When a user creates a company file, QuickBooks online automatically customizes the Charts of Accounts based on your business entity. Chart of Accounts (COA) lists all the accounts of your business. If you also want to learn about how you can Setup Chart of Accounts in QuickBooks, then this blog is going to be very useful for you. So, stay tuned and read this informative post about the QuickBooks chart of accounts till the end.

How to Add an Account to the Chart of Accounts List?

So, below are the steps you can follow to add an account to the Chart of Accounts list.

  • First, open the QuickBooks.
  • Then, on the home screen’s right side, click on the gear icon.
  • After that, under the “Your Company” menu list, click on the “Chart of Accounts” option.
  • Now, on the Chart of Accounts (COA) page, click on the “New” option on the screen’s top right.
  • Then a new window of the account setup screen will open.
  • After that, provide your details in the insert fields, i.e., account type, name, number, description, and currency.
  • Once you have entered all the information, then make sure to double-check it and then click on the “Save and Close” button. Or if you want to add one more new account, then click on the “Save and New” button.

How to Mark an Account as Inactive in Chart of Accounts?

If you wish to delete an account from the Chart of Accounts list permanently, then marking that account as inactive can be a solution. If that account has never been used in any transactions, then that account will not count under the maximum number of accounts. The account history will be retained if there is a past transaction.

So, below are the steps you can follow to inactivate an account in the Chart of Accounts.

  • Login to your QuickBooks account.
  • Then click on the gear icon, available on the right side of the screen.
  • Moving ahead, click on the “Chart of Accounts” option.
  • Now, under the “Chart of Accounts” screen, search for the account which you want to make inactive, and thereon, click on the “View register” drop-down list option and then click on the “Make Inactive” option.

After following these steps, you have now successfully inactivated an account in the Chart of accounts list.

How to Edit Account in Chart of Accounts?

The next important sub-point under Setup Chart of Accounts in QuickBooks is to understand the process you can follow to edit an account. So, let’s look at the editing process of an Account in the Chart of Accounts.

  • Perform the steps mentioned in the above procedure on the Chart of Accounts page.
  • There, search for the account that you want to edit.
  • In front of the account name, click on the “View Register” option, and then under the drop-down list, click on the “Edit” option.
  • Now, the account setup screen will open. You can now see all the information related to the account, i.e., account type, name, number, description, and currency.
  • Do the needed changes, and then click on the “Save and Close” option.

How to View or Print Chart of Accounts?

Here are the steps you can follow to view or print a chart of accounts in QuickBooks.

  • First, go to the Chart of Accounts page.
  • Then click on the “Run Report” option, which is available at the top right side of the screen.
  • With this option, you can now look at your Chart of Accounts duplicate file.
  • You can now easily export this file to an excel sheet or via email, which will help you take a printout of the file.

How to Import Accounts in the Chart of Accounts?

If you want to transfer your books from one bookkeeping software to another, you have to export the accounts in an excel sheet or CSV file so that QuickBooks online can import these accounts. So, below are the steps you can follow to import accounts in the Chart of Accounts.

  • First, prepare the spreadsheet and ensure the necessary information, i.e., account name, account type, account number, and type. QuickBooks Online will require all this information for importing the accounts.
  • Now, go to the Chart of Accounts page and click on the “New” button available in the green color box on the right side of the screen.
  • Thereon, click on the “Import” option under the drop-down list.
  • Then click on the “Browse” option and select the file you prepared in the first step.
  • After that, click on the “Next” option.
  • Now, you have to map the data in your CSV file and for each QuickBooks online field data, select the column from the file.
  • Once you have successfully mapped all the columns and files, click on the “Next” button.
  • At this stage, you can also deselect the accounts you don’t want to import.
  • Then, cross-check the information and click on the “Import” option to end the importing process.

You have successfully added the new accounts to your Chart of Accounts list.

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Wrap Up

This blog has covered all the different procedures you can follow to set up a chart of accounts in QuickBooks. In case, if you face any challenge or issue while performing any of the steps, then feel free to reach out to us through the chat box, or you can mail us your query at info@quickbooksorg.com. Our experienced and professional experts with in-depth knowledge about every aspect of QuickBooks are available at the help desk 24/7 to assist you best.

Frequently Asked Questions (FAQ)

1. How can I organize my Chart of Accounts in QuickBooks online?

A: To organize or re-arrange the sequence of accounts in the Chart of Accounts, here are the steps you can follow.

  • First, from the top menu list in QuickBooks Online, click on the “Lists” option.
  • Then click on the “Chart of Accounts” option.
  • After that, highlight the account in which you wanted to change the sequence.
  • Thereon, with the help of the left button of the mouse, press and hold the account and drag it to the desired sequence.

2. What are the different types of accounts in the Chart of Accounts?

A: The different accounts in the Chart of Accounts are Asset, Liabilities, Income, equity, revenue, and expenses. All these accounts cover all the sub-accounts that a business can have. For example, the expense account will cover the transactions such as the cost of sales, advertising expenses, salaries, etc.

3. How can I differentiate my expenses in QuickBooks?

A: So, to record a personal expense, here are the steps you can follow.

  • First, click on the “New” option.
  • Thereon, click on the Expense option.
  • Then select the payee under the drop-down list and select the account you used to purchase.
  • After that, select the tax category and then enter the amount.
  • Then click on the “Save and close” option.

4. Is there a standard set of Chart of Accounts?

A: The standard Chart of accounts is the numbered list of a company’s accounts in its general ledger.

5. Does the item list is different from the Chart of accounts?

A: The item list is usually used for tracking the profitability of the individual services and products sold, whereas a chart of accounts is used for organizing the daily transactions of your business.

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