QuickBooksHelpIntuitSet up chart of accounts using the QuickBooks Online template
by Intuit•139• Updated 1 month ago
Learn how to set up your company’s accounts and balances by importing them into QuickBooks Online with an Excel template.
What is a chart of accounts?
The chart of accounts is a complete list of your company's accounts and their current balances. With a template, you can customise this list in Excel and import it into QuickBooks Online to use or share with clients.
Before you start
- Timing: The best time for set this up is before you have connected any bank accounts.
- GST: If you need to see and track GST rates, ensure GST is already set up in QuickBooks.
- Accountants: You can automate the generation of the chart of accounts using the new templates capability.
This article will run through the following steps and topics:
Step 1: Downloading our Excel template
Step 2: Exploring the template
Step 3: Customising the chart of accounts
Step 4: Setting the account hierarchy
Troubleshooting and resolving import errors
Sample accounts for your new chart of accounts
1. Download the QuickBooks Online template
To begin, you need to download the sample Excel file from the import section.
- Go to Bookkeeping and select Chart of accounts.
- Using the dropdown arrow next to New, select Import.
- Select Download a sample file.
2. Explore the template
The template is designed to reduce errors and improve setup accuracy. It includes tooltips and notes to help you navigate the fields.
- Dropdown menus: These provide specific options for your data.
- Detail types: The options available in the Detail type column depend on the Account type you select.
- Formatting: We recommend keeping the original format to ensure data can be read and backed up correctly.
3. Customise the account
Follow these guidelines while adding your data to the template to ensure a successful import.
- Do: Add new accounts, rename your template, and keep the file format as .xlsx or .csv.
- Don't: Change the template's internal format, modify the headers in row 1, or leave green required columns empty.
4. Setting the account hierarchy
You can organise your accounts into header and sub-accounts to maintain a logical structure.
- Enter the name of the new account to serve as your header.
- In the row directly below, copy the header name and add a colon (:).
- Add the sub-account name immediately after the colon.
Ensure both the header and sub-account use the same account type.
Troubleshooting and resolving import errors
If there are issues with your file, QuickBooks will mark them in red during step 3 of the import process.
| Error | How to fix |
|---|---|
| Account number | Use a unique number for this account. |
| Account name | Use a unique name for this account. |
| Account type | Choose an option from the preset list to ensure this account is set up correctly. |
| Detail type | Choose an option from the preset list to ensure this account is set up correctly. |
| Tax rate | Choose an option from the preset list to ensure this account is set up correctly. |
| Currency | Choose an option from the preset list to ensure this account is set up correctly. |
| Opening balance | Use a number value for this field, or leave blank if no balance is needed. |
| Date | We don’t recognise that date format. Double-check the details and try again. |
Sample accounts for your new chart of accounts
We’ve added our most commonly used accounts to get you started.
| Account name | Account type | Detail type |
|---|---|---|
| Accounting and bookkeeping | Expenses | Legal and professional fees |
| Advertising and marketing | Expenses | Advertising/Promotional |
| Bank charges and fees | Expenses | Bank charges |
| BAS Roundoff Gain or Loss | Other Expense | BAS roundoff gain or loss |
| Billable Expense Income | Income | Service/Fee income |
| Contractor Expenses (non salary) | Expenses | External services |
| FBT Liabilities | Current liabilities | BAS payable |
| Freight & Delivery - COS | Cost of Sales | Shipping, Freight and Delivery - COS |
| Fuel & oils | Expenses | Auto |
| Gas and electricity | Expenses | Utilities |
| Gifts and donations | Expenses | Charitable contributions |
| GST Liabilities Payable | Current liabilities | BAS payable |
| Insurance | Expenses | Insurance |
| Interest expense | Expenses | Interest paid |
| Interest income | Other income | Interest earned |
| Inventory | Current assets | Inventory |
| Loan | Non-current liabilities | Long term borrowings |
| Luxury Car Tax Liabilities | Current liabilities | BAS payable |
| Meals and entertainment | Expenses | Meals and entertainment |
| Motor vehicle expenses | Expenses | Auto |
| Motor vehicles at cost | Fixed assets | Vehicles |
| Office expenses | Expenses | Office/General administrative expenses |
| Office furniture and equipment at cost | Fixed assets | Other fixed assets |
| Opening balance equity | Owner's equity | Opening balance equity |
| Owners drawings | Owner's equity | Owner's equity |
| PAYG Instalment Liabilities | Current liabilities | BAS payable |
| PAYG instalments payable | Current liabilities | Current liabilities |
| PAYG Withholdings Payable | Current liabilities | Payroll liabilities |
| Payroll clearing | Current liabilities | Payroll liabilities |
| Postage & shipping | Expenses | Office/General administrative expenses |
| Printing, stationery & supplies | Expenses | Office/General administrative expenses |
| Registration and insurance | Expenses | Auto |
| Repairs and maintenance | Expenses | Repair and maintenance |
| Retained earnings | Owner's equity | Retained earnings |
| Salary and wages - staff | Expenses | Payroll Expenses |
| Services | Income | Service/Fee income |
| Shipping, Freight, and Delivery Postage & Handling | Expenses | Shipping, Freight and Delivery - COS |
| Staff amenities | Expenses | Office/General Administrative Expenses |
| Subscriptions | Expenses | Dues and Subscriptions |
| Superannuation - staff | Current liabilities | Payroll liabilities |
| Superannuation payable | Current liabilities | Payroll liabilities |
| Telephone & internet expenses | Expenses | Utilities |
| Travel expenses | Expenses | Travel |
| Uncategorised Asset | Current assets | Other current assets |
| Uncategorised Expense | Expenses | Other miscellaneous service cost |
| Uncategorised Income | Income | Service/Fee income |
| Undeposited funds | Current assets | Undeposited funds |
| WET Liabilities | Current liabilities | BAS payable |
| Workcover expenses | Expenses | Payroll Expenses |
More like this