Setting up within QuickBooks
The setup system runs as a
“wizard,” keeping track of what has already
been done. It is self-guiding and
generally very well designed. If
you start again after setting up one account,
the screens will be different, recognizing
the existing account.
Once a bank is picked from
the list, an account will be needed. If
you do not have one, you will have to go the
bank to open one. Online banking can be
set up at the time. The information
they give you, as well as what you give them,
must later be entered into QuickBooks, and
may have to be sent back to the bank during
an online session.
NOTE
Banks are typically much
more familiar with telephone banking than
working through QuickBooks. Be sure the
bank is setting up QuickBooks banking.
TIP
A simple and widely used
password is one’s mother’s maiden name.
However, as the Social Security
Administration has found out, that is not any
secret. People studying genealogy can
find it quickly. Feel free to use
another name, but remember (or write down)
what you said.
Circumstances alter cases.
You may have a bank account set up
within QuickBooks, or you may need to set up
an account. Online banking may have
already been arranged with the bank, or you
may wish to apply online. You may want
to set up online payment with a bank that
does not offer online banking. The
instructions here are based on online banking
having already been arranged with the bank,
and the account already existing in
QuickBooks. Whatever your situation,
you should be able to follow. I suggest
that you read all of the setup instructions
before starting, and collect the needed
information. Please note particularly
the information about the signature
form. Armed with this information, the
instructions on the screen should prove an
excellent guide.
Click
Online|Set Up Banking & Payment
to start. This will bring up the first
Online Banking and Online Payment Setup
Interview
window. After reading and clicking
Next on a few screens, you will get to
Select a financial institution.
For online banking, click
I would like to apply ... . Drop
the list and select your bank. (For
online payment, click
My financial institution is not on the list.
)
You will then be asked to
Verify company information.
QuickBooks will copy in data from
Company Info
and bank account records within your company file. This information will be transmitted to the bank, so it
must match what the bank already has.
EnteradditionalinformationaboutyourCheckingaccount
requires that the bank account record within
QuickBooks be complete and accurate. The account number must be as you see it on the bottom of your
checks, usually the second block of numbers. These numbers will the same, or almost the same, as the
numbers on your statement. For online payment through ISC, the routing number will also be needed. It
usually is left-most on the bottom of the checks, and consists of nine digits. It will contain some of the numbers
in small print on the check, and begins with digits 01 through 12 or with 21 through 32.
Account details are copied in from your company files. Check to be sure that they match records the bank has
about you.
Next set the starting check number for Online Payments. QuickBooks 5.0 and QuickBooks Pro 5.0 track
three series of numbers in each account: manually written checks, automatically printed checks, and online
payments. Set up the online payment numbers so they will not conflict with any check numbers.
Another (not shown) screen asks if you have already applied to the bank for your online account, which may,
or may not, be your existing company account. Selections will be provided depending on your circumstances.
IfOnlineBankinghas already been arranged through your bank, when you have the opportunity, select
I have already completed ... .
In this narrative, skip down to the paragraph below headed
Existing account to
enter some details about your bank account, and link with the bank.
If OnlineBanking has not been arranged through your bank, you can make an online application.
If you plan to process through ISC (Checkfree), click
My financial institution is not on this list
in the
previous screen for online payments only.
You will not, obviously, be able to access information about your
bank account.
Existing account
(you selected
I have already completed ...
) proceeds to a view like that above, but
under the Confirm
tab. You must also have at hand the Personal Identification Number (PIN) assigned to
you by the bank. On the first transmission, this must be changed to a PIN of your selection. Then online
operation will be fully set up and ready for use.
All modes:
when all information is set up correctly, a few more clicks of
Next will get to the point of
transmitting the information to the bank (or ISC.) All calls are made to local toll-free numbers, or to toll-free
long-distance numbers. If the list of banks was recently updated, QuickBooks will have the correct numbers.
Transmission is closed (there is no display of transmitted data) but is very fast.
Another window (not shown) provides for printing of a
Signature form.
This appears only on a new setup
after the information is transmitted to the bank. This form must be signed and mailed to the bank. You may
want to copy it after it is signed, or to print a second copy to keep. The signature form can be printed only
from this screen, and once you leave it, the screen can’t be accessed again. You may be able to select printing
of more than one copy. If not, and you want an additional copy, you can say that it did not print correctly.
Assuming acceptance of your application, the bank will probably send back a letter, with more information
about their online services. In a few more days, a second letter will bring your starting Personal Identification
Number (PIN.)
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