A chart of account is nothing but the list of all accounts and their balances listed in your accounting software like QuickBooks. Chart of accounts is used as a medium by your accounting software to organize business accounting. You can select a pre-created template when you are setting up your company file and you can also import your chart of accounts template with the help of a CSV file.
Always ensure that you import the chart of accounts template at the time when you don’t have a lot of accounts already running in your company file. In the next section, we will see the process steps for importing the chart of accounts template in QuickBooks after setting up your company file.
Steps to Import the Chart of Accounts Template in QuickBooks
There are various industry-specific templates available for QuickBooks Online companies which you can choose from, after choosing the template you can follow the below process to import it in QuickBooks
Step 1. First of all, you need to format your spreadsheet containing a chart of accounts by adding details like account name, types, detail types. Entering account numbers if required and adding a main account and sub-account details.
Step 2. In this step, you have to upload your spreadsheet by clicking on Settings > Import Data > Chart of Accounts > click on browse, select the file, click on open, and then next.
Step 3. Now you need to ensure that your spreadsheet fields, columns, etc are mapped with the QuickBooks fields for account number, name, details type, and type. You can enter ‘no match’ against the account name as an exception.
Step 4. After you are done with the above three steps, you can start entering the opening balances for accounts.
What are the Process Steps for Creating a Chart of Accounts in QuickBooks Desktop?
You need to click on list > click on Chart of Accounts > choose new from Account drop-down menu > choose an account and click on continue, complete the details of account and click on save and close.
On what Location can I find the list of Charts of Accounts in QuickBooks?
First, click on List > Select chart of account under your company > click on the printer icon above action column to directly print the chart of account or you can also run the chart of account report, by clicking run report and print the list of charts of account.
What are the Steps that I can follow to Manually Rearrange the Chart of Accounts in QuickBooks?
To access a chart of accounts, click on List > then select the Chart of accounts, now highlight the account that you wish to move or rearrange, and using the left mouse button drag that accounts to your desired position.
Can you throw a Light on Editing the Chart of Accounts in QuickBooks?
You need to click on the Accounting menu and click on the account that you want to edit in the chart of accounts, now click on the drop-down beside account history or run the report, click on edit and make the desired changes, do not forget to save and close for completing the process.
