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mhp
Apr 4, 2019 9:11 AM UTC
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There is no "bank" account type to choose from when setting up a new chart of account? (I can only choose "Cash and cash equivalents"?

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SophiaAnnL
SophiaAnnLAnswer
Apr 4, 2019 10:27 AM UTC

Hey there, mhp. Thanks for getting back to me.

 

The Bank detail type in the Chart of Accounts is for the International versions of QBO. Since you're using QBO in Australia, you can use Cash and cash Equivalents as the Detail Type. I've edited my answer above to ensure that you can follow the correct type to use when setting up a new account.

 

Please stay in touch if you need anything else. :smileyhappy:

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10 replies

SophiaAnnL
SophiaAnnL
Apr 4, 2019 10:01 AM UTC

The terms in QBO may vary depending on your country, mhp.

 

For US QuickBooks Online accounts, the term Bank is used in the Chart of Accounts. On the other hand, Cash and Cash equivalents is the Account Type for non-US accounts.

 

You can choose Cash and Cash equivalents under the Detail Type when setting up a new account. This type represents your checking account.

 

Here's how:

  1. Click Accounting in the left panel.
  2. Select Chart of Accounts.
  3. Click the New button in the upper right-hand corner.
  4. Under Account Type select Cash and Cash Equivalents.
  5. Under Detail Type, select Cash and Cash equivalents.
  6. Enter the Name, Description, and Balance.
  7. Click Save and Close.

I'll be around if you have any further questions. Thanks.

mhpAuthor
Apr 4, 2019 10:09 AM UTC

Hi Sophia,

 

Well that explains a bit. Thanks :) - (such a simple thing, yet spent 2 days on dozens of pages in QB and online and couldn't find that anywhere... 

 

Anyway, thanks. 

 

So, followed all your steps below - There is no option for "Bank" Under Detail Type? 

 

SophiaAnnL
SophiaAnnLAnswer
Apr 4, 2019 10:27 AM UTC

Hey there, mhp. Thanks for getting back to me.

 

The Bank detail type in the Chart of Accounts is for the International versions of QBO. Since you're using QBO in Australia, you can use Cash and cash Equivalents as the Detail Type. I've edited my answer above to ensure that you can follow the correct type to use when setting up a new account.

 

Please stay in touch if you need anything else. :smileyhappy:

    Brittany34
    Mar 4, 2021 3:13 PM UTC

    What about the other way around? I'm not seeing the "Cash & Cash Equivalent" option, only Bank Account. I'm trying to use a projection software (Fathom) and it won't take the Bank account and wants me to make them Cash & Cash Equivalent accounts, but I don't see a place to make this change.

    Angelyn_T
    Angelyn_T
    Mar 4, 2021 4:39 PM UTC

    Hi, @Brittany34.

     

    I want to ensure you'll be able to select the correct detail type of your account.

     

    Usually, the Cash and Cash equivalents is an account type for non-US accounts. For QuickBooks Online US versions, the term Bank is used in the Chart of Accounts.

     

    At this time, I would recommend connecting to your professional accountant. This way, he/she can help you with selecting the proper account type/s that fits your business needs.

     

    I'm adding this link to learn more about the chart of accounts in QuickBooks.

     

    You can also review the topics from our help articles for additional resources while working with QuickBooks in the future.

     

    Please keep in touch if you need more help with setting up a new account in QuickBooks. I'm determined to help. Have a great day!

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