Hello welcome to Quickbooks for Dummies website. In this tutorial, we will show you how to add Bank Account and Credit Cards to QuickBooks Pro. This tutorial is based on QB version 2016 but it should be usable for any version of QuickBooks. So let’s start.
When you receive payments from your customers, you need a Bank Account to tell QuickBooks where you’re depositing that money. And later, if you download transactions from your online banking into QuickBooks, those virtual transactions you’ve been recording in QuickBooks will need to match the real ones to get downloaded from you actual bank. So it is very important to put your Bank Account into QuickBooks.
To do that, go to your Chart of Account and then from the bottom left side of the QuickBooks window, click Account >> New.
The account type is going to be “Bank”.
Click Continue and here we need to put a name for the Account Name.
You can type the name of your bank as your Account Name. You could have a sub account banking, put additional description to it. It also optional to put your bank account number if you want to. In this example, I am going to use the opening balance. Click the Enter Opening Balance button. It is useful when you are reconciling from your bank statements through QuickBooks. You want it to be as accurate as possible.
So what’s you need to do is get your bank statements and put in the ending balance date and the ending balance figure. It is very important to know here that if you are following around with the exercise file. At this point, you will need to go grab a statement from your account and put those figures in.
Please note that above is only an example. You must enter your own bank statements information correctly. When you are done, click Save & New, we are going to add a new Credit card.
To create a new Credit Card, click the Account Type and change it to Credit card.
Give the account a name and enter your credit card account number.
Next, click Enter Opening Balance and enter the statement ending balance and statement ending date. Click OK when ready.
Finally click Save and Close. You will be asked to setup the bank feed. We can skip it for the moment and we will discuss it later.
Finally, you will see your new Credit Card account listed in the Chart of Account.
So we have successfully create a new bank account and new credit card account in QuickBooks. You can also see the total balance etc. You are now ready to receive payments from your customers.
Thank you for reading this QuickBooks tips and tutorial. I hope you enjoy it and see you in the next tutorials.