Learn how to set up your chart of accounts and add new accounts.
Chart of accounts is the nuts and bolts of your accounting. And it’s already set up and customised for you. But if you need new accounts to keep track of your transactions, you can always add more. We’ll show you how.
Tip: Have another QuickBooks Online company? Save time by moving your existing accounts instead.
Add a new account
- Select Settings ⚙ and then Chart of Accounts.
- Select New to create a new account.
- In the Account Type ▼ dropdown menu choose an account type.
- In the Detail Type ▼ dropdown, select the detail type that best fits types of transactions you want to track. Learn more about detail types.
- Give your new account a name. You can use the info under the detail type to add a name that fits.
- Add a description.
- If you’re adding a sub-account, select Is sub-account and then enter the parent account. If you need help, learn more about parent accounts and subaccounts.
- Choose when you want to start tracking your finances. In the Unpaid Balance field, enter the amount in the account, and determine the as of date. Enter today's date if you want to start tracking immediately.
- When you're done, select Save and Close.
You can also add accounts when recording a cheque, bill, or other transaction. While you're in an open form, select ▼ in the Category column, then + Add new.
If you added a new bank account
If you connect your bank accounts to online banking, QuickBooks automatically downloads and categorises your bank and credit card transactions for you. Then all you have to do is approve the work.
Get help with organising your accounts
Keep your chart of accounts simple. Here are things you can do to organise your accounts:
- Use account numbers if you have many accounts