Connecting Bank Accounts

You can set up new accounts from your chart of accounts to enable bank accounts from the same institution, hgm63. Allow me to guide you through the process.

QuickBooks Online allows you to connect multiple accounts from one financial institution. These are linked to your chart of accounts to track your banking entries accordingly. Since the appropriate account type is not on the list, let's create a new one.

Here's how:

1. Head to Transactions, then Bank transactions.

2. Click the Link account dropdown and choose Manage connections.

3. Toggle on the account you want to connect, then Enable now.

4. Once on the Which accounts do you want to connect? page, select an account type from the dropdown. Choose +Add New to add one.

• If it's a bank account, pick Bank as an Account Type and Savings or Checking for the Detail Type. Then, enter a name and Save and Close.
• If it's a credit card account, choose Credit Card as an Account Type. Then, key in a name and hit Save and Close.

5. Determine the date to pull entries from the designated dropdown. QuickBooks might acquire 90 days' worth of financial activities or more, depending on your institution.

6. Select Next and Done.

On the other hand, please note that identifying how your transactions are downloaded is essential before connecting to online banking. You can link the parent account if it downloads to one account or the subaccounts if otherwise. For more information, refer to this material: About bank or credit card subaccount setup.

Moreover, consider categorizing your income and expenses for accurate reporting and tax calculations. If they already exist in QuickBooks, match them to avoid duplicates.

Leave a reply below, documenting any queries you have when setting up a bank connection in QuickBooks Online. I'll be pleased to respond to them promptly with all the information you need to ensure you can accomplish your tasks.