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Understand QuickBooks Chart of Accounts

Chart of Accounts is the complete list of all the company’s accounts and balances. In QuickBooks, it represents and organizes the company's assets, liabilities, income, and expense. You can tell how much money your company has, how much money it owes, and how much money is coming in and out by simply looking at your Chart of Accounts.

QuickBooks automatically creates your chart of accounts based on the industry and type of company you choose when creating your company file. If you just created your file, make sure to record the accounts' opening balances.

To access your Chart of Accounts:

  • Select Chart of Accounts from any of the following QuickBooks menu: Company, Lists, or Accountant (if you’re using an Accountant version).
  • Press Ctrl + A on your keyboard while inside QuickBooks.

Types of accounts

The following are the two main account types in QuickBooks Desktop:

Accounts that QuickBooks sets up for you

When creating a new company file, QuickBooks Desktop requires you to select a type of company, which determines the Chart of Accounts your company file will begin with. However, there are accounts that QuickBooks Desktop automatically creates, regardless of the type of company you choose.

Common Chart of Accounts tasks