A chart of accounts is a financial statement that shows how funds are allocated between different accounts in an organization. Read the complete article to know how to add chart of accounts in QuickBooks Online. A chart of accounts helps to track your spending, budgeting, and cash flow. A chart of accounts can include different categories, such as cash, accounts receivable, and inventories. You can also use charts of accounts to figure out how much money you’re spending on each category and how much money you’re making.
How to Add Chart of Accounts in QuickBooks Online
Chart of Accounts is a feature that helps businesses keep track of their finances. To add a Chart of Accounts in QuickBooks Online, follow these steps.
- Login to your QuickBooks accounts and go to the chart of accounts page.
- Click on the “New” button and this will open up a different dialogue box.
- Now open up the list of categories and choose a bank.
- Now make an entry and choose the category that you think is most relevant to the account.
- What QuickBooks will then do is use the category that you chose and will put that as the name of your account.
- Enter the number allotted to the account and even supply the description.
- Supply the balance as it appeared in your bank statement, then click save.
- Quickbooks will now display your new account under the chart of accounts and it will now also be listed in the list of accounts as well.
For more info, you can directly get in touch with us at the QuickBooks helpdesk and raise any concerns you might have.