Do you struggle to manage your business accounts and finance? If yes, then you need to learn about QuickBooks’ Chart of Accounts. This feature of QuickBooks can help you manage your finances effectively and in order. It helps you to keep a proper and accurate track of your company’s income, expenses, assets, and liabilities. Most importantly, whether you use QuickBooks Online or QuickBooks Desktop, you can create and set up a chart of accounts in QuickBooks. We have mentioned the complete step in the blog below.
So go through the complete article to learn about the process for setting up chart of accounts in QuickBooks, and in case you require any assistance, then you can connect with our QB support experts by calling the toll-free number +1(855)-738-0359
What is a Chart of Accounts in QuickBooks?
A chart of accounts is nothing but a simplified list of the account numbers and names related to your company. It has four primary account types or general ledgers, which are:
- Asset accounts
- Liability accounts
- Income accounts
- Expense accounts
How Can You Set Up Charts of Accounts in QuickBooks?
The process for QuickBooks chart of accounts is pretty simple. You just need to create a blank chart and assign columns to it. The chart of accounts is basically divided into the following three columns:
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Creating the Business Account Names
In this column, you need to give the account name, a title of the business account that you are reporting on.
Assigning Account Numbers to the Business Accounts
In this step, you need to assign account numbers to each account name. Mostly the number sequences for each account follow like this:
- Assets: 1,000 to 1,999
- Liabilities: 2,000 to 2,999
- Income: 4,000 to 4,999
- Operating expenses: 6,000 to 7.999
Organizing the Account Names into an Account Category Type
You need to assign an account type or general ledger to each of your account names. You can choose from one of the four main categories: asset, liability, income, and expense.
How Can I Access the QuickBooks Chart of Accounts?
To access it on the QuickBooks Desktop, follow the given steps:
- Start the process by going to the Chart of Accounts option from the QB menu.
- Then, go to the Company option, followed by Lists or Accountants.
To access the charts of accounts on QuickBooks Online, follow the given steps:
- Go to the Settings icon.
- From there, choose the Chart of Accounts.
To Sum Up!
We hope that with the help of the details given above, we have made setting up charts of accounts in QuickBooks an easy process for you. Follow the process and set up your charts of accounts easily. In case you get stuck anywhere, connect with our experts immediately by placing a call at the +1(855)-738-0359
