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Set up advanced account settings in QuickBooks Online

SOLVEDby QuickBooks4Updated 3 weeks ago

The Advanced account settings is where you or your accountant initially set up your company file.

Note: Advanced account settings vary by region.

Set up Advanced account settings

  1. Go to Settings ⚙, then select Account and settings.
  2. From the left menu, select Advanced.
  3. Select the Pencil ✎ icon for each section below to modify your settings.

Preferences for Advanced account settings

Choose preferences accordingly:

Accounting:

  • Set up the financial year, tax year and set the closing date.
  • Specify your accounting method.
  • Set up Default tax rate selection.

Company type: Select the type of tax form your company uses.

Chart of accounts: Enable or disable use of account numbers. Set up Discount account and Billable expense income account. 

Categories: Add "class" and "location" fields on your forms.

Automation:

  • Pre-fill forms.
  • Automatically apply debits and credits.
  • Auto-enabled workflows.

Projects: Project features to see all sales, expenses, and timesheets by project.

Currency (Essentials and Plus Only): Select if you accept transactions in foreign currencies.

Other preferences:

  • Date and number format.
  • Warnings about duplicate transaction & journal numbers.
  • Waiting time before you're automatically signed out of QuickBooks Online.

You now know how to set up your Advanced account settings.

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