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Steps to Modify the Chart of Accounts in QuickBooks Desktop

The QuickBooks Chart of Accounts, in simple terms, is a list of accounts that help in arranging assets, liability, income, […]

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The QuickBooks Chart of Accounts, in simple terms, is a list of accounts that help in arranging assets, liability, income, and owner’s equity amount. In other words, it is a complete list of the accounts and balances of a company. This account assists in comprehending the amount of money a company has, and the amount it owes and owns, by declaring the complete financial report.

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Dancing Numbers helps small businesses, entrepreneurs, and CPAs to do smart transferring of data to and from QuickBooks Desktop. Utilize import, export, and delete services of Dancing Numbers software.

An organized chart of accounts provides an overview of how the company is doing, hence, it is considered an important part of the accounting system. Thus, it is crucial to know the process to set up chart of accounts in QuickBooks Desktop.

In general, the Chart of Accounts has four categories which are as follows:

  • Expense Accounts
  • Asset Accounts
  • Income Accounts
  • Liability Accounts

Now let us learn how to modify the Chart of Accounts in QuickBooks Desktop.

How to Modify the Chart of Accounts in QuickBooks Desktop?

Here are the steps to modify the Chart of Accounts in QuickBooks Desktop:

  • On your screen, Windows Menu is displayed. Press Lists and then click Chart of Accounts.
  • Now add a new account by pressing Account and then clicking the option new on the left side lower corner.
  • Choose the type of account.
  • Press the blue button that says Continue.
  • Add the details about the accounts.
  • Press the blue button that says Save and Continue.

To Delete an Account in QuickBooks Windows (Pro, Premier, Enterprise)

  • Press Account and click Delete Account that is on the lower left side.
  • Press the Blue OK button appearing on the pop-up.

To Add a sub-account in QuickBooks Windows (Pro, Premier, Enterprise)

  • Press Account. Press New on the lower left side.
  • Choose the kind of account.
  • Press the blue Continue button.
  • Add the information about the accounts.
  • Check off the check-box for sub-account.
  • Choose the main account.
  • Press the blue button for Save and Close.

To Edit an Account in QuickBooks Windows (Pro, Premier, Enterprise)

  • Press Account. Now click Edit Account.
  • Edit the fields you want to change.
  • Press the blue button for Save and Close.

To Add Account Numbers QuickBooks Windows (Pro, Premier, Enterprise)

  • Press Edit. Then click Preferences in the top menu.
  • Choose Account. Then choose Company Preferences.
  • Check off the check box for Use Account Numbers.
  • Press the OK button that is in blue.

What tips should I Adhere to While Organizing the Chart of Accounts?

Before you start with the important steps to organize the particular Chart of Accounts, you need to take care of the following pointers:

  • You must keep the line items uncomplicated in the first take. Also, you need to make sure that the line items are stitched with a title that is perfectly logical for the accountant and you. It is highly suggested to use a straightforward titles.
  • Several accounting systems are already set with a chart of accounts. The lines of such preset account have numbered headers. Such numbers can be helpful for big firms, however, they are of no use to small companies and startups
  • One additional point you need to make sure of is that you must avoid creating a new line item for every transaction since it would litter the total Chart of Accounts. Rather, you should utilize the sub-headings of the accounting software.

All the steps given above will help you to modify the chart of accounts in the QuickBooks Desktop. Not to mention, it will assist you in monitoring your daily business activities. Just perform the steps given above.

However, it is quite likely that you may get stuck anywhere. In such a scenario, we highly recommend you hire the services of a QuickBooks professional.

You can get in touch with our team of experts for the best solution to your problem. Not only do our experts provide an instant and comprehensive solutions to all, they also make you understand every step implied.

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Looking for a professional expert to get the right assistance for your problems? Here, we have a team of professional and experienced team members to fix your technical, functional, data transfer, installation, update, upgrade, or data migrations errors. We are here at Dancing Numbers available to assist you with all your queries. To fix these queries you can get in touch with us via a toll-free number
+1-347-428-6831 or chat with experts.


What is an Asset Account?

An Asset account has everything that is of value like vehicles, inventory, buildings, land, valuables, etc. Such kind of Chart of Accounts assists in monitoring how much is being paid for a property taking into consideration the depreciation factor. Furthermore, items like bank accounts and checks are also added to this Chart of Accounts.

Other asset accounts are notes receivable and accounts receivable. The chart of accounts streamline different asset accounts by arranging them into different line items in order to help you monitor different components easily.

What is an Income Account?

Income accounts typically comprise extra incomes, expenses, revenues, and cost of sales. Few accounts are the same for all kinds of businesses, while some accounts are specific to businesses. Some kinds of income are economical and uncomplicated while other forms of income require expense and effort.

Creating a different line in the chart of accounts is suggested for other types of income. You are suggested to consider what different profitable activities are and classify them based on income type.

What is a Liability Account?

The liability account comprise things such as payroll taxes, mortgages, credit card balances, promissory notes, personal loans, bank loans, income tax payables, etc. When a loan is added to this particular account, make sure that the sum of loan is added.

How to Import Particular Accounts to the Chart of Accounts?

Here are the steps to import a particular account to the Chart of Accounts:

Step 1: Prepare your particular spreadsheet. The spreadsheet must have the name, address, account detail type, etc.

Step 2: Now you need to import the particular spreadsheet. For that, you need to go to the Chart of Accounts screen, press the drop-down arrow beside the new button and choose Import. Now press the Browse button that chooses the spreadsheet you want to import.

Step 3: Now press the Next button.

Step 4: Now you are required to map the spreadsheet to import into QuickBooks.

Step 5: Authenticate and then import the data.

Step 6: Once the verification is over, press the green button for Import.

Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

Deletes

Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

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  • Unlimited Import
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Accountant Basic

*See our Pricing for up to 10 Company Files.

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Pricing includes coverage for users
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  • Upto 10 companies

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Accountant Pro

*See our Pricing for up to 20 Company Files.

$899/- Per Year

Pricing includes coverage for users
  • Services Include:
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  • Unlimited Users
  • Unlimited Records
  • Up to 20 companies

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Accountant Premium

*See our Pricing for up to 50 Company Files.

$1999/- Per Year

Pricing includes coverage for users
  • Services Include:
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  • Unlimited Users
  • Unlimited Records
  • Up to 50 companies

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

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