5 Steps to Move your Chart of Accounts to QuickBooks Online

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QuickBooks is one of the fastest-growing accounting software which is known by everyone. It is one of the finest accounting software which is building the latest relations between users and organizations. The Chart of Accounts is a list of collections of your all company’s accounts and balances. QuickBooks software uses this collection to manage the transactions on your reports and Ta forms.  Chart of accounts also organizes your transactions so that you always know what money you are having and owe in the accounts.

Your chart of accounts manages and give you the information about the below things :

  • Liabilities: The amount which you need to pay and it is owing to you
  • Income: Money which you gets a day to day business tasks from sales revenue or income
  • Expenses: This is the money which you spend on expenses related to normal business operations, like advertising, promotion, office supplies, etc
  • Assets: It consists of vehicle, equipment, building, and other things used for business

You can easily access the chart of accounts through settings >> Chart of accounts

5 Steps to Move your Chart of Accounts to QuickBooks Online

Tips to manage the chart of accounts efficiently

Many accounting systems come with the chart of accounts line included with the headers such as “1430.2” and “530.8“. These numbers could be for large accounting firms, sometimes they are often not important for entrepreneurs and small businesses. While settings up your lines for the first time, keep it simple. Remember to make the title in that way so that anybody can understand the same including you and your accountant. You can use the straightforward name like”bank fees” and “bottling equipment“.

With time sometimes you need to create a new line item for each transaction. It may be confusing to navigate. Take the benefit of accounting software sub-accounts.

Steps to move your chart of accounts to QuickBooks Online

Below 5 steps are mentioned to move your chart of accounts to QuickBooks Online.

Step 1 – Make your spreadsheet ready

First, import your chart of accounts in excel or CSV file format. Below steps are ready to upload it to QuickBooks.

  1. Open your existing spreadsheet of the accounts and if it is not existing create a new one.  You can also export the chart of accounts from other QuickBooks company
  2. Don’t forget to include below columns in your sheet

                          Account name
                         Account Type
                         Detail Type

  1. If you are organizing the accounts by numbers you need to add the account number column. If you don’t use account number skip this step
  2. If you have any sub-account, add it in the account name column in below format: Main account: Subaccount
  3. Once everything is done save your spreadsheet in Excel or CSV format

Step 2 – How to Upload the spreadsheet

  1. First Sign in to QuickBooks Online company
  2. Go to Settings>>>>Import data
  3. Select the chart of accounts
  4. Select Browse, search your sheet which you have saved
  5. Click on Next

Step 3 – Match the fields with the QuickBooks fields

After uploading the spreadsheet, make sure your accounts get imported correctly.

  1. Select every small row in your field column. Now match the columns in the spreadsheet to below QuickBooks fields:
  • Detail Type
  • Account Name
  • Account Number
  • Type

Note – If you any field except Account Name select No match which doesn’t have a matching column in the spreadsheet.

  1. Select Next

Step 4 – Import your chart of accounts

Its almost done. Check everything last time before saving

  1. If you did not yet, make sure to add types and details types (You may focus on account type first, then select the details type which fits the transactions you want to track)
  2. If you found any field highlighted in Red which shows that you need to fix that info. Move your pointer over a highlighted field to see the description which you need to fix
  3. Uncheck any account you don’t want to save
  4. Once everything looks fine, Select Import
  5. To see your imported accounts go to settings>>chart of accounts

Step 5 – Mention the opening balance for accounts

Once every account is in QuickBooks, mention your opening balance for a bank, credit card, and other accounts.

An opening balance is the starting point for every account which is created in QuickBooks. It summarizes all past transactions in your real-life account until opening the balance date.

  1. Go to Settings>>Chart of accounts
  2. Search your bank or credit card
  3. Select the small arrow in the Action column, then edit
  4. To date, tell QuickBooks when you want to start your account. It will set the starting point
  5. For Balance, enter the amount in the account as of the date you select.
  6. Once all is complete save and close

Now connect your bank or credit card to bring in your transactions. If you connect QuickBooks categories and download your transactions for you. You just need to review and approve the same.

5 Steps to Move your Chart of Accounts to QuickBooks Online

How to Optimize your chart of Accounts in QuickBooks

Hundreds of user are using the chart of accounts, below are some tips through which anyone can optimize the chart of accounts:

  • Don’t stick with the default – Default chart of accounts provides you a canned set of reports based on the information you select. This is helpful but you can add and customize it as per your need
  • Order is everything – Default chart of accounts show the list in alphabetical order. Reorder this hart to make sure that it accurately reflects your business needs.
  • Take the advantage of Parent and Subaccounts – Priority is the best things and you also should use parent and subaccount to allow you to see your business result in the most useful way
  • Use classes and customer – Keep your chart of accounts simple, and add exact tags for everything which will show a clean report
  • Don’t guess when it comes to Bookkeeping – Do all the transactions properly, Your statements are good till good information is going to them. Whoever is using your chart of accounts should have a solid understanding

Get in touch

For any help dial 1-800-865-4183 and get in touch with the QuickBooks professionals. Whatever the concern is we have a solution for everything related to your QuickBooks issues. You can also email at info@askforaccounting.com and get in touch with the QuickBooks Helpdesk. QuickBooks Experts are always available 24*7 to assist you with the solutions. Just connect with the experts and get the quality solutions for your business.