Chart of Accounts – What’s new in QuickBooks Desktop

Don’t know the new features in Quickbooks Desktop? chart of accounts? QuickBooks Desktop has come up with many exciting features. One such feature is Search in the Chart of Accounts. It might have a whole list of all the company’s accounts and balances. So, to understand it read the complete article and be familiar with a chart of accounts in QBD. Go through the article to know the importance of setting up a chart of accounts, the tasks you can perform with it, and much more. Still, having an issue contact our QuickBooks ProAdvisor toll-free: +1-844-405-0904

You will be ready to tell what amount of money your company has, what amount of money it owes, {plenty of/what proportion/what quantity} money is returning in, and therefore the means a lot of money is commencing by just watching your chart of accounts.

QuickBooks 2018 automatically creates your chart of accounts depending on the trade and type of company you choose when you created your company file. See Record gap balance in QuickBooks Desktop if you merely created your file and you’d prefer to enter a beginning balance.

Chart of Accounts Search- Overview

QuickBooks Desktop includes a current feature that offers you the power to look by half or all of the associate degree account names or varieties.

For accountants, bookkeepers, and ProAdvisors, the Chart of Accounts is one of the foremost necessary lists in QuickBooks. Many clients set up their Chart of Accounts mistreatment the defaults that QuickBooks installs once a replacement Company file is made. Typically it becomes necessary to either add “account numbers” or modification the language for accounts from people who are used – and this will be confusing.

In the previous version there is no search bar to search account number and account name but in intuit will add these extra features in the chart of accounting.

You don’t believe it, there has never truly been some way of looking at the Chart of Accounts list, despite the very fact this is often one among the foremost vital lists in QuickBooks. completely different naming Associate in Nursing enumeration eventualities meant you had to manually rummage around for Associate in Nursing account by scrolling up and down, again and again, to seek out an account once it wasn’t wherever you were expecting it to be. Now we will rummage around for accounts victimization any portion of the account name or variety victimization the new Search box at the highest left of the Chart of Accounts list.

Importance of setting up the chart of accounts

The chart of accounts is the backbone of your bookkeeping and account system. All of the exchanges that you go into QuickBooks are ordered in the background using the chart of accounts with the goal that financial statements, for example, your profit and loss statement or income statement, can be generated.

Things you can do with Chart of Accounts

With the help of QuickBooks Chart of Accounts function, you can easily organize and track the transactions. In this way, you will always have an idea about the money you have and you owe in each account. In addition to this, QuickBooks also uses Chart of Accounts to organize your transactions on your reports and tax forms.

In Chart of Accounts, you can organize and have a view of your:

  • Assets: This account includes assets like your buildings, vehicle, equipment, and other assets that are used in a business.
  • Liabilities: This account includes the amount of money and other liabilities that you owe to others.
  • Income: This is the amount of money that you earn with your business such as sales revenue or earnings with your products and services.
  • Expenses: This is the amount of money that you need to spend to run your business operations normally such as promotion and advertising expenses, office rent and supplies, etc.

Depending upon the type of business you choose while setting up a company file, QuickBooks software will automatically create the Chart of Accounts for you. Once your company file is created, you can adjust the opening balance in QuickBooks.

What Accounts QuickBooks will Create for you

QuickBooks Online will make a chart of accounts list dependent on the business that you chose when you set up your record. Usually, there are two main accounts in QuickBooks and those are Balance Sheet accounts and Income & Expense accounts.

Balance sheet accounts consist of Assets, Equity, and Liabilities accounts whereas Income and Expense accounts consist of accounts like Cost of Good Sold. Below is the list of some accounts that are generally created in the QuickBooks Chart of Accounts.

To Enable Chart of Accounts in QuickBooks

  • Go to Lists, then Chart of Accounts.
  • Search victimization the Search box at the left thigh of the Chart of Accounts list.
  • Enter associated portion of an account name or variety.
  • Click the blue Search button.

Common Tasks below Chart of Accounts

Add Associate Account

  • From the Lists menu, choose Chart of Accounts.
  • Click Account and choose New.
  • Select the Account type then click on Continue.
  • Enter the name and account number (optional).
  • Add a gap Balance if applicable.
  • Quick tip: you’ll be able to add the gap Balance at a later time by creating a General Journal Entry.
  • After that click Save & Close.

Edit the Account number

  • From the Lists menu, choose Chart of Accounts.
  • Then right-click the account you would like to edit and choose Edit Account.
  • Make the required changes.
  • After that click Save & Close.

Delete or Inactivate an account in QuickBooks

  • First, go to the File menu and then select the Chart of Accounts option.
  • Then, find and select the account that you want to hide.
  • Once you selected the account then click on the Account drop-down menu at the bottom of the list and choose the Make Account Inactive option.

To activate your accounts again

  • Again from the File menu, access the Chart of Accounts.
  • At the bottom of the screen, checkmark the box stating Include Inactive option.
  • Here, find the account that you wish to make visible/active again.
  • Once you selected the account then click on the Account drop-down menu at the bottom of the list and choose the Make Account Active option. (You can also click on the x icon by the name column of the account to make the account active again.)

Display the balance of non-balance sheet account on the chart of accounts

You can also opt to add the QuickBooks Balance and bank balance to the charts of account if you want the balances of your non-balance accounts should show in the Chart of Accounts.

In QuickBooks Desktop

  • First, you need to open the Chart of Accounts from the File menu.
  • Then, click on the Account drop-down menu and then select the Customize Columns option.
  • After that, under the Available Columns and then select the Balance option and then Add.
  • Select OK.

In QuickBooks Online

  • First, go to the Settings and then select the Chart of Accounts option.
  • Then, select the settings option from the Action column.
  • After that, select the QuickBooks Balance and Bank Balance options.
  • Finally, click on the Settings option to close the drop-down menu.

The Bottom Line

We hope that you found our article on the Chart of Accounts in QuickBooks useful and learned how important it is to set up a chart of account in QuickBooks and also about its features.

You can contact our 24/7 QuickBooks Support Phone Number +1-844-405-0904 to get resolve your QuickBooks-related issues.

Call Now