If you run a small business, then a QuickBooks checking account is something that you need to know. QuickBooks checking is a monthly fee-free checking account where all customer payments are deposited. You can use your QuickBooks checking account to save money or make use of features like envelopes to save proactively. It is a business account with no monthly fees, minimum balances, or instant deposit fees. With a QuickBooks checking account, your business gets complete financial management, cash flow forecasting, and interest-earning potential. To give you a better insight into QuickBooks checking account, here we are with this segment sharing the details related to QuickBooks checking account, along with the procedure to use it.
Thus, make sure to read this segment carefully, or you can also connect with our technical support team at +1-844-964-2960, and we will provide you with instant support services.
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What is QuickBooks Checking Account?
QuickBooks checking is a business account designed for small businesses to let them have financial freedom. QB users can open a bank account that lets them get fast payments with no monthly minimum requirements. Just like other checking accounts, you will get a debit card. The significant difference is that you can immediately start spending your funds with an instant deposit instead of waiting for incoming funds to clear. You further get access to a virtual debit card till you get your physical card.
In order to open a checking account, you just need basic information, such as business name, employer identification number, address, and phone number. QuickBooks checking is free, but you need a QuickBooks online account to access QuickBooks checking account.
Features of QuickBooks Checking Account
- Free to Access
- Qualified balance requirements or monthly fees.
- Cash flow forecasts and analysis
- ACH transfers are free of charge
- Save money for expenses in envelopes to earn 1.25% APY.
- Take out money at more than 19000 AllPoint ATMs
- Easy digital setup and customer support
- QuickBooks payments and QuickBooks payroll are integrated seamlessly
- Right from QuickBooks, pay your bills
- Free premium debit card with company name
- FDIC insured up to $250,000
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Detailed Features of QuickBooks Checking Account
- QuickBooks Debit Card: A debit card makes it possible to make purchases using the cash balance in QuickBooks. It further links to QuickBooks cash business bank account and reconciles with QuickBooks without many issues.
- QuickBooks Checking Account: A business bank account gives complete financial management, cash flow access, and interest-earning potential.
- Access to Instant Deposit: With instant deposit, one can process incoming cash using QuickBooks payments without having to wait for them to clear. Instant deposit offers free, instant access to funds from QuickBooks payment in QuickBooks cash account for approved transactions.
- Google Pay and Apple Pay: You can connect your QuickBooks debit card to Google Pay and Apple Pay to skip lengthy online checkout forms and quickly pay in person within one touch.
- Seamless QuickBooks Integrations: You can use your money in the checking account to run payroll, accept payments, and create invoices in QuickBooks online and then send them directly via checking account because QuickBooks checking seamlessly integrates across the QuickBooks online platform. All these activities are reconciled and accounted automatically for in their QuickBooks file for a complete money-in and money-out view.
- Envelopes: Business owners can use envelopes to set money away for specific planned or unexpected expenses, preventing unintentional use of their future spending.
- Bill pay: Small businesses can plan vendor payments and manage all their money-out transactions in one location. They have QuickBooks set up to record the transactions, so their books are automatically reconciled.
- Cash flow planner: This feature offers a complete view of the company finances via a dashboard that shows how much money is inflowing and outflowing. This end-to-end analysis gives an overview of the financial inputs to predict the business’s cash flow over the following 90 days.
- Mobile check deposit: Businesses can collect checks from customers or vendors and deposit the money directly into their accounts. In the coming days, QuickBooks checking customers will be able to receive mobile check deposits.
Here is how you can: Reconcile an account in QuickBooks
How to use your QuickBooks checking account?
Now that you know the basic information related to QuickBooks checking account, it is time to perform the necessary steps to use QuickBooks checking.
Step 1: Set up your QuickBooks Checking Account
You need to register QuickBooks payments and QuickBooks checking, in case you haven’t already. If you are accepted, then you will be given a QuickBooks checking account within 7 to 10 business days, and your QuickBooks debit card will arrive in the mail.
Step 2: To QuickBooks checking connect a bank Account
- To begin with, you simply need to head to business overview and then select cash flow, and then click on QuickBooks checking.
- Now, in order to transfer money between your accounts, first, choose transfer. To send money, you will have to start the connection.
- After that, add a bank.
- Once you have entered the bank’s name, you need to choose the type of the account.
- Enter the account number and routing number
- After that, choose the next tab when you are ready to connect.
After this, within the next three days, QuickBooks will make two small deposits to the account. You need to recheck the transactions in QuickBooks when you see the deposits in the account.
Step 3: Transfer Money in and out of the QuickBooks Checking Account
You can simply view the balance of the QuickBooks checking account at the top of the cash flow menu. The accountants having read-only access to QBOA can view the QuickBooks checking account for their clients. They can further access other documents, download statements, and verify transaction information. You need to access the client view to access the read-only QuickBooks checking section.
Fill up your QuickBooks checking account with money
- You need to first select QuickBooks checking from cash flow under business overview.
- After that, select transfer and then right option to transfer money between accounts.
- You now have to enter your desired transfer amount.
- Pick + in the from field, and then select your connected bank account.
- Once done with that, you need to select QB checking account in the to field.
- You need to then enter the desired transfer amount.
- Choose finalize transfer when you are done.
Learn: How to Use Undeposited Funds Account to Receive Payments in QuickBooks Online?
Withdraw money from your QuickBooks Checking Account
Withdrawing funds from QuickBooks checking account is possible in a few ways. You need to choose cash flow from the business overview and then go for QuickBooks checking. Here are the steps that you can perform to transfer money out of the checking account.
- The very first step is to choose move money between your accounts after selecting transfer money.
- After that, the amount to be moved from the checking account should be entered.
- The next step is to select your QuickBooks checking account in the form field.
- Also, click on the plus + icon and select a bank account.
- The last step is to select finalize transfer when you are ready.
Using QuickBooks checking account to pay bills
- You need to first start by selecting Pay a bill
- After that, follow the steps that show up on the screen to schedule and pay by paper check or ACH.
In order to withdraw money from ATMs and make purchases, you can use your debit card.
Step 4: Categorize your transactions
QuickBooks can categorize as many QuickBooks checking transactions as possible on its own. However, it can’t classify everything. In order to categorize your QuickBooks checking transactions, you must access the bookkeeping menu and choose transactions.
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Steps to Manage Your QuickBooks Checking Account
You need to first review your QuickBooks checking transfers. This can be done as follows:
- At first, you need to head to the business overview and then select cash flow
- After that, choose View All in the recent activity section
- Also, select all, money in, or money out if you want to filter the list.
- In case you want to get more details, select individual transactions.
Check your QuickBooks checking monthly statements
- You need to first head to business overview and then select cash flow.
- After that, select QuickBooks checking
- Also, select the manage option
- The next step is to look at your checking account and then choose monthly statements.
For Accountants
- Begin with, moving to the accounting tab and selecting reconcile
- After that, choose view statements after selecting QuickBooks checking as the account to reconcile
- Also, to download, select a statement.
Get your account, or routing number, or pin number
- Choose QuickBooks checking from cash flow under business overview
- And then, choose manage
- In order to access the account number or routing number, choose the account info
- Also, to get assistance with your debit card, you need to select replace card or reset pin.
Also Read: Resolving QuickBooks Accountant Copy Failed Error
QuickBooks cash is now QuickBooks Checking
Well, QuickBooks checking is basically a no-cost, no minimum balance, no required daily balance business checking account with a debit card. It further has no monthly service charges and for eligible users, the quick deposit is available at no additional cost. Moreover, small business owners can now access all in one business bank account that is effortlessly integrated with the books. This further lets small businesses manage their finances, see their full financial picture, pay their employees and invoices, accept payments, and also access financing.
QuickBooks cash business checking
The QuickBooks business checking account was added to the product line of QuickBooks online in the year 2020. It provides standard business checking functions like ACH transfers, a debit card, and access to AllPoint ATM network, along with offering 1% interest on all balances. What makes it even better is that there are no fees or minimum balance requirements when opening an account. The users can have an unlimited number of transactions, but the volume of those transactions is set up to a certain limit. With a debit card, one can make purchases around $10,000 per day and ATM withdrawals up to $1,000 per day and $5,000 per month.
The remaining QuickBooks and QuickBooks cash are meant to work together without any sort of issue. To understand it better, here is an example: the money might be in the checking account within minutes if users receive payment using QuickBooks payments. One can anticipate gaps using a dashboard that shows the most recent transactions and uses machine learning to forecast cash flow for the following few months. The users can also create envelopes inside the bank account to keep money away for particular uses like payroll or debt payments.
It should be noted that a check deposit is not yet an option. Thus, customers who regularly deal with checks may wish to search elsewhere for a business banking service. You must enter the recipient’s details online before the bank sends the check on your behalf. Also, you do not have an option for wire transfers.
Why QuickBooks cash is ideal for small businesses?
- Firstly, small businesses don’t use checks.
- They prefer to manage most of their finances digitally and value the insights that their digital solutions can provide, such as cash flow forecasts.
- They get interest on the checking account balance.
- Small businesses use QuickBooks online.
Also Read: How to make a Journal Entry in QuickBooks Desktop?
Conclusion!
Towards the end of this segment, it is believed that the reader might be able to make the most of a QuickBooks checking account. Just in case there are any sort of queries, then in that case, consulting our technical support team at +1-844-964-2960 is suggested. Our certified QuickBooks ProAdvisors will definitely answer all your queries immediately.
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