Learn how the chart of accounts works in QuickBooks Desktop.
The chart of accounts lists all your company's accounts and their balances. QuickBooks uses this list to track funds, debts, money coming in, and money going out.
Each account has a transaction history that you can view in the register. You can also run a quick report for details.
Account types on the chart of accounts
When you open your chart of accounts, you'll see a long list of accounts. These are known as account histories. Each account has its own account history. Simply go to the account history to review its transaction history and current balance.
Your chart of accounts gives you different account types to categorise transactions:
- Assets: Purchases for things like vehicles, equipment, and buildings used for your business.
- Liabilities: Funds you owe but haven't paid yet.
- Income: Sales transactions for products or services sold.
- Expenses: Costs for business operations, like advertising and promotion, office supplies, and rent.
Open your chart of accounts
Select Company, Lists, or Accountant and then Chart of accounts.