We appreciate you joining us in the forum, sales. I have the steps to help you add a bank in QuickBooks Online (QBO) for tracking purposes. Allow me to walk you through the detailed process.
QuickBooks automatically creates accounts, depending on your business entity, when you set up your company file to help you keep track of your transactions. However, you can add one if you need to keep track of a different type of data.
In your case, here's how to create an account with a bank as an account type:
- Head to the Gear icon, then Chart of accounts.
- Click New and key in an Account name.
- Choose Bank as an Account type, then pick a Detail type that identifies the transactions tracked by each account type.
- Select Make this a subaccount checkbox if it's a subaccount, then decide which Parent account it should be under.
- Provide the Opening Balance if this account is Cash and cash equivalents, Assets, Credit card, Liabilities, or Owner's equity. Then, choose a starting date in the As of field.
- Enter a Description for additional details regarding the account.
- Select Save.
On the other hand, for an efficient way of acquiring your bank transactions, connecting your bank and credit card accounts can help. Once the connection is established, you only need to categorise and reconcile these entries to prevent related discrepancies when filing your taxes.
Please consider updating us in the Community if you have other concerns about creating a bank or other accounts in QuickBooks Online. We're always willing to respond to any queries you have.
