Find out how to use account types and detail types in your chart of accounts.
If you need new categories for your transactions, detail types can help you create accounts that fit what you want to track. But if you’re wondering how to use them or what makes them different from account types, you’re in the right place. Here’s what you need to know.
What is a detail type?
It’s important to set up the right accounts so you can run detailed reports and get clear insights on your business’ health. But if you’re unsure which type of account to choose or what to call a new account, detail types can help.
Detail types give more info about what you can track with each account type. They make it easy to create accounts that fit the types of transactions you record in QuickBooks.
How is detail type different from account type?
Account types are the actual accounting components that tell QuickBooks Online how transactions hit your books.
Detail types don’t have this impact on your books, but they play an important role. Their job is to help you select and name accounts more appropriately. So when you run reports like profit and loss, you know exactly what’s making money and what you’re spending it on.
Which type matters more – account or detail?
Focus on getting the account type right first. Think about the detail type second. And don’t feel nervous. Good organisation takes practice.
What detail types can I choose?
Each account type has detail types. You’ll see each detail type when you add a new account.
There’s more info under each type. This helps you decide if you selected the right account type, need a different one, and other tips.
How can I select a detail type for an account?
You can select a detail type when you create new accounts.
Find the detail type that fits the transactions you want to track. Use the info under the detail type to decide if it’s what you need. If you don’t find one that fits, select the closest match.
You can also change the detail type of an existing account if you need to.