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danielscarlett
Level 1

Manually setting up bank account since HSBC kinetic is not supported

Hi,

Currently HSBC kinetic is not supported for Quickbooks desktop.

I need to add this business account manually.

I understand that you have to go via chart of accounts etc. What I want to know is what VAT rate am I putting in on the drop down box?

3 REPLIES 3
Ashleigh1
QuickBooks Team

Manually setting up bank account since HSBC kinetic is not supported

Hello Danielscarlett, 

 

Welcome to the community page, please can you take a screenshot of the page you are on so we can look into this more for you  thanks 

danielscarlett
Level 1

Manually setting up bank account since HSBC kinetic is not supported

Hi,

It is not letting me take a screen shot.

Do this on your end.

 

Go to chart of accounts.

Create a new account. On the bottom right hand side it asks for a default VAT code.

What do I put in if it is just a business account where the money for the business is being held?

Joesem M
Moderator

Manually setting up bank account since HSBC kinetic is not supported

I appreciate the detailed information you've shared, @danielscarlett.

 

When you create a new account in the Chart of Accounts, you can choose No VAT as an option since the business account that you'll add only hold the funds. However, I would recommend consulting your accountant to ensure your books are accurate, and all accounts are posted with the correct VAT. If you're not affiliated with one, you can visit our Intuit Find-A-ProAdvisor site to find certified professionals near you.

 

Once done, you can now add them to your Chart of Accounts (COA) in QuickBooks Desktop (QBDT). Let me show you how.

 

  1. Go to the Lists menu, and then choose Chart of Accounts.
  2. Click the Account drop-down ▼, and then select New.
  3. You can choose the Equity account since we're dealing with the opening balances, and then click Continue to confirm.
  4. Enter an Account Name, Description, etc. You can also assign a sub-account for the parent account.
  5. Click the Enter Opening Balance button, and then type an opening balance amount. Then, select a date for this opening balance. 
  6. Hit Save and Close.

 

You can refer to this article for more info about the steps above: Create opening balances for accounts in QBDT.

 

I've attached the following articles for your reference about how the Chart of Accounts works and to learn more about reconciliation in QBDT: 

 

 

Fill me in if you have more questions about managing your accounts or other QuickBooks-related concerns. I'll be here to help. Take care and have a nice day.

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