Adding a new bank account

Another beautiful sunny summer day in Rhode Island. Okay, I am lying. It is never sunny here. It definitely effects your mood, the lack of sunshine. Everyone in Rhode Island is in such a down mood. Let's hope for sunshine for the weekend.

Now on to the QuickBooks tip of the day:

SETTING UP A NEW CHECKING (BANK) ACCOUNT

So you want to add a new bank account. You will need to go to your home screen and click Chart of Accounts. At the bottom of the left side of your screen, select account, click "new" for adding a new account. select bank account for your account type. Make sure you enter all information like bank routing number and account number to your details for your account. Then, click okay. Make sure you give the account a number for an asset, like account number 1000, 1100, etc. To keep all your checking and savings accounts together on your chart of accounts. Do not select enter a beginning balance. Close out the new account set up (hit save and close). Next, I would record a deposit for my new bank account. That way you can account for where the beginning balance came from. It can be a transfer from the old bank account or a loan from officer, for example. Don't forget to go to edit, preferences, checking and select a default account to use when you open deposits or write checks, etc.

This is the best way to set up a new checking account.