Before you get into complicated accounting with QuickBooks Desktop Pro, it’s important to first get your accounts set up. One of the most important is adding your bank account. By adding your bank account, you can import your transactions and keep track of your finances. Adding your bank account also helps simplify balancing the books, helps prevent errors, and reduces the amount of data entry that you (or your bookkeeper) have to tackle.
In this post, we’re going to show you how to get your bank account set up in QuickBooks Desktop. You can get it done in just 11 easy steps that shouldn’t take more than 10 minutes to complete. Whether you have one account to add or several, keep reading to learn more about adding your bank account to QuickBooks Desktop Pro.
Add A Bank Account In QuickBooks Desktop Pro
To begin, go to Company>Chart of Accounts>Account>New.
Step 1: Select Appropriate Account Type
Select “Bank.” Then click the blue “Continue” button at the bottom of the screen.
Step 2: Name The Account
Type in the name the account goes by, ex. ‘savings’ or ‘checking’. Click on the “Select From Examples” button if you need help.
The account name is the only information that is absolutely necessary. The following fields are optional (though we recommend filling out the ones that are pertinent to your business).
Step 3: Attach To A Subaccount
You most likely won’t be doing this, but you can choose to mark your account as a subaccount of another account.
Step 4: Write An Account Description
Write a description for your account, so that you will recognize it in your chart of accounts.
Step 5: Add A Bank Account Number
Enter your bank account number.
Step 6: Enter The Routing Number
Type in the corresponding routing number.
Step 7: Select a Tax-Line Mapping
A tax-line mapping is used by accountants to prepare the books for tax software and to run an Income Tax Preparation Report. QuickBooks recommends that you do not use tax-line mappings unless you are an accountant or tax professional. Click on the blue “How do I choose the right tax-line?” link to learn more, or just skip ahead to step 8.
Step 8: Enter An Opening Balance
If you have an opening balance on your account, you can enter that information now. Click the “Enter Opening Balance…” button.
Next, you’ll want to add your opening balance to the statement ending balance slot. Then use the drop-down calendar to select the date of that balance. Once all of the information looks correct, click the blue “OK” button.
Step 9: Choose Check Settings
Enter your check settings. If desired, you can set a check reorder point and opt to order checks that you can print directly from QuickBooks.
Step 10: Save Account
Click the blue “Save & Close” button to save your new bank account.
Step 11: Enable Live Bank Feeds (Optional)
Once you click save, you’ll receive a notification like the one below.
If you want to enable live bank feeds, click “Yes” and continue on to How To Enable Live Bank Feeds In QuickBooks Pro.
If you don’t want to enable live bank feeds, click “No” and proceed to the chart of accounts to check that your new account saved correctly.
Repeat this process as many times as necessary until all of your checking, savings, and credit card accounts are properly entered into QuickBooks Pro.