Are you looking for ways to set up a chart of accounts in QuickBooks? If you, make sure to read this post till the end. The QuickBooks chart of accounts is a list of accounts that help in categorizing assets, owner’s equity amount, liabilities and income. It is simply a list of balances and accounts of the company. Setting up chart of accounts in QuickBooks involves a few simple steps that are discussed later in this post.
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Type of chart of accounts
There are basically four type of chart of accounts, namely:
- Asset accounts
- Liability accounts
- Income accounts
- Expense accounts
How to set up chart of accounts in QuickBooks?
Setting up chart of accounts in QuickBooks is a step by step process. Follow for more steps to be carried out are as follows:
- First of all select the lists- charts of accounts command
- Then click on the account tab
- Followed by adding new account by selecting the account and new options respectively
- The next step is to use the account type buttons
- After that, the user needs to click on continue option
- And then check the sub account
- The user will then be prompted to look for all those customers, bank accounts, and vendors who use different currencies
- And then comes the description of the new account, which is not mandatory
- The credit card account type version of the window will assist in storing all the card details
- After that the user needs to recognize the tax line
- And then save the new account
These were the steps involved in the process to set up chart of account in QuickBooks. However, in case any of your queries remained unanswered, or if you have any doubt, you can call us anytime at our toll-free number i.e. 1-800-761-1787 and our team will ensure to provide the best possible support.
