Setting up a chart of accounts in QuickBooks is an important step in effectively managing your company’s financial records. The feature helps you to sort and list all of your accounts in QuickBooks. And when you create a new company file, QB automatically will customize your chart of accounts based on your business entity. Thus, it is important to organize your chart of accounts from the start to make sure that your financial reports are accurate and perfect.
However, if you are confused, don't wait! Call us at the Toll-free number +1(855)-738-0359. and let us help you in setting up your chart of Accounts in QuickBooks.
What Exactly is Chart of Accounts in QuickBooks?
A chart of Accounts is a complete list of all the accounts and balances that are related to your organization. It comprises of the company's assets, liabilities, income, and expenses. With the chart of accounts, you can easily tell, how much money your company has or it owes by simply looking at it. Generally, it has four categories, including:
Asset accounts
Liability accounts
Income accounts
Expense accounts
What is the best way to setting up a chart of accounts in QuickBooks?
You need to follow the three-step procedure to set up the chart of accounts in your QuickBooks Desktop application. The steps are given below:
Step 1: Add an account first
Go to the Bookkeeping section first and then select the Chart of the Account option.
Then, hit the New button.
Now, choose the appropriate account type from the Account Type dropdown menu.
After this, fill in the appropriate Detail Type from the dropdown menu.
Also, enter all the remaining details and hit the Save and Close buttons.
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Step 2: Edit Your Account
Go to the Bookkeeping section and enter the Chart of Accounts.
Then, locate the account that you have to edit.
Then, go to the drop-down menu next to the Account History or Run Report option, depending on the account you are editing.
After that, hit the Edit button and followed by the Save and Close buttons after you have made the required changes.
Step 3: Edit the Account History
For this also, you need to visit the Bookkeeping tab, followed by the Charts of Account.
Then, locate the account that you need to edit.
Move to the Account History option.
Now, choose the transaction that you would like to edit.
Then, make changes to all the available fields and choose from any of the given options like Delete, Edit, Cancel, or Save.
To Sum Up Everything!
We have tried to simplify the process of setting up a chart of accounts in QuickBooks. Hope so you will be able to follow this process easily and set up your accounts as required. However, if you get stuck on anything then you can connect with our QuickBooks Support experts at the Toll-free number +1(855)-738-0359.
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