Chart of accounts

kitikati · ‎April 26, 2018

Why is there no option "Bank" in the chart of accounts category type ?

kitikati · ‎April 28, 2018

Thanks i have sent the feedback.

Anonymous · ‎April 26, 2018

Thanks for joining our Community.

I can help you here. You can set up a bank account by clicking on the New option in the top right within the Chart of Accounts screen.

When the Account creation pop up appears, select Cash at bank or in hand for the Account Type field and then on the Detail Type field, click on the drop down menu to select the option for Current.

This will give you a bank account within your Chart of Accounts for your day to day transactions.

Let me know if you need anything further.

kitikati · ‎April 26, 2018

Thanks for your reply.

I find it odd that these is no "Bank" option? Is it just something we have to live with using QBO in the UK ? When watching you tube videos it looks like there is the Bank option in the US ?

Anonymous · ‎April 26, 2018

Hey Kitikati,

I understand the confusion however this is purely down to the terminology used in the US vs that used in the UK.

US customers use the term bank or checking account, whereas UK customers favour Current account. As the term bank account is interchangable with Current or Savings account in the UK, QuickBooks separates these detail types for you.

The videos that are posted to our YouTube channel do originate from our US product, however I will feed this back as a update request so that they appear more specific to the UK region.

kitikati · ‎April 26, 2018

Thanks

It would be great to see "Bank" as an option in Category Type.

Then in Detail Type this is where i can select "Current", "Savings", "Cash on hand" etc. or where people in the US can select "Checking".

I dont think "Cash at Bank and in hand" is a great name in Category type as cash in hand should only be a sub-account of Bank dont you think ?

Thanks for your reply :)

Anonymous · ‎April 27, 2018

I can certainly see the benefit of such a change. I will feed this back. If you could also use our Feedback option under the Gear icon to do the same as this will send the request to our Product Development team from the customer prospective and help in getting the updates introduced as quickly as possible.

kitikati · ‎April 28, 2018

Thanks i have sent the feedback.

Anonymous · ‎April 30, 2018

No problem at all.

I'm happy to help

bethkorcek · ‎September 18, 2018

I was comparing my 2017 financials to my tax IRS filings to confirm nothing had changed on my books and close 2017 in preparation for the upcoming 2018 tax season. Upon doing so, I notice one of my Journal Entries created last year switched accounts from a Loan to Shareholder to a distribution account. I further researched and figure someone accidently switched the accounts, however when I try to reenter the right account it didn't pull up. Ok, so someone must have made it inactive, even weirder as i'm pretty sure the only person in the books with knowledge to do such a thing would be me. I went into the Chart of Accounts to see why the account wasn't there and "INCLUDED INACTIVE" nothing pulled up the account is completely gone. How can this be? When I have deleted accounts before from previous years they are still there just inactive. Please advise.

AshBeetson · ‎September 20, 2018

There has always has been Bank as a chart of account type. When creating a new account type, "Cash at bank and in hand" is the main type, followed by a detailed type which can be current, savings, cash on hand, trust. I hope this helps.

Topics

Training

Community

Resources

Chart of accounts