Disclaimer: QuickBooks is an awesome accounting application that can help you manage your business accounting, track sales, handle inventory, and much more. You can add bank account in QuickBooks and download bank transactions to the program without needing to do it manually.
Small and medium-sized businesses can now streamline their accounting and keep track of business finances by adding a bank account to QuickBooks. Moreover, linking the bank account will give you a clear insight into the cash inflow and outflow. As a result, it will give you a clear vision regarding your company’s financial status. However, to get detailed information to add bank account to QuickBooks, continue reading this post.
Are you facing difficulty while trying to add bank account to QuickBooks Online and need instant help? Ring us at 1-855-603-0490 and have a direct conversation with our professionals to find the correct way to resolve the issue.
Table of Contents
What’s the Procedure for Setting Up New Bank Account in QuickBooks Online?
Setting up bank account in QuickBooks Online will help you download the latest bank or credit card transactions. For that, you must perform the stepwise instructions below to accomplish the task.
- In the beginning, navigate to the banking or Transactions menu, followed by the Banking option.
- Soon after, hit the Add Account and locate your bank name from the available options. Otherwise, you must enter the accurate URL to sign in to your bank website.
- Afterwards, you must use the correct bank login details to enter the account.
- Thereon, you must pick the account type you are presently using and pick up to how long you wish to download the bank transactions.
- End the process by hitting the Connect option.
For instance, if you previously added the account with Charts of Accounts in QuickBooks, go through the instructions below to add the new account.
- Begin the procedure by navigating to the Accounting menu and then opt for the Charts of Accounts.
- Thereon, you must pick the account you wish to connect from the available list of options to proceed further.
- Afterwards, choose the highlighted View Register by hitting the drop-down arrow below the Action column.
- In the next step, go with the Connect Bank option and act according to the instructions given on the screen to complete the process.
Stepwise Instructions to Add a Bank Within the Quickbooks Desktop
You must follow the instructions below to add a bank to QuickBooks Desktop.
- The first and foremost step is to launch the QuickBooks Desktop on your device.
- Afterwards, browse to the Accountant menu, followed by Charts of Accounts.
- You must hit the Account menu and opt for the New option to proceed further.
- Now, you have to select the Radio button present next to the Bank menu, followed by Continue.
- Next, include all the important details in the required search field.
- Once you are all set, hit the Save & Close button to complete the process.
What Should I do to Add Another Bank Account to QuickBooks Online?
Users can access the banking menu in two ways to add another bank account to QuickBooks Online.
Way 1: Users Accessing Through Business View Interface
- If you are presently working in the business view interface, navigate to the Bookkeeping and hit the Transactions menu.
- After this, tap the Bank Transactions > Link Account.
- You are supposed to mention the name of your financial institution, credit card, or credit union.
- Once you have added the bank, choose the Continue button.
- Furthermore, login into your bank account with the accurate login details.
- Afterwards, go through the instructions given on the screen closely. These steps are required for the security checks and could take a few seconds to connect with the bank.
- Later, you must pick those you wish to connect with and hit the Account Type drop-down menu. Also, you must select the account type that tallies with the one mentioned in the charts of accounts in the QuickBooks application.
Way 2: Using the Accountant View Interface-
If you are working in the Accountant View Interface, navigate to the Banking menu and hit the Link account menu.
Way 3: Steps to Include Another Account Through Web Browser
- Begin the process by navigating to the Banking menu, followed by Link Account.
- Afterwards, add the URL of your bank into the respective text field and continue.
- You must add the correct bank login details and hit the Continue button.
- Next, pick the account with whom you wish to connect and the date to extract the transactions from the drop-down menu list.
- Thereon, pick your account type by clicking on the Account Type drop-down menu list. You are supposed to opt for that one account that tallies with your charts of accounts in QuickBooks. However, if you failed to get the appropriate account type, go with the + Add New option.
- End the process by accessing the instructions given on the screen.
Way 4: Add New Bank Through Mobile Application-
- Initially, launch the QuickBooks Online application on your device and then sign into your account with the accurate login details.
- You must browse to the section associated with the bank accounts or transactions.
- Afterwards, hit the Plus (+) icon and follow the instructions given on the screen to complete the process.
What’s the Process of Manually Adding Bank Account In QBO?
To manually add the bank account in QuickBooks Online, you must use the step-by-step instructions below.
- The users must navigate to QuickBooks Accounting and then hit the Chart of Account.
- Afterwards, go with the New option and complete the Account Type, Detail Type, and Beginning Balance in the respective text fields.
- Close the entire process by hitting the Save and Close buttons.
What’s the Procedure to Add a New Bank Account in QuickBooks Desktop?
Follow the steps below to add a new bank account in QuickBooks Desktop.
- Begin the process by navigating to the List menu.
- Afterwards, choose the Charts of Accounts and hit the New button from the Account drop-down menu list.
- You must pick the appropriate account type (i.e, Income or Bank) and then hit the Continue button.
- In the next step, you must complete the essential bank details and hit the Save & Close button.
Explaining the Benefits of Adding Bank Account To QuickBooks
There are numerous benefits of adding bank account to QuickBooks. We have listed a few of them below; check them out.
- Adding the bank account to QuickBooks makes it much easier to download the latest bank or credit card transactions.
- Also, the users can monitor the outflow and inflow of transactions from your bank.
- You can now keep the proper track record of the transactions and verify that there are no discrepancies.
- Apart from this, the users can also monitor their company’s income and expenses properly.
- Moreover, users can also reduce the time and effort in manually adding the transactions to the QuickBooks application.
Summarizing The Above!!
Through this guide’s help, we ensure that you can now easily add bank account to QuickBooks and monitor the business finances easily. If you still encounter issues while setting up the bank, consult our QuickBooks professionals. They will get in touch with you and will help you in the best possible manner.
Frequently Asked Questions (FAQ’s)
Question 1. Can two bank accounts be added in QuickBooks?
Ans. The users can add as many bank accounts as they wish according to their preference in QuickBooks, as there is no limit.
Question 2. What should I do if my bank isn’t listed in QuickBooks?
Ans. For instance, if your bank name isn’t registered, then QuickBooks provides support for all other financial institutions via manual upload. Besides this, one can ask for support regarding your bank within the QBO account.
Question 3. Does QuickBooks conduct the verification of bank account?
Ans. Once you link your bank account with QuickBooks Payroll, the application runs a test of less than $1.00 to ensure that the process of direct deposits or tax payments with your bank is conducted properly.
Question 4. Can I add a second bank account in QuickBooks Desktop?
Ans. Yes, you can add numerous bank accounts in QuickBooks Desktop. Herein, it includes savings accounts, checking accounts, credit card accounts, and so on through your financial institution.
Question 5. What can you do after adding bank account to QuickBooks?
Ans. Once the user adds their bank account to QuickBooks, they can easily download the recently updated bank or credit card transactions.