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Set up advanced account settings in QuickBooks Online

SOLVEDby QuickBooks26Updated January 26, 2024

The Advanced account settings is where you or your accountant initially set up your company file.

Note: Advanced account settings vary by region.

Set up Advanced account settings

  1. Go to Settings Settings gear icon., then select Account and settings.
  2. From the left menu, select Advanced.
  3. Select the Pencil ✎ icon for each section below to modify your settings.

Preferences for Advanced account settings

Choose preferences accordingly:

Accounting:

  • Set up the financial year, tax year and set the closing date.
  • Specify your accounting method.
  • Set up Default tax rate selection.

Construction Industry Scheme (CIS): Enable CIS if you're in the construction industry.

Making Tax Digital: Connect to HMRC to stay on top of your tax deadlines and submit digital VAT returns.

Company type: Select the type of tax form your company uses.

Chart of accounts: Enable or disable use of account numbers. Set up Markup income account & Billable expense income account. 

Categories: Add "class" and "location" fields on your forms.

Automation:

  • Pre-fill forms.
  • Automatically apply debits and credits.
  • Auto-enabled workflows.

Projects: Project features to see all sales, expenses, and timesheets by project.

Currency (Essentials and Plus Only): Select if you accept transactions in foreign currencies.

Other preferences:

  • Date and number format.
  • Warnings about duplicate transaction & journal numbers.
  • Waiting time before you're automatically signed out of QuickBooks Online.

You now know how to set up your Advanced account settings.

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