When you first created an account, you may have overlooked entering an opening balance or entered the wrong balance. In this video, Shelly King of the QuickBooks for Mac team shows you how you can. When you set up a new checking account in QuickBooks, you're adding a new asset account to your business chart of accounts. Utilize the automated account creation tool in the chart of accounts section to add your new account and take advantage of the check-writing function to create checks from your new account. You should have bank account in QuickBooks for each bank account your business has (this includes PayPal). So if you open a new one, you’ll need to add it to your QuickBooks chart of accounts as well. The first step is to open your QuickBooks company file. Then open the Lists menu and select Chart of Accounts (List->Chart of Accounts) 3. If you have not already set up online banking services with your bank, you may be able to do so via QuickBooks. To get started, Go to Banking>Online Banking>Available as a free download. Set Up Account for Online Services. The following dialog box then appears.
Create the Checking Account To in QuickBooks, navigate to your Chart of Accounts, right click anywhere and choose New. When prompted to choose what type of account you're creating, choose Bank Account. Enter the bank account number and routing number in the relevant fields. Along with basic accounting information, you will also be prompted to for the checking account. Only enter an opening balance if your checking account had a balance before your QuickBooks start date.
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Bank Account Lyrics
Otherwise, use the transaction function to ensure your accounts balance. In the credit portion of the transaction, indicate which existing bank account the opening balance was transferred from. If this is a new account you open with your own funds, choose the 'Owner's Equity' account as the source of cash. Name the Account Label the account with a descriptive name and include the last four digits of the account number for easy identification. For example, you might name your account 'Chase Checking 9876.' Write Checks To with your new checking account information, navigate to the banking menu and select 'Write checks.' Enter the name of the payee and the check amount in the appropriate fields.