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Tutorial #Q8-1: Set Up a Bank Account

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Feb 23rd 2011
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Intro: When you set up your bank account in QuickBooks, the account will be included on your chart of accounts list, and you will be able to use this account on financial statements. If this is to be your main checking account, this is the account through which all of your regular cash transactions will flow.

Step 1: Open the Chart of Accounts
Press Ctrl+a on your keyboard, or open the Lists menu and choose Chart of Accounts. The Chart of Accounts list will appear.

Step 2: Open the New Account Window
Click the Account button in the Chart of Accounts window, then select New. Alternatively, press Ctrl+n on your keyboard. The Add New Account - Choose Account Type window will appear.

Step 3: Choose an Account Type
Choose Bank from the list of account types. Click Continue.

Step 4: Enter an Account Name
Enter a name for your bank account in the Account Name field. Use a name like Cash or Checking. The name you enter here is the name as it will appear on your financial statements. If this account is a subaccount of another account, check the box and select the parent account from the drop-down list in the "Subaccount of" field.

Step 5: Fill in Optional Fields
You can enter a description of this account and also enter information in the Note field. These fields are optional. Fill out any information that you want to save about this account.

Step 6: Enter a Tax Line
Choose a tax line for this account if you plan to use QuickBooks to produce tax reports that will help you prepare your income tax return, or if you plan to prepare a tax return by incorporating your QuickBooks data into your tax software. If your business is a proprietorship, you won't apply your bank account to a tax line - this is only an option for other types of business entities.

Step 7: Close and Save Your New Account
Click Save & Close to add your new account to the Chart of Accounts list and close this window.

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