How to Add a Bank Account to QuickBooks

Reconciling bank accounts in QuickBooks plays a mandatory role in performing accounting processes; thus, be ensure that you have linked your bank account to QuickBooks Pro. Whenever you are setting up an account, it implies embedding a new asset account associated with business charts of accounts.

If you connect bank accounts into QuickBooks Online acts as an ideal method to track income without entering transactions each time manually. Whenever the account is linked with QuickBooks the details of the transaction of the past 90 days are recorded. These up-to-date features decrease the data-entry process.

Why is Connecting a Bank Account in QuickBooks Important?

It reduces efforts and saves time by an automatic process of importing transactions. Manually adding sales receipts & invoices consumes time and takes a lot of effort. Moreover, this banking automation reduces data entry errors and gives you peace of mind.

How to Add a Bank Account in QuickBooks

All transactions downloading, and account connection tasks are operated on the banking page of QuickBooks. This is also known as Bank feed. This helps to decrease efforts and save time. This information regarding bank details plays a major role in QuickBooks, as an entire task is based on finances. Thus, QuickBooks downloads this bank information automatically. There are mainly two ways to set up an account in QuickBooks, i.e., direct feed connection & Adding a bank account manually.

Step 1: Direct feed connection

This is mainly used in a Bank account with banks’ feed availability. For this, perform the below-mentioned steps:

• Locate QuickBooks company file
• Discover the lists menu displaying items, choose charts of Accounts
• Select the Account button and hit on New option
• After this, you need to select an Account type, choose the preferred Bank, and then select Continue
• At last, you are required to fill the mandatory details for the new account, including Account name, Subaccount name (optional field), Description, Account number, Opening balance, Routing number, Max-line Mapping & more
• After filling this information select Save & Close.

Step 2: To add a Manual account

This method is applicable when there is no bank feed availability or if you want to do a bank connection later.

Follow these steps:

• Locate the Accounting tab and wait for the loading of a Chart of Accounts
• Select New
• You will see a window will appear; choose and fill the account specifically
• Select the Banks on Account type dropdown box with name, and details type, currency, balance & date
• Hit on Save & Close
• After this new bank account will appear on the screen
• Click on View register and then hit on Connect Bank
• Once you are done with this now go back to A2X settings and locate connections, and select on Refresh QuickBooks Cache.

Read More: Delete Bank Account from QuickBooks

Conclusion

Hopefully, this blog has covered the steps to set up a new bank account in QuickBooks. In case you get stuck in performing any of them or to know more about banking transactions, account reconciliation, and QuickBooks errors. Get connected with experienced team members at toll-free QuickBooks Support 18008166849. They will always be happy to serve all your queries in less time & provide you better assistance in a single call. If you are unable to reach the experts through a call, then get an instant resolution through an email.