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Jan 30, 2021 8:57 AM UTC
Question

How to create OD Bank account in quick books? Which one is to be selected in Details Type under Bank?

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1 reply

RenjolynC
Jan 30, 2021 10:36 AM UTC

I'd like to help, accounts352.

 

If you're trying to create an overdraft account for your bank, it is considered a current liability which is generally expected to be paid within months. In some cases, businesses treat a bank overdraft in the balance sheet as an asset or an expense, if you're going to pay back and reverse the overdraft quickly.

 

To create the account, here's how:

 

  1. Go to Accounting> Chart of Accounts.
  2. Select New.
  3. From the Account Type drop-down menu, choose Other Current Liabilities.
  4. From the Detail Type drop-down menu, select Line of Credit.
  5. (Optional) Change the account name.
  6. Hit Save and Close.

Here's a sample screenshot for a visual reference:

 

 

For more details and the steps to create an expense, you can read this article: Set up and track a line of credit.

 

On the other hand, if you want to add a bank account and connect it to online banking, you can check out this article: Connect bank and credit card accounts to QuickBooks Online.

 

Please let me know if you're referring to something else. I'm always here to help. Take care!