QuickBooks is undoubtedly one of the best accounting software available today. This software is considered a boon for small and medium-sized businesses as it helps manage financial and accounting tasks, thereby streamlining business operations. QuickBooks has a variety of features, and each year brings new and improved features as Intuit releases new versions of the application. In this blog, we will discuss the QuickBooks Chart of Accounts and how to use it. The QuickBooks Chart of Accounts (COA) is a list of accounts that help classify an owner's assets, equity, liabilities, and income. This is a list of your company's balances and accounts. This helps you understand how much money a company has, how much it owns, how much it owes, etc. by providing a fully verifiable financial report. An organized chart of accounts provides insight into your organization's performance. This is considered a very important aspect of an accounting system. Therefore, it is important to understand the steps to set up your chart of accounts in QuickBooks. So, read this post till the end or contact our QuickBooks support team anytime. Dial our toll-free number +1-800-360-4183 to get in touch.

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Steps to Set up Chart of Accounts in QuickBooks Desktop

Here are the easy steps to set up a chart of accounts in QuickBooks step-by-step. Let’s go through them:

Step 1: Select the List - Chart of Accounts command.

• From the Chart Click Account Window on your QuickBooks computer screen.

 Step 2: Click the Account button.

• The account menu appears on the QuickBooks screen.
• When a user clicks the tab, a New option appears in the account menu on the system screen.

 Step 3:  Add a new account by selecting Accounts, then New.

• QuickBooks displays the Add New Account window on your screen.

 Step 4: Use the Account Type Button

• QuickBooks allows you to view various types of income, loans, fixed assets, expenses, credit cards, equity, accounts payable, other income, cost of goods sold, accounts receivable, benefits, and more.
• In addition, users learn from the accounts to which their data is reported.

 Step 5: Click Continue

• When the user clicks Next, QuickBooks displays his second Add Account window on his computer screen.
• Please note that the account name will appear on your financial reports.
• Therefore, users should use the Account Name field to give their new account a highly unique name.

 Step 6: Check the Sub-Account

• Once the user selects the checkbox Her Subaccount, the parent account must be named.

 Step 7: Bank Accounts

• When QuickBooks recognizes that you are working in different currencies, it prompts you to find all customers, bank accounts, suppliers, etc. that use different currencies.

 Step 8: Describe the new account

• Actually, there is no need to describe the new account.
• QuickBooks uses account names only in financial reports, so no such explanation is required.

 Step 9: Retrieve Account Information

• The Credit Card Account Type version of the Add New Account window helps you save all your card details.

 Step 10: Recognize Tax Line

• The cash account balance is recorded on the company's tax return.
• If the user wants to add a bank account, they can use the Tax Line Mapping drop-down list.

 Step 11: Save the new account.

• In the final step, the user must click the Continue tab to save the account information and go to the Add New Account window.
• Once both accounts are set up, the new account will appear in the Chart of Accounts list

Conclusion:

Now that you know the steps to set up your chart of accounts in QuickBooks, it's time to complete these steps. However, if you get stuck or need technical assistance completing these steps, we recommend that you contact our technical support experts. We are a team of certified QuickBooks experts who provide prompt QuickBooks support services. Our expert has years of experience in assisting QuickBooks users with issues related to the software. For more information, please contact us at +1-800-360-4183. We will give you the best advice possible.