Interested in opening a bank account, but having a hard time choosing? Consider Quickbooks Cash. This one’s for the small businesses where it will work directly in Quickbooks Online. This is perfect especially if you want to keep all your finances in one trusted spot.
“QuickBooks Cash delivers what current business accounts don’t — a banking experience that enables small businesses to accept payments, pay teams and vendors — with automatic reconciliation for easy financial management. Combining QuickBooks Cash with the powerful insights and financial management platform powered by QuickBooks, we are building a tool that accelerates the growth of small businesses. Companies that have more working capital can take advantage of more opportunities.” said Rania Succar, Senior Vice President, QuickBooks Capital and Payments, Intuit.
This blog covers:
Why Choose Quickbooks Cash?
Here are a few benefits and features we thought were worth highlighting:
High interest rates
Small business banking accounts these days do not offer the opportunity of high interest rates.Not only that - they also throw in minimum balance requirements plus fees. Quickbooks Online offers customers a high-yield interest rate of 1%. With Quickbooks Cash, small businesses are able to grow their money at “25x the national average rate”.
Fast money movement
Did we say fast? We meant instant, free instant deposits! Or so Quickbooks guarantees. Money in and out processes faster than others. Quickbooks Cash offers same-day money movement whether it’s the weekend, nights, or even holidays. This can be crucial for when your business needs money as soon as possible!
Track finances in Quickbooks
This one is probably the most obvious but it is also the most important! Why run all over the place when you can have all your finances automatically in one place that has it all?
Everything you need
Speaking of having everything in one place, Quickbooks will have all the important things you need! Handle it all within one platform from spreadsheets to email invoices to cash flow planning tools. Here's another blog on Managing Cash Flow in Quickbooks Online.
How to Use Quickbooks Cash Accounts
Step 1: Set up your QuickBooks Cash account
If you haven't already, sign up for QuickBooks Payments and QuickBooks Cash. If you're approved, you get a QuickBooks Cash account. You'll get your QuickBooks Debit Card in the mail within 3 - 5 business days.
*QuickBooks Cash isn't currently supported on QuickBooks Online Accountant, which doesn’t show the Cash Flow menu.
Step 2: Connect a bank account to QuickBooks Cash
To transfer money to and from your QuickBooks Cash account, connect an external bank account.
Note: Connecting an external account to QuickBooks Cash is separate from online banking. You may need to set up an account you already linked for online banking a second time for QuickBooks Cash.
Go to the Cash Flow menu.
In the QuickBooks Cash section, select Transfer money.
Select Transfer in. You won't transfer money yet, we just need to start the connection.
Follow the onscreen instructions.
Enter the bank's name and select a type in the Account Type field. Then select Next.
Enter your info in the Account number and Routing number fields. Then select Next.
When you're ready to connect, select Sounds good.
QuickBooks will send two small deposits to the account within the next 3 days. After you get the confirmation email, come back to QuickBooks to verify the transactions.
Select the verify link in the email. Or sign in to QuickBooks Online, go to the Cash Flow menu, and select Verify bank. Note: Some banks don't require verification. Instead, you can just select Add to connect your bank.
Enter the two deposit amounts sent from QuickBooks. The order doesn't matter.
When you're ready, select Confirm.
Step 3: Transfer money in and out of your QuickBooks Cash account
Whenever you go to the Cash Flow menu, you'll see your QuickBooks Cash account balance at the top.
Put money into your QuickBooks Cash account
Go to the Cash Flow menu.
In the QuickBooks Cash section, select Transfer money.
Select Transfer in.
In the From field, select (+). Then select your connected bank account.
In the To field, select your QuickBooks Cash account.
Enter the amount you want to transfer.
When you're ready, select Finalize transfer.
Take money out of your QuickBooks Cash account
There are a few ways to spend the money in your QuickBooks Cash account. Go to the Cash Flow menu and select the QuickBooks Cash tab.
Transfer money out of the QuickBooks Cash account
In the Get or send money dropdown, select Transfer money.
In the From field, select your QuickBooks Cash account.
In the To field, select the (+). Then select your connected bank account.
Enter the amount you wish to move out of your QuickBooks Cash account.
When you're ready, select Finalize transfer.
Pay Bills using your QuickBooks Cash account
In the Get or send money dropdown, select Pay a bill.
Follow the prompts on the screen to schedule and pay via paper check or ACH.
You can use your QuickBooks Debit Card to withdraw money from ATMs and make purchases.
Step 4: Categorize your transactions
QuickBooks automatically categorizes as many QuickBooks Cash transactions as possible. However, it can't categorize everything. You need to periodically go to the Banking menu and categorize your QuickBooks Cash transactions.
Important: The first time you go to the Banking menu, select Add account to connect your QuickBooks Cash account. This pulls all of your transactions into the Banking menu.
Next steps: Manage your QuickBooks Cash account
Review your QuickBooks Cash transfers
Go to the Cash Flow menu.
In the Recent activity section, select View all.
Select All, Money in, or Money out to filter the list. To get more details, select individual transactions.
See your QuickBooks Cash monthly statements
Go to the Cash Flow menu.
In the QuickBooks Cash section, select Manage Account.
Select Account info and then Monthly Statements.
Get your account or routing number, or pin number
Go to the Cash flow menu.
In the QuickBooks Cash section at the top, select Manage Account.
Select Account info to view your account number or routing number.
Select Replace card or Reset Pin to get help with your debit card.
Hope this narrows down figuring out if Quickbooks Cash bank accounts are for your business.