Importing Chart of Account or "create new accounts" manually

IT_Fiona · ‎July 26, 2024

Hello QB team and the community, I am writing for an issue concerning the chart of accounts (COA) I have setup manually some of “Assets and Liability” accounts basing on the default accounts and created a few of transactions then have AP & AR accounts getting the opening balance (Yes, I’ve researched some articles) But now there will be more than one hundred “P&L accounts “ need to be created. Just realized that it might not be a good choice that continue to do the manual input. I’m thinking that if I start to make the formatted spreadsheet for all accounts then import COA, do the current default accounts and those “Assets and Liability” accounts that I setup manually can be TOTALLY replaced?? It seems that the default accounts will still appear on COA list even though they were adjusted as inactive accounts. It is not a good view for me. And the point is, which option have more workload in this case. To continue entering the rest of P&L accounts (over 100 items), or try to make the formatted spreadsheet then finish the upload.( Approxi.160 items except for the default accounts.) Does anyone have the experience with this. Whew… it is my first question in community. Regards,

IT_Fiona

Hi, @JoanaC

OK-Importing my COA to QBO is preferable to creating it manually.

The further issues is, some accounts of "Assets and Liability" have been in my current COA with the balance.

Not sure if I have to setup whole COA or just need to create my own P&L accounts to complete, then import the formatted sheet.If the former, will the accounts that have been created are replaced or will be a dual display.

Secondly, in the formatted sheet, how do I setup the sub-account, and sub sub-account? I got that sample file, but no idea if any other format requirements.

View solution in original post

AbegailS_

Thank you for considering importing your Chart of Accounts (COA) into QuickBooks Online (QBO) for efficiency, @IT_Fiona. I'm here to assist you with any issues you may encounter during the import process.

When importing your COA, please note that accounts with existing balances may carry over those balances into QBO. If duplicate accounts occur due to importing, you have the option to merge them in order to prevent duplication and maintain accurate records.

Here are the steps to merge duplicate accounts:

In your company, head to the Gear icon ⚙ and choose Chart of accounts.
Look for the duplicate account (one you won't keep).
Press the dropdown ▼ in the Action column and choose Edit.
Edit the Account name (Name), and Tax form section (Detail Type) so the duplicate's information exactly matches the one you wish to save.
Click Save and Yes, merge accounts to confirm the action.

For further guidance, you can refer to this resource: Merge duplicate accounts, customers, and vendors in QuickBooks Online.

Regarding setting up sub-accounts and sub-sub-accounts in your COA during the import process, add it in the Account Name column in this format: Main account: subaccount—for example, Utilities: Gas. See the table for more examples of how to format subaccounts.

To give you more insights about the process of importing the Chart of account, check out this article: Import your chart of accounts to QuickBooks Online.

I've added this article for your future reference: Customize Reports In QuickBooks Online.

Feel free to reach us if you have further concerns about managing your accounts. You're always welcome in the Community.

View solution in original post

JoanaC

It is great to have you here in the QuickBooks Community, @IT_Fiona. I'm happy to share more information about the Chart of Accounts.

When you set up your company in QuickBooks Online, certain default accounts in your chart of accounts are automatically created based on the type of business entity you choose. It's important to note that some default accounts cannot be modified.

It isn't possible to replace or delete the default account on the Chart of Accounts (COA) in QuickBooks Online (QBO). If you try to do so, you may encounter an error. Importing your COA to QBO is preferable to creating it manually. You can follow these steps on how:

Sign in to QuickBooks Online.
Select Gear icon ⚙. Then select Import Data.
Select Chart of Accounts.
To upload a file from your computer, select Browse and choose the file. Then select Open.
Select Next.

We will explain which default accounts are generated for each business entity, and which accounts you can alter, combine, or deactivate. You can check this article to learn more about default accounts: Manage default and special accounts in your QuickBooks Online chart of accounts.

Moreover, let me share this article to learn more about deleted accounts on reports: Remove deleted accounts from reports in QuickBooks Online.

Leave a comment if you still have questions about your banking. Have a great day, and take care.

IT_Fiona

Hi, @JoanaC

OK-Importing my COA to QBO is preferable to creating it manually.

The further issues is, some accounts of "Assets and Liability" have been in my current COA with the balance.

Not sure if I have to setup whole COA or just need to create my own P&L accounts to complete, then import the formatted sheet.If the former, will the accounts that have been created are replaced or will be a dual display.

Secondly, in the formatted sheet, how do I setup the sub-account, and sub sub-account? I got that sample file, but no idea if any other format requirements.

AbegailS_

Thank you for considering importing your Chart of Accounts (COA) into QuickBooks Online (QBO) for efficiency, @IT_Fiona. I'm here to assist you with any issues you may encounter during the import process.

When importing your COA, please note that accounts with existing balances may carry over those balances into QBO. If duplicate accounts occur due to importing, you have the option to merge them in order to prevent duplication and maintain accurate records.

Here are the steps to merge duplicate accounts:

In your company, head to the Gear icon ⚙ and choose Chart of accounts.
Look for the duplicate account (one you won't keep).
Press the dropdown ▼ in the Action column and choose Edit.
Edit the Account name (Name), and Tax form section (Detail Type) so the duplicate's information exactly matches the one you wish to save.
Click Save and Yes, merge accounts to confirm the action.

For further guidance, you can refer to this resource: Merge duplicate accounts, customers, and vendors in QuickBooks Online.

Regarding setting up sub-accounts and sub-sub-accounts in your COA during the import process, add it in the Account Name column in this format: Main account: subaccount—for example, Utilities: Gas. See the table for more examples of how to format subaccounts.

To give you more insights about the process of importing the Chart of account, check out this article: Import your chart of accounts to QuickBooks Online.

I've added this article for your future reference: Customize Reports In QuickBooks Online.

Feel free to reach us if you have further concerns about managing your accounts. You're always welcome in the Community.