How to Set Up Chart of Accounts in QuickBooks?

by James Antonio

The Chart of Accounts in QuickBooks is simply a list of all the accounts that help in classifying the assets, income, and owner’s equity amount. In other words, it is the list of the accounts and balances of the organization. This, in turn, assists in comprehending how much fund the company has, how much it actually owns and how much it needs to pay, by delivering a complete and reliable financial report. Know steps to set up chart of accounts in QuickBooks.

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In a true sense, an organized Chart of Accounts offer an overview of how your business is doing and thus it is considered a significant aspect of the accounting system. Hence, it is vital to know the right method to set up a chart of accounts in QuickBooks.

How Many Categories are there in the Chart of Accounts?

The Chart of Accounts is simply a list of account numbers along with names that are important to the company. Normally, the chart of accounts has four different categories. The four groups in a standard Chart of Accounts include:

  • Asset accounts
  • Liability accounts
  • Income accounts
  • Expense accounts

Steps to Set Up Chart of Accounts in QuickBooks

Here are the right steps to set up a Chart of Accounts in QuickBooks:

Set Up Chart of Accounts in QuickBooks

Step 1: Choose the Lists that says Chart of Accounts, as displayed on the computer screen.

Step 2: On the computer screen, QuickBooks will show the Accounts menu. When you press click on the tab, the Account Menu Options New will be displayed on your particular computer system screen.

Step 3: Now add a new account. QuickBooks will display Add New Account option on the computer screen.

Step 4: Utilize the Account Type buttons. QuickBooks offers various account types such as Fixed Asset, Credit Card, Accounts Payable, Cost of Goods sold, Income loan, Expenses, Accounts Payable, Accounts Receivable, Long-term liability, Other Assets, Other Expenses, etc.

Also, with the help of the accounts, you will be able to know about the place where your particular data is reported.

Step 5: Hit on Continue. Now QuickBooks will display the second Add Account screen on your particular computer system. Notice the account name that will be displayed in the financial statements. Now, you need to make use of the particular Account Name Box.

Step 6: Review the sub-account. After you have chosen the sub-account of the check box, you must provide a name to the particular Parent account.

Step 7: If QuickBooks comprehends that you have access to other currencies, then it will notify you to search for such customers, vendors, bank accounts, etc., who utilize diverse currencies.

Step 8: New Account Description is not needed. There is no need to define the new account. QuickBooks uses only definite account names in the particular financial statements and hence no description is needed as such.

Step 9: In the Add New Account screen, there will be a credit card account type version. It will help in saving all the necessary credit card details and account information.

Step 10: Identify the Tax Line. On the Tax Return of the corporation, the cash account balances will be registered. If you still need to add a bank account, then it is highly recommended to use the drop-down list in Tax-Line mapping.

Step 11: Lastly, you need to hit the Next tab to save the New Account details and then you will show the Add New Account window. After both the accounts are set up, new accounts will display in the chart of accounts list.

How to Use QuickBooks Chart of Accounts?

Here is how you access the QuickBooks Chart of Accounts for QuickBooks Desktop:

Step 1: Start by selecting the Chart of Accounts from the QuickBooks menu.

Step 2: Navigate to the Company option and then press on Accountant or Lists.

Here is how you access the QuickBooks Chart of Accounts for QuickBooks Desktop:

In QuickBooks Online, press on the Settings icon and then select Chart of Accounts.

All the steps mentioned above will assist you in monitoring your business activities on a regular basis and will help you to Set up the Chart of Accounts in your particular QuickBooks software.

However, for those, who are new to this accounting software, it may seem difficult to incorporate those steps on their own.

But don’t worry. For all such users who are performing these tasks or have different questions, you can always connect with our customer support team. Our professionals are skilled and offer extensive services 24/7.

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What are Asset Accounts?

Asset accounts normally contain things that have some real value like vehicles, inventory, building, land, valuables, etc. In a general sense, such a type of Chart of Account aids in monitoring how much has been invested in property. Furthermore, in the Chart of Accounts, other things are also included like cheques, bank accounts, etc.

What are Liability Accounts?

The Liability Account comprises items like payroll taxes, mortgages, credit card balances, promissory notes, personal loans, bank loans, and income tax payable. When the loan is added to this account, do make sure the sum of the loan is added.

What are the Important Pointers for Organizing the Chart of Accounts?

Before you start with the steps to arrange the chart of accounts, the points below should be considered significantly:

Make sure to keep the line items are not complicated in the first step. Also, make sure that the line items have specific titles, which the accountant can make sense of. It is highly recommended to use straightforward titles.
One important point that you must consider is to dodge making a new line item for every transaction since it would confuse the overall chart of accounts. Rather, make sure that you use the accounting software’s sub-headings.

Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

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Customization

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Supported Entities/Lists

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

Customer Transactions

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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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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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