QuickBooks offers a one-stop solution for all the accounting needs of a small to medium-sized enterprise. As it handles all the accounts and bookkeeping, it can’t be kept separate from banking. Bank transactions are very crucial in managing the accounts of the company. Most of the transactions in a company happen through the banking system and feeding them individually in the accounts of the company is a humongous task. It can be made drastically easier by linking your bank account to the Company File in QuickBooks. QuickBooks understands this and thus provides the option to link bank account to QuickBooks in a very easy way. In this article, we will explain to you the process to link bank account to QuickBooks in detail.
“If you want to link your bank account to QuickBooks and need assistance from our experts for that, then contact QuickBooks Helpdesk at 1-(855)-542-9309”
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Importance of Bank account linked to QuickBooks
The bank connection to your QuickBooks is one-way so QuickBooks can only pull the transaction record from bank to QuickBooks making it completely safe to link bank accounts to QuickBooks. All the bank accounts related to your business should be linked with QuickBooks. It will save so much of your time and effort as you can download all your transactions through that bank directly to QuickBooks. This will save you from entering every receiving invoice payment manually. Bank accounts can be linked to QuickBooks through the ‘Charts of Accounts’ (COA) option of the Company File.
Steps to link bank account to QuickBooks
QuickBooks has made the process to link bank account to QuickBooks very easy. It can be done with just a few clicks. We have listed for you the guided steps to link bank account to QuickBooks.
- Reach the Company File for which you want to add the bank account.
- Open the file and then go on the ‘Lists’ menu, navigate to the ‘Charts of Accounts’ option.
- Click on the ‘Account’ button and then choose the ‘New’ option to add a new Bank Account.
- You can add multiple types of accounts through the same process so you will be asked to select the account type. Select the ‘Bank’ option and then press the ‘Continue’ button.
- After this, you will need to fill all the details related to your Bank Account. So, enter the Name of Account, Type of bank account, and then add a description for it.
- Fill in the Account Number and leave the ‘Routing number’ space blank.
- You will see the option of Tax-Line Mapping, use it only if you are an accountant or tax professional.
- After entering all the details, click on the ‘Save & Close’ button to complete the process.
How to Connect Bank Account to QuickBooks Online
Here are the steps to connect bank accounts to QuickBooks if you are using QuickBooks Online.
- On the Home page of QuickBooks Online, go to the ‘Bank Accounts’ section and then click on the ‘Connect an Account’.
- You will be asked to search for your bank name or choose from the available list.
- You will be required to login with your bank login credentials after selecting the bank.
- If you have multiple accounts in that bank then you will see a list of all the accounts here, choose the account that you are using for the business.
- Select the type of account and then click on the ‘Connect’ button
This will connect the bank account to QuickBooks and it will download all the transactions of the previous 90 days. You can then sort these transactions and then transfer them accordingly.
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Through this article, we explained you the detailed process of how to link bank account to QuickBooks. The process is very easy but can get technical at times and you should be careful while entering all the details. If you want assistance from an expert to link bank account to QuickBooks, then you can call QuickBooks Banking Support at 1-(855)-542-9309.
Erica Watson is writing about accounting and bookkeeping for over 7+ years, making even the difficult technical topics easy to understand. She is skilled at creating content about popular accounting and tax softwares such as QuickBooks, Sage, Xero, Quicken, etc. Erica’s knowledge of such softwares allows her to create articles and guides that are both informative and easy to follow. Her writing builds trust with readers, thanks to her ability to explain things clearly while showing a real understanding of the industry.