QuickBooksHelpIntuit

Chart of accounts in QuickBooks Online

by Intuit•138• Updated about 8 hours ago

The chart of accounts is a complete list of your company's accounts and their balances. It organises your transactions and is used to keep your books and records current.

Find flexible solutions for your growing business with QuickBooks Online Advanced. With unlimited chart of accounts and up to 25 users, you have room to grow.

View your chart of accounts

Go to All apps , select Accounting, then select Chart of accounts (Take me there).
Review your accounts, which are listed with columns for Name, Account Type, Detail Type, QuickBooks Balance, and Bank Balance.
Use the buttons above the chart to batch edit multiple accounts, print your chart of accounts, or edit the displayed columns.

Account types

The Account Type column categorises transactions into main financial categories. These types, along with detail types, determine which financial reports (such as the Balance Sheet or Profit and Loss) display the data.

Assets: Money spent on vehicles, equipment, buildings, or other assets used for business.
Liabilities: Money you owe but haven't yet paid, such as loans, mortgages, or lines of credit.
Income: Money earned or gained from normal day-to-day business, such as sales revenue or income from services.
Expenses: Money spent on daily operations, such as advertising, office supplies, or rent.

Default accounts

Creditors: Tracks outstanding bills your business owes. If you have multiple creditor accounts, you can select which one to use when entering or paying bills.
Debtors: Tracks transactions for customers who owe you money. You can select specific debtor accounts when creating invoices or receiving payments.
Opening Balance Equity: Represents your starting balance before entering company assets and liabilities.
Retained Earnings: Tracks all profits from earlier periods not distributed to owners. QuickBooks automatically transfers net income to this account at the start of the financial year.
VAT Control: Track VAT you collect and pay. This account appears only if you have turned on VAT.
Uncategorised Expense: Tracks spending that needs to be categorised.
Uncategorised Income: Tracks earnings that need to be categorised.
Undeposited Funds (also called Payments to Deposit): Tracks cash or cheques ready for deposit at the bank.
Stock Asset: Tracks the current value of your stock. This appears only if stock tracking is turned on.
Reconciliation Discrepancies: Tracks adjustments made to resolve reconciliation discrepancies.

Manage accounts

You can customise the chart of accounts to fit your business needs.

Edit accounts: You can add, edit, or reactivate accounts.
Make inactive: You can remove an account from your active list by making it inactive. This prevents new transactions but retains the account in your records.
Account numbers: While not required, you can use account numbers if recommended by your accountant.

View transaction history