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Level 1

Which account type should I use when setting up a chart of account for gift certificates?

 
1 Comment
QuickBooks Team

Which account type should I use when setting up a chart of account for gift certificates?

Hi julies0928-hotma,

 

Making sure you have the right accounts set up for transaction payments is the corner stone of bookkeeping. I can help point you in the right direction for this.

 

Creating accounts in QuickBooks Online is a fast and easy process that's made to help you save time. In order to make a new account in your chart of accounts you can follow these steps.

 

  1. Go to Settings ⚙ and select Chart of Accounts.
  2. Select New to create a new account.
  3. In the Account Type ▼ dropdown, choose an account type.
  4. In the Detail Type ▼ dropdown, select the detail type that best fits the transactions you want to track. Learn more about detail types.
  5. Give your new account a name. Tip: Use the detail type description to create a name that describes what you're tracking.
  6. Add a description.
  7. If this is a sub-account of an existing account, select Is sub-account and then enter the parent account. Learn more about parent accounts and subaccounts.
  8. Now let's make sure the account in QuickBooks matches your real-life bank or credit card account. 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.
  9. When you're done, select Save and Close.

As for what account to use I recommend reaching out to your accountant as they are trained to know which one to use. If you don't currently have an accountant don't worry, we can help you with this. You can go to My Accountant>Find a pro to help to find an accountant in your area to help.

 

Have a great day!