Add to or edit the chart of accounts in QuickBooks Online

The Chart of Accounts is the complete list of all the company’s accounts and balances in QuickBooks Online. It organizes your assets, liabilities, income, and expenses. It shows how much money your company has, how much it owes, and the flow of money in and out. You may need to add or edit accounts as your business changes.

Add an account

Follow this link to complete the steps in product

1. Select New.
2. Select the appropriate account type from the Account Type dropdown menu.
3. Select the appropriate Detail Type from the dropdown menu.
4. Fill in all remaining fields and select Save and Close. 

Edit an existing account

Follow this link to complete the steps in product

1. Locate the account you'd like to edit.
2. Select the dropdown arrow next to Account history or Run report (depending on the account).
3. Select Edit.
4. Make all desired changes and select Save and Close. 

Edit an account's history

Follow this link to complete the steps in product

1. Locate the account you'd like to edit.
2. Select Account history. 
3. Select the transaction you'd like to edit.
4. Make changes to all available fields and select either Delete, Edit, Cancel, or Save.

Account Types

There are 2 main types of accounts in QuickBooks Online; a balance sheet account and an income and expense account.

Balance sheet accounts

Balance sheet accounts include the business's assets such as bank accounts and equipment, liabilities such as credit cards and bank loans, and equity, which represents the health of your business. Each balance sheet account has its own register to track the transactions involving the accounts and their own balances. These accounts also appear on your balance sheet report, which is one of the main financial reports.

Here are the standard balance sheet accounts:

• Accounts Payable A/P
• Accounts Receivable A/R
• Bank
• Credit Card
• Equity
• Asset, Current Asset, Fixed Asset
• Other Current Liability or Long Term Liability

Income and expense accounts

Income accounts track the source of your company's income while expense accounts track what your company is spending. Unlike balance sheet accounts, income and expense accounts do not have their own registers:

• Income/ Other Income
• Expense/ Other Expense

For most businesses, the standard Chart of Accounts provided during the initial QuickBooks Online account setup will meet your needs, but there may be times when you'll need to add to, edit, or delete accounts from your chart of accounts due to the changing requirements of your business.