Edit Your Chart of Accounts

Chart of Accounts is a listing of the categories that QuickBooks uses to summarize money movement for your company’s financial statements. If this seems a bit confusing to you, that’s okay—most business owners won't need to modify this. In fact, unless you have a background in accounting or finance, it’s probably best to leave the Chart of Accounts as ­is.

However, if you plan to make changes to the Chart of Accounts, you should know that there are five basic types of accounts: income, expenses, assets, liabilities, and equity. Think of each type as a kind of bucket used to catch the various transactions of your business and whose contents in turn flow into your financial statements.

Most of the time you won’t need to create any new types of accounts. QuickBooks already has these customized accounts for you the first time you log in. However, you may find that you need another account category; you’ll probably want to add it while you’re writing a check, or entering a credit card charge, or recording some other transaction. Here’s how you do it from an expense.

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