu.
  • Click on the detail type button and enter all the details of the transaction which fit your best.
  • Now you have to enter the name of your account. This name helps you to track the transaction.
  • Add all the detailed descriptions of your account.
  • If you are creating a sub-account of the parent account then you have to click on the sub-account option and enter all the details on that page.
  • Recheck all the details and be sure that all the details match your account.
  • In last you have to hit the save button in order to save all the changes you have done and click on the OK button, then close the window.

How to Setup Bank Account in QuickBooks for Mac

Follow the following steps in order to set up your bank accounts in QuickBooks Mac Version:

  • Select the list tab from the top menu bar.
  • Now select the chart of accounts option from the drop-down menu of the list tab.
  • In the bottom left of the new window click on the “+” plus sign.
  • A new account bank window opens on the screen.
  • Select the bank for the account type and input the name of your bank.
  • In bank no. field enter the account number of your account.
  • Click on the online setting in the order to link your bank account with your QuickBooks for downloading transactions of your account.
  • Follow all the instructions in order to set up this function.
  • Now you have to enter the opening balance of your bank statement which you want to be in your QuickBooks.
  • Now click on the Ok button.

You can customize the chart of accounts by adding or deleting them as per your requirements. You can also edit the account in order to make changes, correct spellings, or made up sub-accounts of your account. Following are the steps to be performed:

  • Open the chart of accounts by clicking on the company tab.
  • Click on the + sign on the left bottom of the window, it will open a new window.
  • Now you have to fill in the information in the fields as asked.
    • Firstly you have to click on the type of account you are creating like a bank, expenses, income, etc.
    • In the accounting system field enter the account number if you are using it.
    • Now you have to enter the name of the account which you will use to identify your account. You can also add a description of your account in the description box.
    • If you are creating sub-accounts of the account then you have to tick on the box of sub-account and then enter all the details of it like name, account number, etc.
    • Leave the tax line blank as it is for accountant or CPA.
  • Click on the OK button.

Editing of Account in QuickBooks Mac

  • Click on the company menu and select the chart of accounts.
  • Now click on the edit option i.e pencil icon at the bottom left of your window.
  • Make all the changes you want to do to your account.
  • Once you are done with the all changes click on the OK button.

Deleting of Account in QuickBooks Mac

  • Open the company menu.
  • Click on the chart of accounts from the drop-down menu of the company menu.
  • Now click on the account you want to delete.
  • In the top menu bar click on the edit tab.
  • Select the delete option from the drop-down menu of the edit tab.
  • The message pops out on your window are you sure you want to delete this account?
  • Click on the OK button, in order to delete.

In this article, we have included the entire platform in which you can easily set up, edit, delete, or create your bank account in QuickBooks.

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Name the Account Types that You have in the Chart of Accounts.

The main account types which are included in the chart of accounts are:

Asset Account
Liability Account
Expense Account
Income Account
Revenue Account

Name the Account types that You have in the Chart of Accounts in QuickBooks.

The main account types which are included in the chart of accounts in QuickBooks are:

Sales Income
Rental Income
Dividend Income
Contra Income

How can I Categorize Accounts in QuickBooks?

Open the transaction menu.
From the list click on the transaction option.
Select the business option if the transaction is for business and the personal option if the transaction is for personal use.
In the category column, you can click on the review tab in order to review the category.
Click on the category link in order to change the category if you want.
Once you are done with the changes then click on the save button in order to save changes.

What are the Golden Rules of Accounts?

There are three golden rules of the account that are:

Debit is the receiver and credit is the giver.
Debit what comes in and credit what goes out.
Debits are the expenses and losses and the credits are income and gains.

How can I Organize Chart in Accounts?

In order to organize the chart in the account, you have to follow the following steps:

First, you have to create accounts and categories relevant to your business.
Then enter the four-digit numbers of your account that you have created.

Name the Type of Accounts

There are three types of accounts in accounting:

Real Account
Personal Account
Nominal Account

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Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

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Bill Payment
Purchase Order
Item Receipt
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Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

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Time Tracking
Employee Payroll
Wage Items

Others

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Inventory Transfer
Vehicle Mileage

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


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To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

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Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

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Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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