The basic steps to open a checking account in QuickBooks
To open a new checking account in QuickBooks, go to the Chart of Accounts, click the New button, select Bank Accounts as the account type, and fill in the account details. QuickBooks will ask you for the account name (usually your bank name and account type), the account number, the routing number, and your opening balance. Once you save, the account appears in your Chart of Accounts and is ready to record transactions.
The process takes about five minutes if you have your bank statements and account information in front of you. You do not need to connect to your bank immediately — you can set up the account structure first and add online banking later if you want it.
QuickBooks distinguishes between Checking and Savings account types, though both work the same way in the software. Choose Checking if that matches what your bank calls the account. The account type mainly affects how QuickBooks categorizes it on your balance sheet.
Key Takeaways
- You need your bank account number, routing number, and opening balance before you start — have your bank statement or online banking login ready.
- The account appears in your Chart of Accounts immediately after you save it, and you can start recording deposits and checks the same day.
- Connecting to your bank for automatic transaction downloads is optional and can be added later without recreating the account.
- If you are moving money from another checking account you already track in QuickBooks, record the transfer as a journal entry between the two accounts rather than as a deposit.
What information you need before you start
Gather three pieces of information from your bank: the account number, the routing number, and the opening balance. The account number is on your checks and in your online banking portal. The routing number is also on your checks (the first nine digits on the bottom left) or you can find it on your bank's website — search "[bank name] routing number" if you are unsure.
The opening balance is the amount in the account on the day you are setting it up in QuickBooks. If you are creating the account on the same day you opened it at the bank, the opening balance is zero. If you opened the account weeks or months ago and are adding it to QuickBooks now, use the current balance from your most recent bank statement.
You do not need your online banking password or login to create the account in QuickBooks. You only need those if you want to set up automatic transaction syncing later.
Where to find the New Account button
In QuickBooks Online, click the Gear icon in the top left, then select Chart of Accounts. In QuickBooks Desktop, go to Lists and then Chart of Accounts. In both versions, look for a button labeled New or Add New. Click it and a form will open.
In the form, you will see a dropdown menu for Account Type. Select Bank Accounts. A second dropdown will appear asking you to choose between Checking, Savings, Money Market, and other bank account types. Select Checking.
Fill in the Account Name field with something you will recognize — "Main Checking," "Business Checking at First National," or whatever makes sense for your business. QuickBooks uses this name in reports and transaction lists, so make it clear.
Recording the opening balance correctly
When you create a new checking account, QuickBooks asks for an opening balance. This is the amount of money in the account on the day you are setting it up in the software. Enter this amount in the Opening Balance field, and QuickBooks will automatically create a journal entry to balance it.
If the account is brand new and empty, enter zero. If you opened the account at the bank last month and are adding it to QuickBooks now, enter the current balance from your bank statement. Do not enter the total of all deposits you plan to make — enter only what is actually in the account right now.
QuickBooks will ask you to specify an Opening Balance Equity account. This is a temporary holding account that QuickBooks uses to balance the books. You can accept the default (usually called "Opening Balance Equity") or create a new one. Most businesses leave this as the default.
Connecting to your bank for automatic downloads (optional)
After you save the account, QuickBooks will offer to connect to your bank so transactions download automatically. This step is optional — you can skip it and manually enter transactions instead. If you want to set it up now, click the Connect button and follow the prompts to log into your bank.
QuickBooks uses a secure third-party service to connect to your bank, so you are not giving your password directly to QuickBooks. The connection usually takes a few minutes to establish. Once it is active, new transactions will appear in QuickBooks within a day or two of posting at your bank.
If you skip this step now, you can add the connection later without recreating the account. Go back to the Chart of Accounts, find the checking account, and look for a Connect option or settings menu.
What to do if you are transferring money from another account
If you already have another checking account set up in QuickBooks and you are moving money into this new account, record it as a transfer rather than as a deposit. Go to Banking (or Write Checks in Desktop), select Transfer Funds, choose the old account as the source and the new account as the destination, and enter the amount.
A transfer records the money leaving one account and arriving in another without creating a false deposit or expense. If you record it as a regular deposit instead, your bank reconciliation will not match your bank statement, because the bank will not show a deposit — it will show the money coming from your other bank account.
If the money is coming from a personal account or a business account at a different bank that you do not track in QuickBooks, record it as a regular deposit instead.
Reconciling your new account after the first month
After your first month with the new checking account, reconcile it to make sure QuickBooks matches your bank statement. Go to Reconcile (in Online) or Banking > Reconcile (in Desktop), select the new checking account, and enter the ending balance from your bank statement.
QuickBooks will show you a list of all transactions you have recorded in that account. Check off each one that appears on your bank statement. If everything matches, click Finish. If something is missing or wrong, find the transaction in QuickBooks and correct it before reconciling again.
The first reconciliation often takes longer because you are checking every transaction. After that, reconciling usually takes just a few minutes each month, especially if you have automatic downloads turned on.
Frequently Asked Questions
Can I change the account name after I create it?
Yes. Go to the Chart of Accounts, find the account, and click Edit (or right-click and select Edit in Desktop). Change the name and save. The new name will appear everywhere in QuickBooks going forward, but it will not affect any transactions you have already recorded.
What if I enter the wrong opening balance?
You can fix it by editing the opening balance entry. In Online, go to the account settings and update the opening balance. In Desktop, find the opening balance journal entry in your register and edit it. The change will ripple through your reports automatically.
Do I have to connect to my bank right away?
No. You can create the account and enter transactions manually for as long as you want. You can add the bank connection later without recreating anything. Many businesses do this if they want to set up the account structure first and handle downloads later.
What if my bank is not showing up when I try to connect?
Try searching for your bank by name rather than scrolling through the list. If it still does not appear, your bank may not support automatic downloads through QuickBooks. You can still use the account — just enter transactions manually or download a CSV file from your bank and import it instead.
Can I have multiple checking accounts in QuickBooks?
Yes. Create a separate account for each checking account you want to track. Many businesses have a main operating account and a payroll account, or separate accounts for different locations. Each one gets its own line in your Chart of Accounts.