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Set up chart of accounts using the QuickBooks Online template

by Intuit•35• Updated 11 months ago

Your chart of accounts is a complete list of your company's accounts and balances. You can set up your chart of accounts just the way you like it using our Excel template. When you're done, save the file and import it back into QuickBooks Online so you can use and share it with any client.

Before you start

If you're an Accountant, you'll be able to automate the generation of your chart of accounts using our new templates capability.
The best time to set up your chart of accounts is before you've connected a bank account.
To see and track GST rates in your chart of accounts, make sure you have GST set up.

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

First, download our Excel template. You can also download this from within the chart of accounts import section in QuickBooks.

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

Our template is designed to help reduce errors, improve accuracy and save you time setting up your chart of accounts. We recommend sticking to the existing formatting to make sure your data can be read and imported back into QuickBooks accurately.

Don't worry, we've added tooltips and notes to help you find your way around the template. The dropdown menus offer a range of options and the options available under Detail type depend on the Account type you choose.

3. Customise the account

Next, it's time to customise your chart of accounts! Here are some tips to keep in mind during set-up.

Do:

Add new accounts
Rename the template
Keep the file type as .xlsx or .csv

Don't:

Change the template's format or file settings
Change the headers in row 1
Forget to fill in the required columns marked in green

4. Setting the account hierarchy

Finally, keep your accounts in order by arranging them into header and sub accounts. To do this:

Name the new account — this will be your header.
In the row below, copy the header name and add a colon (:) at the end.
In the same row, add the sub account name after the colon.
Use the same Account type for both accounts.

Ready to import your chart of accounts? Take me there.

Troubleshooting and resolving import errors

Import errors are marked in red at step 3 of the import process. Check the column header and refer to our list of possible errors and how to fix them. Try importing again once you’ve found and fixed the errors.

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

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