Are you wanting to set up a new bank account in QuickBooks, or
maybe you've had a bank account for a while,
and you're just now adding it in there into the software?
If we've never met before Hello, I'm Candus Kampfer. And I love to help business owners
and bookkeepers create confidence and simplicity with QuickBooks.
And I create these tips and tricks right here for you
to help you that. So if we've never met before,
Hi, it's nice to meet you. I want to give you a couple tips on what to get
together before watching this video.
One main thing that you're gonna need, and then a decision. Alright,
so the first thing is, you're gonna want to grab a bank statement, whether
you are printing this from your bank, or they've mailed it to you
you're gonna want to grab that.
The second thing is you're gonna need to make a decision.
Yes, decision. Super simple though.
You're gonna say, what timeframe do I want to start
my transactions in QuickBooks? Do I want to do the entire year?
Do I want to start as of today,
if it's a brand new bank account
that you just happen to be adding, it's going to be right now,
right.
But if it's an old account that you're adding
Partway into a year,
or you've been using that account for years
years, but you're going to now add it to QuickBooks,
you need to decide what timeframe if you want it for the whole tax year,
it's a good idea to do in January,
unless you have a mid-month statement
then you're gonna want to go into December. Alright,
so come look over my shoulder, I'm gonna walk you through this.
I do have one quick tip.
If you are a desktop user, go up above and watch the desktop training.
In this video we are gonna be covering online.
So make sure you have the right one.
Alright, let's move forward. And so
inside QuickBooks when you're in here, you might see your QuickBooks looks like this.
And you're thinking, Okay, how do I set up your account?
One, you can go here under banking. Today, we're going to talk about
adding to the chart of accounts, but you can go under banking,
and look and see your different transactions here,
you can always go here
and link an account or add an account
right here in the bank feed itself.
This is a sample file that I use for training.
In today's class, I'm gonna show you how to add it straight to your chart of accounts.
And if you ever want to link it to your bank feed, you can do that in the future,
because not everybody
wants to use the bank feed. All right,
it's up to you which way you want to go. So go under Accounting
Chart of Accounts.
And you're in here now, you've decided
which statement you want.
If you're
a mid month statement, and you want all of
the year in there, you're actually gonna need to pick your December statement,
the last statement that covers say
mid December in the mid January,
if your bank happens to be January 1st, is the statement
perfect.
If you're mid month or mid year, that's fine, too. It doesn't matter.
Now, you might be thinking, Okay, wait,
but what if I don't want any December transactions
in there, don't worry about it. Because remember,
your profit and loss of the reports that you're gonna pull
are gonna be date based. So if you only want January to December to show
for your statements, when you pick the dates, that's all the data that it's gonna pull.
So it doesn't matter. If you're using the statement
that covers part of December,
it's much easier than me trying to teach you
add here, subtract their change this change that,
it just sets you up for
a lot more stress and possible mistakes.
So let's avoid that altogether. Quick tip for you. Alright,
so now that you've decided whether you need
the December statement, mid month, mid year, whatever it is,
that you know, based off your scenario,
we're gonna come in here, and we're gonna go
list, Chart of Accounts,
come over here to the top right,
click New,
you're gonna choose bank,
this little screen is always changing. So,
pick what's gonna work for you, and then come over here and you're gonna pick
where do you want it to be.
So if you wanted a sub account you could say under checking,
and it would make it a sub account of that
Otherwise, you're just gonna pick bank accounts.
Okay, because it is a bank account type,
then if you have a question, you can hover over the i on what this means. But this is
your tax form.
To make it super simple, don't worry that just say which of these
types of accounts
is it that I need, we're just gonna set up a checking account. Okay,
then this is the account name, this is the name that will show up on your reports.
This is a name that will show up in your register,
there'll be the name that you see kind of dark gray over here
on the left,
where it's saying like checking,
or savings. So those are the name it's gonna be,
I typically recommend picking your bank. So let's just say your
Wells Fargo
or Bank of America or you have an online bank, it's none of these,
that's totally fine.
So you're gonna pick it put in the bank.
And then you can put in the type of account if you want.
And I recommend
putting in the last four digits. Okay, this is just a random numbers I picked,
you can add a description now,
what I was sharing with you earlier,
matters right now,
you can choose a couple different ways to set up your beginning balance
that opening dollar amount of your account.
So you can either choose to ignore this altogether and click Save.
And what it will do is it'll just leave it as a zero amount. And
then when you sync it to your bank feed, you can bring
different data in that you do.
Or you can click this little button.
And this says more information. So you can click on that
And it's gonna teach you what opening balance is
but I'm actually gonna explain it to you right now.
So this,
when you drop it down is gonna be the date where you are telling QuickBooks
I'm starting my account on this date.
So it can be the beginning of a year, it can be the beginning of a month,
it could be the beginning of a day, it can be any other day.
So let's just say that
maybe you are one of those people who wants to start it,
you're just now decide you're gonna enter in your QuickBooks,
and you have a mid month statement.
So let's say that we're saying it's,
our statement ends actually in the 15th.
So we're gonna say the first day is gonna be the 16th.
Okay,
then what it'll say down here is your account
balance at the end of the day,
would be what balance as of December 15th,
you want this to be whatever's the beginning of your new statement,
the statement you're gonna want to be entering from,
at the top of your statement, it will say,
your beginning balance typically is what they call it,
if it's a credit card, it might have a slightly different type term,
and you're watching this video,
for credit card, but this is based for bank accounts.
So this will be as we see down here,
the exact amount, this is the way it's gonna look,
the name and
and the dollar amount that we're entering.
Okay,
if you choose to enter it this way, it'll just do it as a beginning balance.
If you choose to ignore that,
delete all this and not enter any data, it will just start your bank account at zero.
The benefit of using this is QuickBooks will use
what's called opening balance
account, it's an equity type of account.
So it's as if you don't know where
it's coming from, you're just entering in the dollar amount,
okay, I'm just choosing
to add $1,000, I'm not sure if this came from revenue,
I don't know if this is owner's shareholder contribution,
I don't know if it came from another account.
It's just opening it. Now, this is where the where it's important
to think about where did this money come from, if you know,
if it's an old account, who had no idea, then opening balance is the right choice.
If it came from you, or your client,
who put the money in, you're gonna probably want to do that as equity,
either depending on the type of entity, shareholder, Owner,
partner, those kinds of things.
If it came from another bank account,
you're also not gonna want to enter it here.
And you're gonna want to do it in a different screen. Okay.
So let me show you,
we'll add this here, just in case you do need that I'm going to show you what it looks like.
Be careful that when you're entering the date,
that you're picking the first date of your statement.
So it put us back in the register.
Or put us back in the chart of accounts, you see the
bank account, the type,
and that it's a checking, that's all that data that we picked
the $1,000 beginning balance. Now if we click on View register,
we're gonna see the behind the scenes
inside the transaction.
So if you came in here, and you do see this, but you're like, No, no, no,
that actually came from our other checking account, we moved money,
then you're gonna want to go in and fix it and put it actually to checking, okay.
And you could put opening balance or beginning the account starting the account,
you could put any description in here that you want.
If you find that the dollar amount
is
inaccurate,
that you put the wrong amount, you can edit this by changing the dollar amount,
you're only gonna want to do that.
If you haven't went through and reconciled an entire month.
If you've already done all your reconciliations, and you're finding that your
beginning balance of your reconciliation off,
that's a different video, let me know if that's something that you need help with.
And we'll create a video for you. But that is not this example.
Okay.
This training is I'm starting a brand new bank account
And I
want to set it up. How do I do that?
Okay, in QuickBooks itself, even if the accounts existed in the past,
so then you can go in here, if you really needed it to be 975.
And you just read the number wrong, you can change it and click save
it will give you a warning,
you can click Yes.
And as long as you haven't reconciled
through the end of the month, all the different transactions, you're good to go.
If you're wondering what is a reconciliation, it's where you're comparing
your
bank statement to your QuickBooks.
If you're needing to learn more about that, I'd highly recommend
going to my customizing QuickBooks workshop,
or checking out my program Confidence with QuickBooks,
to learn more about how the behind the scenes of QuickBooks works
and making sure it's set up for your business properly. Okay.
So
at any point, you can come in here and you can add the extra detail or change it.
If you say,
No, I really wanted this to be opening balance equity,
you can change that now, we're only usually this
in our current timeframe years that we have not
already filed taxes for. Okay,
if you've already filed taxes, and you need some of these things change,
you actually need help with cleaning up mistakes. That's a different area.
This is from the beginning from scratch. So let me know.
Did this help you get your bank account set up?
Did you have to go with one that was years old? Or is it current?
Did you have any questions that I might have missed?
Let me know down below in the comments. And if you're new here,
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And if you are thinking you need some extra support, you can always check out my
customizing QuickBooks workshop,
where I'm gonna teach you
the fundamentals like where to go and what is possible with QuickBooks
Or if you're looking for more of a how-to A to Z program
check out confidence with QuickBooks.
You can go to ConfidencewithQuickBooks.com
To find out more.
Thank you so much for being part of my community.
I look forward to seeing you in our next tip and trick
and let me know below.
Do you have any ideas on tips that you'd like to get in the future?
I'll put them on my list
I hope you have an amazing day and I look forward to seeing you soon.
Have a great day.
Bye