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"?

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.

Hi Sophia,

Well that explains a bit. Thanks :) - (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? 

Thank you :) 

Hey,

What should then be included under the name, incase one wants to add different back accounts plus a petty cash account

Hello, @Brian102.

You can add relevant information about the account in the description field.

You can also add your petty cash as a sub-account to your main bank account that you enter. You can refer to this article for more detailed steps in adding petty cash account: Set up and use petty cash.

If you have other questions about managing your chart of accounts, feel free to click the Reply button below. 

Hi Juviel,

Thanks for the information you shared, i have fully solved my issue.

I have one more issue regarding setting up taxes, my screen can not go to the last stage of setting up tax, after i choose tax rates, Kindly help

Hi @Brian102,

I'm here to help so you can finish setting up your taxes in QuickBooks Online (QBO).

Unexpected behaviors are usually caused by the stored cache in your browser. I suggest going through these steps to isolate this:

1. Open your browser's private window. 
   • Google Chrome: Ctrl + Shift + N
   • Microsoft Edge: Ctrl + Shift + P
   • Firefox: Ctrl + Shift + P
   • Safari: Command + Shift + N
2. If that works, go back to your regular browser and clear its cache. 
3. If the issue persists, open an alternate browser that's available for you.

In the future, if you encounter issues that you think are browser-related, view this article: QuickBooks Online doesn't load correctly or has blank pages. It provides 3 possible scenarios, along with an explanation on how to fix it. 

As for GST refunds and how you can record it in QBO, see this article: Recording a GST refund. You'll find a screenshot for this process as your reference, as well as the steps itself. 

Let me know if you have other questions by dropping a comment below. I'll get back to you. 

What about the other way around? I'm not seeing the "Cash & Cash Equivalent" option, only Bank Account. I'm trying to use a projection software (Fathom) and it won't take the Bank account and wants me to make them Cash & Cash Equivalent accounts, but I don't see a place to make this change.

Hi, @Brittany34.

I want to ensure you'll be able to select the correct detail type of your account.

Usually, the Cash and Cash equivalents is an account type for non-US accounts. For QuickBooks Online US versions, the term Bank is used in the Chart of Accounts.

At this time, I would recommend connecting to your professional accountant. This way, he/she can help you with selecting the proper account type/s that fits your business needs.

I'm adding this link to learn more about the chart of accounts in QuickBooks.

You can also review the topics from our help articles for additional resources while working with QuickBooks in the future.

Please keep in touch if you need more help with setting up a new account in QuickBooks. I'm determined to help. Have a great day!