Occasionally, users require new categories for their transactions and for that detail types can assist in creating accounts that fits what they wish to track. However, add a new Detail Type category to the chart of accounts is currently not possible in QuickBooks. But it is pretty possible that you can edit or change the detail types of an existing account. If required, you can use the default ones in categorizing your accounts. Many QuickBooks users are wondering how that is possible or how to use them and what makes Detail Type different from Account Types. Don’t worry! In this particular blog post, you will get the answer for all your questions regarding how to add a new Detail Type category . So, stay tuned with this blog till the end.
Understanding of Detail Type:
It is truly very important to set up the correct accounts so that you can run accurate reports and get a good picture of your company’s health. Detail Type will help you decide which type of account to create or what to name a new account if you’re not sure.
Each account type has detail types that provide more information about what you can monitor. They make it simple to build accounts that correspond to the types of transactions you keep track of in QuickBooks.
How is Detail Type different from Account Type?
Account types are the accounting elements that tell QuickBooks how transactions are recorded in your books.
The impact of detail types on your books isn’t that great, but they’re still significant. Their role is to assist you in better selecting and naming accounts. As a result, when you run profit and loss analyses, you’ll know exactly what’s making money and what’s costing you money.
What Detail Type can you choose?
As discussed above, each account type has a detail type. When you add a new account, you will see each detail type. In QuickBooks, a map of accounts is a list of all your accounts. QuickBooks customize the chart of accounts for you depending on your business when you create a company file. When you need to monitor different types of transactions, you can add more accounts.
Steps to add a new Detail Type category to the chart of accounts:
- Initially, go to the Settings and select “Chart of Accounts”
- Next, select New in order to create a new account
- Choose an appropriate account type in the Account Type dropdown
- Select the Detail Type in the Detail Type section which fits best for the transactions that you want to track
- Give a new name to your new account.
Tips: Use the detail type description to create a name that describe what you’re tracking
- Now, add a description to it
- If this a sub-account of an existing account then select “Is sub-account and enter the parent account
- After that, make sure that account in QB matches you real-life bank or credit card account
Choose when you want to start tracking your finances. In the Balance field, enter the amount in the account and determine the as of date. Enter today’s date if you want to start track immediately.
In the dropdown “When do you want to start tracking your finances”, choose when you want to to begin the tracking of your transactions:
- Select “Today” to begin tracking transactions as of today
- In the Account Balance field, enter the balance of account for today
- Select “Other” to pick a specific date to begin tracking transactions
- In the Select a date field, choose the date you wish to start tracking transactions for the account in QB
- Enter the balance of the account for the date you select in the Account Balance
- Finally, select the Save & Close tab once you’re done with above steps.
Steps Change the Detail Type of an Existing Account:
All parent accounts and their subaccounts in the Chart of Accounts must have the same account type. If you want to change the account form for an entire entity, start with the subaccounts, reverse/return their subaccount status, and then change the account types. You can then change the parent account’s account type.
Change Account Types:
- Go to the Settings and select Chart of Accounts
- Locate the 1st subsystem to change
- Select the Edit tab from the Action column dropdown menu
- Clear the checkbox “Is Subaccount”
- From drop-down menu, select the new Account Type
- Next, choose an appropriate “Detail Type” from the drop-down list
- Hit the Save & Close tab and you’re prompted that changing the Account Type may affect your reporting and reporting
- Finally, hit “yes” in the prompt to change an account.
You have to repeat the same steps for the remaining subsystems and then change the account types of the parent account.
Return accounts to subsystem status:
- Go to the Settings and select Chart of Accounts
- Next, locate an account to identify as a subaccount again
- Select the “Edit” menu from the Action column dropdown
- Select the checkbox “Is subaccount”
- From the dropdown list, select the Parent account
- Finally, hit the Save button.
You have to repeat the same steps for all the subaccounts.
Above steps will surely help you to add a new “Detail Type” category to the chart of accounts. In case you are still unable to add a new detail type category, then you must connect with our QuickBooks support team for the instant support.
Frequently Asked Questions
Q1: How do I select a Detail Type for an account in QuickBooks?
Ans: You can choose a Detail Type when you attempt to create a new account. Choose a detail type that corresponds to the transactions you want to track. To determine whether it’s what you need, look at the information under the detail type. If you can’t find one that matches, choose the nearest match.
Q2: Which type matters more, account or detail in QuickBooks Chart of Accounts?
Ans: Prioritize having the right Account Type. Second, consider the Detail Type. Even, don’t be concerned. It takes time to develop good organizational skills.
Q3: How do I edit an account in the Chart of Accounts list?
Ans: To edit an existing account, locate it in the Chart of Accounts and select View register from the drop-down arrow next to it. Then, to access the account setup page, click Edit. The fields that can be filled in on the account setup page. After you’ve made the necessary changes to the account, press the green Save and Close button.