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Congratulations on your first client, Laura1980. Let's get their Chart of Accounts correctly set up.
The Chart of Accounts is a list of the company's accounts and balances. It also organizes transactions to help you know how much money you have and owe in each account.
When creating a company file, a company type is chosen. It will help determine the Chart of Accounts our program will create. Other standard accounts like Receivables and Payables are created as they go, or when they create their first invoice or bill.
With regard to creating an account, like an asset, QuickBooks Online will only ask for the Account Type, Detail Type, Name, and Balance. You can ask for any documents that will help you fill those fields. If they don't have any documents, our program will guide you with what types to use. It will provide brief information (refer to my screenshot). Then, you can always edit it if it's set up incorrectly.
Also, it's the same with the bank account. It will only ask for the same information, and a time frame is not necessary. Although, if you want to connect their account to Online Banking, their credentials are needed. Once it's connected, QuickBooks Online will automatically download the transactions.
For more information, let me share the references that'll help you:
- Understand the Chart of Accounts in QuickBooks
- Manage default and special accounts in your Chart of Accounts
If any questions arise, please don't hesitate to get back to us. We're just around to help you.
