Before you can start reconciling your bank accounts and performing other important accounting processes, you’ll need to make sure your bank accounts and opening balances are added into QuickBooks Pro.
If you’ve already read How To Set Up A QuickBooks Pro Account, the process of editing your chart of accounts should seem pretty familiar.
In this post, we’ll teach you how to add bank accounts to your chart of accounts — and how to add opening balances to your accounts — in 11 easy steps.
Table of Contents
Add A Bank Account
To begin, go to Company>Chart of Accounts>Account>New.
Step 1: Select Appropriate Account Type
Select “Bank.” Then click the blue “Continue” button at the bottom of the screen.
Step 2: Name The Account
Type in the name the account goes by, ex. ‘savings’ or ‘checking’. Click on the “Select From Examples” button if you need help.
The account name is the only information that is absolutely necessary. The following fields are optional (though we recommend filling out the ones that are pertinent to your business).
Step 3: Attach To A Subaccount
You most likely won’t be doing this, but you can choose to mark your account as a subaccount of another account.
Step 4: Write An Account Description
Write a description for your account, so that you will recognize it in your chart of accounts.
Step 5: Add A Bank Account Number
Enter your bank account number.
Step 6: Enter The Routing Number
Type in the corresponding routing number.
Step 7: Select a Tax-Line Mapping
A tax-line mapping is used by accountants to prepare the books for tax software and to run an Income Tax Preparation Report. QuickBooks recommends that you do not use tax-line mappings unless you are an accountant or tax professional. Click on the blue “How do I choose the right tax-line?” link to learn more, or just skip ahead to step 8.
Step 8: Enter An Opening Balance
If you have an opening balance on your account, you can enter that information now. Click the “Enter Opening Balance…” button.
Next, you’ll want to add your opening balance to the statement ending balance slot. Then use the drop-down calendar to select the date of that balance. Once all of the information looks correct, click the blue “OK” button.
Step 9: Choose Check Settings
Enter your check settings. If desired, you can set a check reorder point and opt to order checks that you can print directly from QuickBooks.
Step 10: Save Account
Click the blue “Save & Close” button to save your new bank account.
Step 11: Enable Live Bank Feeds (Optional)
Once you click save, you’ll receive a notification like the one below.
If you want to enable live bank feeds, click “Yes” and continue on to How To Enable Live Bank Feeds In QuickBooks Pro.
If you don’t want to enable live bank feeds, click “No” and proceed to the chart of accounts to check that your new account saved correctly.
Repeat this process as many times as necessary until all of your checking, savings, and credit card accounts are properly entered into QuickBooks Pro.
For troubleshooting issues, check out the QuickBooks Community or call QuickBooks directly. If you have any further questions, leave a comment below and we’ll do our best to help you.
Chelsea Krause is a writer, avid reader, and researcher. In addition to loving writing, she became interested in accounting software because of her constant desire to learn something new and understand how things work. When she’s not working or daydreaming about her newest story, she can be found drinking obscene amounts of coffee, reading anything written by C.S. Lewis or Ray Bradbury, kayaking and hiking, or watching The X-Files with her husband.
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