Chart of Accounts is one of the foundations of QuickBooks online , as accounting system is built around the Charts of Accounts. Bookkeeping is all about categorizing transactions and categorizing accounting transactions is just like organizing things in an ideal closet. Hence, chart of Accounts (COA) is the complete listing of every account in the accounting system, which is the best way to record all transactions for income, expenses asset or liabilities.
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How to Organize Chart of Accounts in QuickBooks Online
To get started with creating or adding new account with the chart of accounts, select the “gear icon” on the left hand side of vertical bar.
- First of all click on Charts of Accounts listed below Company column and click on “New button” in the right hand side. One can also create new account by pressing (Ctrl+ N ) to open or add new account window.
- Next option is to select the type of account to be created like Bank for bank account (other option being credit card, Income, Expenses, cost of goods sold ) and then click on option “Continue”.
- In the next step, do the following:
- Category type: In this case, one needs to select the sales product, like income (if product or services sold), fee income (in case of services).
- Detail type: One need to select category type option in case of new account created.
Various columns are:
- Name : User needs to enter the account name that will come into sight on Chart of Account list.
- Description : Here extra explanation about the account can be entered if required , if there is no additional information then enter details as shown in Name field.
- Now click on option “Save” to save new account.
How to Modify Chart of Accounts?
- To modify chart of Accounts , go to “Gear Icon” and COA is listed beneath company column.
- Next go to account and select the drop arrow which is after “Run Report” and then select “Edit”
- This will open window showing to make changes in Account Name and Account Description.
- Next click on “Save” option after modification has been done.
If the problem stills persist, it is wise to approach our QuickBooks Technical support expert for concerns related to the error code to resume work.
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Chart of Account is termed to be the backbone of accounting system as all the transactions entered into QuickBooks are categorized and organized in the best possible way so that financial statement like Profit & Loss statement or Income & Expense statement can be generated . If you need any added information related to QuickBooks products and services or want to understand the process , please contact our QuickBooks Online Technical support experts for instant support . Call Now 1 844 313 4856. Our team of highly knowledgeable experts is available 24*7 for all our users around the globe.