Chart of Accounts This course will cover how to set up every type of account within the chart of accounts in QuickBooks.
Chart of Accounts
This course will cover how to set up every type of account within the chart of accounts in QuickBooks. The chart of accounts the most important part of QuickBooks, as it is all of your accounts and reports for your business gathered into one location. You will learn every type of account within the chart of accounts and how to use them, as well as how to set up a profit and loss or balance report for your accounts.
Learning Objectives
- Use specific accounts
- Differentiate account types
- Use reports for accounts
Skills you’ll gain
Account AnalysisAccountingAccounting CycleQuickBooks (Accounting Software)QuickBooks CertificationAccounts Receivable/Billing FundamentalsWhat You'll Learn
- Set up every type of account within the QuickBooks chart of accounts
- Differentiate between account types including bank, asset, credit card, equity, income, cost of goods sold, and expense accounts
- Use specific accounts correctly for your business
- Set up and use reports for your accounts
- Build a Profit and Loss report in QuickBooks
- Build a Balance Sheet report in QuickBooks
Key Takeaways
- The chart of accounts is the most important part of QuickBooks because it gathers all of your business accounts and reports into one location.
- The course covers how to set up every type of account within the chart of accounts in QuickBooks.
- Account types covered include bank, asset, credit card, equity, income, cost of goods sold, and expense accounts.
- Learners can set up both a Profit and Loss report and a Balance Sheet report for their accounts.
Frequently Asked Questions
What does this QuickBooks Chart of Accounts course cover?
It covers how to set up every type of account within the chart of accounts in QuickBooks, how to use each account type, and how to set up a Profit and Loss report and a Balance Sheet report for your accounts.
Which account types will I learn about?
The course covers bank accounts, asset accounts, credit card accounts, equity accounts, income accounts, cost of goods and sold accounts, and expense accounts, along with an account types overview.
Why is the chart of accounts important in QuickBooks?
The chart of accounts is the most important part of QuickBooks because it is all of your accounts and reports for your business gathered into one location.
What skills does this course build?
It builds skills in account analysis, accounting, the accounting cycle, QuickBooks accounting software, QuickBooks certification, and accounts receivable/billing fundamentals.
What reports will I be able to create after this course?
You will learn how to set up a Profit and Loss report and a Balance Sheet report for your accounts.
Transcript
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Hey there, welcome to QuickBooks Online. This is the intermediate course. My name is Cindy and I wanted to take a moment in this video and talk to you about the importance of setting up your chart of accounts correctly. Now, sometimes in QuickBooks Online, they're also called categories, but regardless, you have to set this up correctly or your reports won't be accurate. Let me give you a quick idea of what I'm talking about here. I'm gonna head down to Accounting and look at the chart of accounts. When I say that the accounts need to be set up correctly, what I'm referring to is the type. It doesn't matter what you name your accounts, that's really more for your own use, but the type needs to be set up the right way. For example, when you first set up your company file, you will not have any bank accounts here. If you wanted to enter a debit card transaction or write a check, you couldn't put that transaction in QuickBooks because you don't have a bank account set up yet. You won't have any credit cards set up. You'll have to set those up. Those are credit cards that your company uses to purchase items for the business. Going down this list here, there's some income accounts. You don't want everything to be income because that means it's all taxable money and some of it may be just a transfer you're made or it might be something that you got reimbursed for. And there's a ton of different expense accounts down here and of course you'll wanna add your own to this. So this is the column I'm referring to right here, the type column. You wanna make sure those are all set up the right way so that you run reports and get all the information you need and it looks accurate and everything's in the right place.
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