What is QuickBooks Cash Account & How to Set Up & Manage It

Do you have any idea about the QuickBooks cash account, and how to use it? If not, then read the complete article. In this article, we will discuss, what is Cash account in QuickBooks, is and how to use, and manage it. In the meanwhile, you can contact our certified experts for QuickBooks payment support through the toll-free number +1-844-405-0904.

QuickBooks Cash Account- Explained

QuickBooks cash account is used for seamless accounting which enables fast payments, custom forecasts, and high-yield savings. You get a QuickBooks cash account and a debit card after you sign up for QuickBooks Payments. It is a free checking account based on a monthly fee where all of your customer payments get deposited within QuickBooks. You can easily save your money by using a QuickBooks cash account and using features like envelopes to save proactively.

Features of QuickBooks Cash Account

Take a look at all the features listed in the QuickBooks cash account for easy payments, saving more money, and running a business efficiently without any stress.

  • 1.00% APY interest: With high yield interest you can easily save and grow your money at 25X the national average rate.
  • No extra cost for instant deposit: You can easily get access and enjoy instant deposits without paying a single penny.
  • Entry-free bookkeeping: It keeps your books always updated by automatically syncing payments and spending.
  • QuickBooks envelopes: It allows you to make virtual envelopes to tuck your cash away, save your money, track progress, and earn interest.
  • Custom cash flow forecasting: By forecasting your cash flow, you can make smarter decisions for your business and know where you stand by viewing your account balances.
  • Digital payments: Get paid digitally by using QuickBooks debit cards and keep tabs on your cash.
  • QuickBooks Cash business bank account and its features for small business banking

Get access to fast-forward payments through a cash account together with an instant deposit and gain a high amount of interest. Small business banking with a cash account reduces the workload with its heavyweight features.

  • High-yield interest on all balances
  • Free to open
  • Access to Instant Deposit, without the added fee
  • No monthly fees or account minimums
  • Cash flow projections and insights
  • Free ACH transfers
  • Seamless integration with QuickBooks Payments and QuickBooks Payroll
  • Withdraw funds at over 19,000 AllPoint ATMs
  • Easy digital setup and customer support
  • Pay bills right from QuickBooks
  • Free premium debit card with your company name
  • FDIC insured up to $250,000

How to Set Up/Use Cash Account in QuickBooks

Use your QuickBooks cash account to save money and learn how to set up, put money in, and take money out of your QuickBooks Cash account. You can follow the below procedure to set up the cash account;

Step 1: Set up your QuickBooks Cash Account

Sign in for QuickBooks Payments and QuickBooks Cash and get approval for the QuickBooks Cash account. You will receive your QuickBooks debit card via mail within  7 – 10 business days.

Step 2: Connect a bank account to QuickBooks Cash

Connect a bank account to QuickBooks cash. Connect an external bank account to transfer money to and from your QuickBooks Cash account.

  • From the Cash Flow menu, select QuickBooks Cash
  • In order to start the connection, select the Transfer option and then select transfer money between your accounts.
  • Select Add a bank.
  • Enter your bank’s name and then select your Account Type.
  • After that, Enter your account number and routing number.
  • Select Next, when you are ready to connect.

Within the next 3 days, two small deposits will be sent by QuickBooks which you will need to verify the transactions.

  • Sign in to QuickBooks Online, then go to the Cash Flow menu, and select Verify bank
  • Enter the two deposit amounts sent from QuickBooks in any order.
  • Select Confirm to verify.

Step 3: Transfer money in and out of your QuickBooks Cash account

You will see your QuickBooks Cash account balance at the top of the Cash Flow menu. Given below are the steps to put money in your QuickBooks Cash account.

  • Go to the Cash Flow menu and select QuickBooks Cash.
  • Select the Transfer option and then choose the option to transfer money between your accounts.
  • Enter the amount you wish to transfer.
  • Select (+) in the From field and then select your connected bank account.
  • From the To field, select your QuickBooks Cash account.
  • Enter the amount you want to transfer.
  • Select Finalize transfer to confirm.

Step 4: Pay your bills using your QuickBooks Cash account

  1. Select Pay a bill.
  2. Pay by paper check or ACH by following the prompts on the screen to schedule.

Step 4: Categorize your Transactions

Go to the Banking menu and select Add account to connect your QuickBooks Cash account. This will pull all of your transactions into the Banking menu, where you can go and categorize your QuickBooks Cash transaction. 

How to Manage your Cash Account in QuickBooks Online

You can manage your cash account by reviewing your cash transfer and viewing your monthly statements on a daily basis of the cash account in QuickBooks Online

To Review QuickBooks Cash Transfers

  • Go to the Cash Flow menu.
  • From the Recent activity section, select View all.
  • Select All, Money in, or Money out to filter the list. 

To See the Monthly Statement of QuickBooks Cash

  • Go to the Cash Flow menu and select QuickBooks Cash.
  • Select Manage.
  • View your QuickBooks Cash account and select Monthly Statements.

For accountants:

  • Select Reconcile under Accounting.
  • Select View statements after selecting QuickBooks Checking as the account to balance.
  • To obtain a statement, choose it.

Get your account or routing number, or pin number

  • Select Cash flow and select QuickBooks Cash.
  • After that, click the Manage option.
  • Select Account info to view your account number or routing number.
  • Select Replace the card or Reset Pin for debit card help.

It’s all about the QuickBooks Online cash Account. If you have any kind of doubts regarding this tool then feel free to contact the QuickBooks experts through the toll-free number +1-844-405-0904.

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