How do I start a new personal checking account with cash basis, not accrual?

life1 · ‎January 07, 2020

Kristine Mae · ‎January 07, 2020

We're unable to set up a checking account to the cash method, Life1. I'd like to explain the reason.

The accrual method of accounting is accepted as the most accurate method of handling accounts. This is used as a means of measuring income or expense.

Now, let me help you with creating a personal checking account:

Click Accounting.
Go to the Chart of Accounts tab.
Click New.
Select the Account Type and Detail Type.
Enter the desired name, and add a balance if applicable.
Click Save and Close.

I'll also include the article on how to change your accounting method in QuickBooks Online for reporting purposes.

Get back to us if you have other questions. We're here to address them.

View solution in original post

life1 · ‎January 10, 2020

Can't find any "Accounting" to click on anywhere on QB's screen, either within an existing company, or when QB is first turned on. I have Desktop Pro 2020. I have three companies on accrual. I just want to change my existing home checking to CASH, or start a new personal CASH checking, if I have to. Accounts Payable does all sorts of bizarre things I don't want or need when doing personal checking at home.

View solution in original post

Kristine Mae · ‎January 07, 2020

We're unable to set up a checking account to the cash method, Life1. I'd like to explain the reason.

The accrual method of accounting is accepted as the most accurate method of handling accounts. This is used as a means of measuring income or expense.

Now, let me help you with creating a personal checking account:

Click Accounting.
Go to the Chart of Accounts tab.
Click New.
Select the Account Type and Detail Type.
Enter the desired name, and add a balance if applicable.
Click Save and Close.

I'll also include the article on how to change your accounting method in QuickBooks Online for reporting purposes.

Get back to us if you have other questions. We're here to address them.

life1 · ‎January 10, 2020

Can't find any "Accounting" to click on anywhere on QB's screen, either within an existing company, or when QB is first turned on. I have Desktop Pro 2020. I have three companies on accrual. I just want to change my existing home checking to CASH, or start a new personal CASH checking, if I have to. Accounts Payable does all sorts of bizarre things I don't want or need when doing personal checking at home.

JessT · ‎January 10, 2020

Thank you for specifying the version of QuickBooks you have, life1.

For the desktop version, you can access your Chart of Accounts from the Lists menu. You can also use this keyboard key combination: Ctrl + A. However, please know that we're unable to assign an Accounting/Report basis (Accrual or Cash) to specific accounts. We can only do this in the Reports & Graphs settings of the company or on the report pages.

To access the Reports & Graphs settings:

Click the Edit menu.
Choose Preferences.
Select Reports & Graphs.
Click the Company Preferences tab.
In the SUMMARY REPORT BASIS section, select Accrual or Cash.
Click OK to save your changes.

Here's an article for your additional reference: Differentiate Cash and Accrual basis.

You can always go back to this thread if you need help with the settings in QuickBooks.

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How do I start a new personal checking account with cash basis, not accrual?