Learn How To Set Up A Bank Account In QuickBooks

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To get started with accounting with QuickBooks, you need to add a bank account in the QuickBooks software. If you add the bank account, you can easily import all the transactions. It can also help you get rid of the errors that you can face while using the manual methods of bookkeeping. It is a must to carefully add a bank account so that you can avoid errors like QuickBooks error 179. In case you are new to QuickBooks and you do not know how to set up a bank account in QuickBooks, this article can surely help you. We have provided you full details for setting up the bank account in QuickBooks online, desktop pro and desktop. Read the complete article to know in detail.

Steps to set up a bank account in Quickbooks pro

In case you are using QuickBooks pro, here is all you need to do to set up your bank account. Read the steps carefully and follow in the same way as mentioned.

The very first step is to click on the company file and then click on the charts of accounts. Now, click on the account option and then choose the option to create a new account.
When done, you need to choose an appropriate type of account. For that, you need to click on the bank option and then click on the continue option.
In the next window, you need to add a name for the account. You can type the name of the account according to your choice. You will have to type something very important.
Next, this step is an option. You can also choose to set up your account as a sub-account for any other account. If you want it to be the main account, skip this step.
After this, you need to add a description for the account. This is a must to easily recognize the purpose of the account.
Once done, you will have to add the account number. Make sure that you enter the correct account number.
Next, you need to enter the corresponding routing number.
Now, you will have to choose the type of tax-line mapping. It is important to prepare tax books and also, prepare the tax preparation report. Also, it is suggested to use the tax-line mapping only if you are a professional or an accountant.
Once done, you need to add the opening balance. You will have to click on the option to enter the balance and then add the account opening balance in the text box corresponding to the statement ending balance. Continue with the process by choosing the date of the balance and click on the OK option.
After this, if you want to set the check settings, you can do it.
When you have done everything and you are sure that all the information is correct, you can click on the save and close option.
Now, if you want, you can opt for the option to enable the live feed.

Steps to set up a bank account in Quickbooks online

When it comes to Quickbooks online, there are two methods that you can use to set up a bank account. Both the methods are mentioned in detail.

1: Direct feed

In case you know that your bank account has a direct feed and you need to access it, you need to use this method. Here is all you need to do:
First, you need to look for the banking option in the QuickBooks online window, and then you will have to click on the add account option.
After this, the direct feed page will open on the system. You will then have to type the name of the bank account that you need and then follow all the instructions appearing to complete the process.

2: add the bank account manually

The very first step is to click on the company file and then click on the charts of accounts. Now, click on the account option and then choose the option to create a new account.
You will now have to add the required information to your account.
To begin with, you need to choose the account type and then click on the Bank option.
Next, you will have to choose the detail type. In this, you will have to choose the type of bank account that you are operating.
When done, you will have to add the name of the bank account. Also, add some description of the bank account so that you can know the purpose of the account.
Now, you need to set the type of currency that you are using.
Once done, you need to add the opening balance. You will have to click on the option to enter the balance and then add the account opening balance in the text box corresponding to the statement ending balance. Continue with the process by choosing the date of the balance and click on the OK option.
Finally, you need to click on the save and close option.
You can now view the new account in the chart of accounts section.

Steps to add a bank account manually in Quickbooks desktop

Here are all the steps that you need to follow to set up a bank account on Quickbooks desktop manually.

First, you need to click on the Settings option and then click on the import option.
You will then have to click on the option to import transactions.
When done, you need to redirect the tool to the location where you have stored the transactions and click on the file to upload it.
Now, follow all the instructions appearing on the screen to complete the importing process.
Click on the import option.

To conclude

So, setting up the bank account is important to get started with the QuickBooks software. This is all you need to know about setting up the bank account on your system. We hope that the article has helped you.