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mhp
Experienced Member

There is no "bank" account type to choose from when setting up a new chart of account? (I can only choose "Cash and cash equivalents"?

 
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Best answer 04-04-2019

Accepted Solutions
QuickBooks Team

Re: There is no "bank" account type to choose from when setting up a new chart of account? (I can...

Hey there, mhp. Thanks for getting back to me.

 

The Bank detail type in the Chart of Accounts is for the International versions of QBO. Since you're using QBO in Australia, you can use Cash and cash Equivalents as the Detail Type. I've edited my answer above to ensure that you can follow the correct type to use when setting up a new account.

 

Please stay in touch if you need anything else. Smiley Happy

4 Comments
QuickBooks Team

Re: There is no "bank" account type to choose from when setting up a new chart of account? (I can...

The terms in QBO may vary depending on your country, mhp.

 

For US QuickBooks Online accounts, the term Bank is used in the Chart of Accounts. On the other hand, Cash and Cash equivalents is the Account Type for non-US accounts.

 

You can choose Cash and Cash equivalents under the Detail Type when setting up a new account. This type represents your checking account.

 

Here's how:

  1. Click Accounting in the left panel.
  2. Select Chart of Accounts.
  3. Click the New button in the upper right-hand corner.
  4. Under Account Type select Cash and Cash Equivalents.
  5. Under Detail Type, select Cash and Cash equivalents.
  6. Enter the Name, Description, and Balance.
  7. Click Save and Close.

I'll be around if you have any further questions. Thanks.

mhp
Experienced Member

Re: There is no "bank" account type to choose from when setting up a new chart of account? (I can...

Hi Sophia,

 

Well that explains a bit. Thanks Smiley Happy - (such a simple thing, yet spent 2 days on dozens of pages in QB and online and couldn't find that anywhere... 

 

Anyway, thanks. 

 

So, followed all your steps below - There is no option for "Bank" Under Detail Type? 

 

QuickBooks Team

Re: There is no "bank" account type to choose from when setting up a new chart of account? (I can...

Hey there, mhp. Thanks for getting back to me.

 

The Bank detail type in the Chart of Accounts is for the International versions of QBO. Since you're using QBO in Australia, you can use Cash and cash Equivalents as the Detail Type. I've edited my answer above to ensure that you can follow the correct type to use when setting up a new account.

 

Please stay in touch if you need anything else. Smiley Happy

mhp
Experienced Member

Re: There is no "bank" account type to choose from when setting up a new chart of account? (I can...

Thank you Smiley Happy