Chart of Accounts Real Estate Investing w/QBO

Let's get your chart of account set up, Tasha.

QuickBooks Online creates several accounts when you set up your real estate company. Some can be deleted or edited, and others cannot.

The following are the default accounts created automatically in the chart of accounts by QuickBooks:

• Credit Card Receivables
• Undeposited Funds
• Opening Balance Equity
• Retained Earnings
• Inventory Assets
• Cost of Goods Sold
• Reconcile Discrepancies
• Unapplied Cash Payment Income

If you need to set up your own real estate and rental properties accounts, you can follow the steps below:

1. Click the Gear icon and select Chart of Accounts.
2. Select New in the top right corner. 
3. Click on the Account Type drop-down to select the account type.
4. Select the Detail Type to specify the type of account that you want to add. If you're unsure what account and detail type to add, you can consult with your accountant.
5. Enter the name of the account in the Name field.
6. You have the option of including information in the Description field and an amount in the Balance field. 
7. Hit Save and Close.

The following is a brief video to serve as a visual reference:

To know more about the chart of accounts in QuickBooks Online, check out the following resources below. These will provide you steps on how to enable account numbers as well as merging them:

Use account numbers in your chart of accounts.

Manage default and special accounts in your chart of accounts.

Additionally, you can read through this article for more insights about how QuickBooks handles real estate companies: How to use QuickBooks for real estate company.

Fill me in if you have additional questions. I'm always here to help. Take care always.

Thanks Ann for the response.  I was looking more into possibly getting some ideas from others as to what they named the different accounts 

The link provided goes to a page hailing the virtues of QuickBooks Online Advanced, and does not answer the question for people who have the basic "Essentials" package.

Hi Tasha, I am just now getting into real estate investing. I am on step two of setting up my real estate investment company in QB. My question is what “industry” did you choose. The only applicable industries that I see are “real estate brokerage or developer” or (real estate) “Sales: Independent Agent”.