How can Set Up the Chart of Accounts in QuickBooks Online?

How can Set Up the Chart of Accounts in QuickBooks Online?

Set Up the Chart of Accounts in QuickBooks Online:

We all know that Chart of Accounts is the backbone of your QuickBooks accounting system and all transactions that you type into QuickBooks are categorized behind the scenes using the chart of accounts so that financial statements, like as your Profit and Loss statement or income Statement, can be generated.

Read More: Chart of Accounts Search – What’s new in QuickBooks 2018

How to Add a New Account to the Chart of Accounts list in QuickBooks Online:

  • First of all, Click on the Gear icon to the left of your company name and then click on Chart of Accounts is listed below your Company column as indicated below.
  • Click the New Button in the upper right hand.
  • Further Complete each of the fields like as Category Type, Detail Type, Detail Type Explanation, Name, Description.
    • Category Type: In this Box, you have to select sales of Product income if you sell products or service/fee income if you sell services.
    • Type Explanation: In this Box, you have to select the option according to Category type. Detail Type is very helpful if you are not sure about how to categorize a new account.
    • Detail Type Explanation: This Box helps you to provide a complete explanation of the detail type selected.
    • Name: In this box, you have to enter the name of the account that will appear on your chart of account list.
    • Description: In this box, you can put any additional description about this account. If you don’t have anything to add then you can put the same information here that you entered in the Name field
  • And then Save the New Account.

How to Delete an Account from the Chart of Accounts list:

  • First of all, Click on Gear icon to the left of your company name and chart of accounts is listed below the Your Company column.
  • Once you have the chart of accounts list on your screen, scroll down to the account that you would like to delete.
  • Click on the Drop Down arrow in the far right column next to that account and select Delete.
  • you will get the option “Are you sure you want to delete this?” and then click Yes.

How to Modify an Account from the Chart of Accounts list in QuickBooks Online:

  • First of all, Click on Gear icon to the left of your company name and chart of accounts is listed below the Your Company column.
  •  Scroll down to the account and click the drop arrow next to Run Report and then click edit.
  •  The following window will open where you can make changes to the Account Name and Account Description.
  • After that, click on save.

Setup Chart whatever’s Important For you:

  • Inventory & supplies
  • Shipping & receiving
  • Accounts receivable
  • Accounts payable
  • Vehicles & equipment
  • Buildings & depreciation
  • Marketing & promotions
  • Payroll & employees

QuickBooks Online makes it simple by including a drop-down rundown of your records from the Chart of Accounts on every exchange screen. In only a couple of snaps, you can order each commercial exchange.

Technical Help&Support

Our live experts are always there to help and enable you to determine your mistake. QB client can get in touch with us through our QuickBooks Support Phone Number+1-855-441-4417.Our 24*7 QB team is dependably there for you. Simply dial our assistance telephone number to chat with one of our specialists.

A related blog you may like:

An Introduction to QuickBooks Online.

How to Set Up Advanced Settings in QuickBooks Online.

How to Set Up Expenses in QuickBooks Online.



Leave a Reply