Chart of Accounts
All transactions in your accounting software has at least one debit and one credit, each of these are assigned an account. The chart of accounts is a listing of these accounts.
When to use
If you want to change, add, edit or review the accounts on the chart of accounts, you'll come to this list. This is not the only place to add accounts but it's a handy place to get to know.
The columns are:
- Detail type
- QuickBooks balance
- Bank balance
Sorting can be done by:
- Type -- this means sort in order of balance sheet accounts followed by profit and loss accounts
- Name -- this means sort alphabetically
Hints & tips
- Use the little gear to hide detail type. Detail type isn't helpful and is often a distraction.
- Use filter by name when you know the name you're looking for
- If the blue hyperlink says “view register” that means this account is on your balance sheet otherwise it’s on the profit and loss
- Click the pencil to rapidly rename accounts
- For no good reason, you'll find that the word accounts is replaced with the word category depending on where you're looking in QuickBooks
- You are limited to 250 accounts in your chart of accounts before you need to upgrade to the Advanced edition of QuickBooks Online. Don't let this worry you, most people are not going to reach this limit.
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