Step-by-Step Guide to Set Up Chart of Accounts in QuickBooks Online

QuickBooks Chart of Account is a list of account that is used to manage different types of transactions in QuickBooks Online. If you are new to QuickBooks and it is your first time creating your company file then you will also need to set up chart of accounts in QuickBooks. In this article we will show you how you can easily set up chart of accounts in QuickBooks by following some easy to follow steps mentioned in this article. For more detailed information follow the entire article until the end.

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Steps to Set Up Chart of Accounts in QuickBooks Online

QuickBooks Online provides an easy option to set up chart of accounts for the first tie for new QuickBooks users. Even if you are not familiar with QuickBooks it’s easy to get interface allows you to easily set up things. Follow the steps mentioned below in the given order to set up chart of accounts in QuickBooks Online.

1. Open QuickBooks Online and click the Gear icon at the top.
2. From the options displayed at the left select Chart of Accounts.
3. Now under the Accounts section you can see all the accounts that you will need to manage your business and finances.
4. If you want to change any information in any account then click the Run Report drop down list in the same account section.
5. Select Edit and now you can edit the account type, name, and details.
6. After making the required changes click Save and Close.

Steps to Add a Sub Account in Chart of Accounts

1. Choose any account that you want to change to a sub account under the Chart of Accounts window.
2. Now click the Run Report button at the right side of the account name.
3. Click Edit and checkmark is sub account option.
4. Now select the parent account from the drop down list and then click Save and Close.

Steps to Delete an Account from Chart of Accounts

1. Open the Chart of Accounts window.
2. Select any account you want to delete and click the Run Report drop down list with the name of the account.
3. Select Delete.
4. In case if you want to delete any inactive account then click the Gear icon and checkmark Include Inactive checkbox.
5. Now select any inactive account that you want to delete.

IMPORTANT: Occasionally you might get errors while setting up or importing Chart of Accounts in QuickBooks if there is a damage in QuickBooks data and you can follow our article Step-by-Step Guide to Repair Damaged QuickBooks Data for detailed troubleshooting steps.

Chart of Accounts is a large section of QuickBooks applications and there are numerous things you might need to set up when you handle multiple accounts and company files. Any time if you need help or advice of an expert then you can call our direct support line (844)-888-4666.