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Level 3

How do you sync a TFSA account in QuickBooks Online?

When you try to add a Tax Free Savings Account and sync it (via Bank Connection) to QuickBooks Online, the system asks you for a TYPE of account. In the pulldown menu, it does not show "Current assets" in the list.

 

Do we need to set up a TFSA as "Savings" (it is a form of Savings but not the usual type).  Currently, all my other TFSA accounts were added manually as Current Assets types in my Chart of Account.

 

Suggestions?

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QuickBooks Team

How do you sync a TFSA account in QuickBooks Online?

Hello CBlue,

 

Thanks for sharing the details of how you're trying to set up your savings account in QuickBooks Online. I can appreciate why you'd want to match it to how you've manually set up your other savings accounts in the chart of accounts even though you're connecting this one through the bank feed. I'll go over the options for using the bank feed option in the program.

 

The bank feed allows you to connect two kinds of accounts: bank account and credit card accounts. This is why you're not seeing the option for a current asset account type in that area. You can still connect a savings account, it would simply need to be set up as a bank account. Even in the chart of accounts, QuickBooks has savings accounts categorized as a bank account type. Check out the Understand the chart of accounts article to learn more about how the chart of accounts works in QuickBooks. When you're not sure what account type to go with, I recommend speaking with an accountant or bookkeeping professional.

 

If you're already connected with an accountant, you can easily add them as a user by going to the My Accountant tab and using the given field to invite them by email. That tab can also help you find an accountant familiar with QuickBooks Online when you click the Find a pro to help button.

 

I'll leave you with the Connect bank and credit card accounts to QuickBooks Online article in case you'd like to verify the steps you're taking. I want to make sure you're able to get connected and set up to easily bring your transactions into the program.

 

Have a great week!