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cookie59
Level 1

Chart of Accounts

One of my clients has decided she wants a new chart of accounts to match the course she's taking to make it easier for her and her teachers to match the balances to the accounts.  It would be the chart of accounts the course provides. Can this be input into QuickBooks and her previous balances transferred? This is a service based company. 

2 Comments 2
Rasa-LilaM
QuickBooks Team

Chart of Accounts

I’m happy to see you in the QuickBooks Community, cookie59.


It’s my priority that your client can create a chart of accounts based on the industry type.
 
To do this, use the Export and Import feature in QuickBooks. Let me walk you through the steps.

 

To export lists:

 

  1. Go to File at the top menu, then select Utilities.
  2. Choose Export., then select Lists IIF files.
  3. On the Export window, select Chart of Accounts.
  4. Click OK.
  5. Select the location where you want to save the file, then click Save.

export1.pngexport2.pngexport3.png

Next, remove the lists that you no longer need. Follow the instructions in the Export lists from old company file into a new data file article and go directly to Step 2.


Now, you can start importing the lists. Make sure to create a backup copy first to avoid accidental loss.


To import:

 

  1. Open the new company file and logged in as the Administrator.
  2. Go to File at the top menu, then select Utilities.
  3. Select Import and click IIF Files.
  4. Follow the onscreen instruction.
  5. Click on the Import IIF button.
  6. Import the Chart of Accounts, and other lists.

export4.pngexport5.png

 

After successfully importing the information, manually enter the opening balance for each account. To help you accomplish this, click on the link for each account you’re working on: Record opening balance.


These steps should get you pointed in the right direction.

 

Let me know how this turns out or if you need further assistance with these steps by leaving me a comment. I'll be right here ready to help.

qbteachmt
Level 15

Chart of Accounts

@Rasa-LilaM 

 

Please learn from this input. The Function you show will not do Anything this person has asked for.

 

@cookie59 

 

Let's start here: "a new chart of accounts to match the course she's taking to make it easier for her and her teachers to match the balances to the accounts."

 

Start with the Tax Form this person files. That's their reference for the Chart of Accounts for this business.

 

If your client is taking a class, they Learn by practicing with Sample data and do not make a mess of their real file. But let's assume their real file is a mess.

 

You can Rename, Merge, Reorganize, and add accounts at any time. This is what I teach in Class, as an example:

 

We see multiple COGS, but the Items provide all the reporting we need, so let's Merge all of these into one COGS.

 

We see Expense for Phone and Telephone and Tele. Let's Merge them into one. Now, let's make a Parent Level expense account and name it Utilities. Let's put the existing accounts as subaccounts under this for Phone and Internet and Water and Sewer and Electricity. Now we can expand and collapse Utilities, for nice reporting functionality.

 

Always make a Backup of the file before doing such powerful and dangerous housekeeping. There is no Unmerge function.

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