The Chart of Accounts is a list representing all the accounts and balances you may have at a given point of time. It would show your company’s liabilities, assets, income, and expenses. This will help you to understand the amount of money you have and any amount of money you owe to anyone.
Here’re 4 easy steps to set up the QuickBooks Chart of Accounts List:
1. Select the Gear’ icon from the top right side of the product window.
2. Click ‘Chart of Accounts’ under ‘Settings.’
3. Click the ‘New’ green button on the top right of the ‘Chart of Accounts’ window. You can also select the ‘Import’ option to import the Chart of Accounts.
4. The new ‘Account’ window appears. Fill up the details, for example, description and other fields as applicable. Click ‘Save and Close’ green button. OR Click ‘Save and New’ from the drop-down to add a new account.