Before you proceed with using your bank account and performing all the much-needed account procedures, you will need to make sure if you have a bank account and opening balances recorded in QuickBooks.
There is no denying the fact that QuickBooks has been the most useful software for small and medium-sized business to handle their accounting and financial activities at ease.
Even though you don’t have an accountant or someone professional to handle finances, QuickBooks gives you the ease to learn and understand complex accounting terminologies with ease.
if you have a bank account, reconciling your bank accounts in the software plays an important role.
It ensures that you have linked your account with that of your QuickBooks software, making it easier to understand your finances, tracking your expenses and income without any complications.
Role of Bank Accounts in QuickBooks Services:
To perform accounting processes at ease, one must ensure to reconcile bank account in the software.
Whenever you set up the account, it gives you the hint to embedding a new asset account which will get associated with the business charts of the account.
How to Set up the Account in Your Software?
The banking page of QuickBooks handles all the transaction-related details, connecting tasks, and other work.
This particular section is said to be a bank feed that decreases your efforts of the manual transaction to automatic ones.
Saving time and keeping your accounts up to date, giving you the ability to keep a check on your finances whenever needed.
Thus, QuickBooks allows the bank information to get downloaded in no time.
Now, if you are wondering, how to go about the process?
There are 2 ways this can be possible, the direct way and the indirect way of adding manually.
Let’s have a look at each one of them.
There will also be an option wherein, you will be asked to enable the live banks to feed.
You can click ‘Yes’ and permit them to get all the bank feeds so you are updated with every transaction that occurs.
Whereas, if you don’t want the live feed, you can simply click on the ‘NO’ option and be away from any unwanted notification.
With this, you have understood in detail how you can handle your accounting tasks.
Adding your bank account is not just a great option, but a smart pick for you.
It helps you save time, energy, and give you the ability to work on other important tasks.
Keep yourself updated with all the transactions occurring in your accounts.