QuickBooks Desktop is a popular accounting software used by businesses to manage their finances. One important aspect of using QuickBooks is setting up and managing bank accounts. By default, QuickBooks assigns a primary bank account for your transactions, but there may be instances where you need to change this default bank account. In this article, we will guide you through the steps to change the default bank account in QuickBooks Desktop.
Step 1: Accessing the Chart of Accounts
The Chart of Accounts is where you can view and manage all your accounts, including bank accounts, in QuickBooks Desktop.
To access the Chart of Accounts:
- Launch QuickBooks Desktop and sign in to your company file.
- Click on the “Lists” menu at the top of the screen.
- Select “Chart of Accounts” from the drop-down menu.
Step 2: Locating the Default Bank Account
Once you are in the Chart of Accounts, you need to locate the default bank account that you want to change.
Scroll through the list of accounts and find the bank account that is currently set as the default. The account name and type will typically indicate that it is a bank account.
Step 3: Editing the Default Bank Account
After finding the default bank account, you can proceed with editing it to change the default setting.
To edit the default bank account:
- Right-click on the bank account in the Chart of Accounts.
- Select “Edit Account” from the context menu that appears.
Step 4: Modifying the Account Information
Once the account editing window opens, you can modify the account information, including the default setting.
Make sure you are on the “Bank Account” tab within the editing window.
Look for the option that says “Is this account used for bank feeds?” or similar. Uncheck the box if it is currently checked, or check the box if it is not checked.
This setting determines whether the account is used for bank feeds, which is where you import and manage your bank transactions directly in QuickBooks.
Step 5: Saving the Changes
After making the necessary modifications to the account information, you can save the changes.
To save the changes:
- Click on the “Save & Close” button at the bottom of the editing window.
Step 6: Verifying the Default Bank Account
Once you have saved the changes, it is important to verify that the default bank account has been successfully updated.
Go back to the Chart of Accounts and locate the bank account you just edited. Make sure the changes you made are reflected in the account details.
Congratulations! You have successfully changed the default bank account in QuickBooks Desktop.
Conclusion
Managing bank accounts in QuickBooks Desktop is crucial for accurate financial record-keeping. By following the steps outlined in this article, you can easily change the default bank account and ensure that your transactions are assigned to the correct account. Remember to double-check the changes in the Chart of Accounts to ensure accuracy. Now you can confidently manage your bank accounts in QuickBooks Desktop with ease!