Accounts Receivable Account
A Bank Account and Accounts Receivable must be selected in the Default Info tab of the Setup menu. Once a transaction is processed, the payment will be applied to undeposited funds. To have payments automatically applied to the bank account selected, choose “Deposit to this account”.
Advisory: If “Deposit to this account” is selected, payments will be applied to the bank account as soon as a charge is run. This may cause discrepancy when reconciling, because funds are generally deposited to a merchant’s bank account by the processor on a later date. The processor may also withdraw their fees before making deposits.
1. Ensure that you are logged in as admin user. (Bank accounts are not visible to all QuickBooks user). If you are logged into QuickBooks as admin user, the bank account may not be created in QuickBooks or may be inactive. Proceed to step 2.
2. Close the Setup menu and go to Company > Chart of accounts.
3. If able, select the “Include Inactive“ option at the bottom of the screen to see all accounts. Click on the ‘Type’ column to sort by account type and look for a Bank Account or Accounts Receivable.
- If desired account is inactive, click the ‘X’ to the left of the account to make active. The account will become selectable in the Setup menu.
- If desired account was active and didn’t show up in the setup menu, the user is probably not an admin user. Log in as admin to select the account in the Setup menu.
- If desired account is not in the Chart of Accounts, this means it was never created or has been deleted. You will need to create a new account. {Continue to step 4}
4. Press ‘Ctrl + N’ while in Chart of Accounts. The ‘Add new account’ screen will appear.
a) For Bank Account: Select ‘Bank’ option then press Continue.
b) For Accounts Receivable: Select ‘Other Account Types’ option, select Accounts Receivable, then press Continue.
5. Give the account a name and press ‘Save and Close’. The account will be selectable in the Setup Menu.
