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EssexGary
July 22, 2020
Question

HELP.... Bank Account Dilemma

  • July 22, 2020
  • 1 reply
  • 0 views

Hi Everyone.

I am a new user to Quickbooks (new company too). We already have one company  set up with a bank account but due to COVID 19 we have been unable to set up a new bank account for the new company. So we are left with a dilemma........ Do we link Quickbooks (and our POS) to the other companies bank account for a bit until we get the new account set up and then change bank details on here (and the POS) and then fathom out how to pull the money and the data for the transactions back inline......

 

Does that make sense????

 

Would it just be a case of changing the bank details once we have them and then pulling the money from bank account to the other and leaving everything as is (would QB still be able to understand and keep the transactions that have gone before)  or would I need to enter everything manually to have QB correct??

 

Does that make sense.....?

 

God I confuse myself sometimes......

 

Another question too if I may....

 

If we use the other bank account for a month (or however long I need to use it). How can I get around a £0 starting balance for the new company as the account I want to temp link to has money and transactions in it and going through it.......

 

Am I stuffed till I get the new bank account sorted.....?

 

Gary

1 reply

G
GeorgiaC
July 22, 2020

HI EssexGary

 

Thanks for joining us here on the Community and congratulations on your new company 🙌

 

The easiest option in this scenario would probably be to create the bank account manually in the second company - this way you'll have a 0.00 starting balance any will only be recording transactions relating to this business. 

 

You can set up the bank account by going to Accounting > Chart of Accounts > New, and on the pop-up select the Account Type as 'Cash at bank and in hand' and the detail type as 'Current' and re-name this on the right. 

 

You'll then be able to choose this bank account when entering sales or expenses. 

 

Once you've set up your new bank for the company, you can then create a new Chart of Account as above and connect the bank to this, so that you can begin reconciling and adding transactions in directly to your books. 

 

Please get back to us below if you have any Q's! 😊 

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