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Community Explorer **

I had a chart of accounts that used the labels - "income and expense" and had to delete to start over. Now it says "revenue and expenditure" . How do I Change?

 
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Anonymous
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Re: I had a chart of accounts that used the labels - "income and expense" and had to delete to st...

I see this is your first post, so I'd like to welcome you to the Community, treasurer6,

 

I can share some information about the Chart of Accounts description for income and expenses.

 

Technically, the description of your income and expense accounts should not get automatically updated unless your QuickBooks is configured to be a non-profit organization. If you're using a new company file and have not processed any transactions yet, we can try troubleshooting your company preferences to get past the problem. Here's how:

  1. Click the Gear icon.
  2. Choose Account and Settings.
  3. Select the Company tab.
  4. In Company type, select the Tax form that's appropriate to your business.
  5. Click Save and choose Done.

Logout and sign-in back to QuickBooks Online, then verify if the accounts are now showing the correct label. That should update the account information for you, treasurer6.

 

Another option is to reset QuickBooks and start from scratch. You can do this if your QBO program has been active for not more than 60 days. Here's an article to guide you with the steps: Delete QuickBooks Online Data and Start From Scratch

 

However, if you're beyond the purge timeframe, what you can do is to cancel your account then start a new subscription.

 

Keep me in the loop on how this goes. I'll keep an eye on this post for any updates from you.

Community Explorer **

Re: I had a chart of accounts that used the labels - "income and expense" and had to delete to st...

HI - Thank you for the info.  I am a non-profit and file a form 990.  Before I did the purge and restart to reset my transactions, I had the same settings, but I had income and expense labels for my chart of accounts.  I'd like to get back to that.

QuickBooks Team

Re: I had a chart of accounts that used the labels - "income and expense" and had to delete to st...

Thanks for getting back to us, treasurer6!

 

I can help provide additional details about the income and expense labels used in you Chart of Accounts. 

 

A Nonprofit organization/company is a specialized industry which uses specific accounting terms. These are different from those other types of organization. 

 

It's possible the previous account have transactions already created in your QuickBooks Online account prior to changing it to a Nonprofit type, which is why it is using the Income and Expense labels. 

 

To ensure the accuracy of your books, the program won't allow you to change the labels to income and expense after setting up the company file to non-profit. However, you'll be able to change the term Donor to Customer

 

Here's how:

  1. Go to the Gear icon, then Account and Settings.
  2. Select Advanced.
  3. Click the pencil icon in the Other preferences section.
  4. Change the Customer Label to Customer
  5. Pick Save.
  6. Click Done

We'd appreciate it if you can tell us more about how this functionality can help you. Most of the updates made in QuickBooks Desktop are based on customers' recommendations. To send feedback, just go to the Gear icon, then select Send Feedback Online.

 

Let me know if you have additional questions with changing labels. I'd be happy to answer them for you.

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