Allow me to share some information about account details so you'll know how you can set it up, amrita-sinhaot-g.
The chart of accounts is the foundation of your company's accounting processes. That's why to set this up correctly is very important. When setting up your chart of accounts, choosing the right account type is crucial. You'll want to create a new account for your transactions, follow the steps provided below:
- Go to Gear ⚙ icon and select Chart of accounts.
- Select New.
- Select the account type and detail type. You can learn more about account types and detail types if you have questions. Select the account type and detail type. You can learn more about detail types if you have questions.
- Select Is sub-account and then enter the parent account.
- Give your new subaccount a name. You can also add a description.
- For the as of date, tell QuickBooks when you want your account to start. Then add the Balance in the account as of the date you choose.
- S Select a Default GST Code. Note: Only some account types need this, like bank, credit card, asset, and liability. If you need help, you can learn more about opening balances.
- Select Save and Close.
Aside from that, you might want to create subaccount instead of parent account or change an existing account, I've added this article the provides the complete steps on how you can do it: Create Subaccounts In Your Chart of Account In QuickBooks Online.
Additionally, all QuickBooks Online accounts use both account types and details types in the chart of accounts. Learn from the importance and purpose of account type by reading this article: Learn About Account Types and Details Types In QuickBooks Online.
Feel free to let me know if you have any additional questions about invoices. I'll always be here to help
