Understanding and Optimizing Your Chart of Accounts in QuickBooks Online

Ready to master your QuickBooks finances? This Community Chatter episode breaks down the Chart of Accounts – what it is, where to find it, and how its core structure of assets, liabilities, income, and expenses works for you. We'll walk through setting up a simple Chart of Accounts for service-based businesses, adding new accounts as you grow, and customizing it with subaccounts for better reporting. See how it all impacts your financial statements and gain control of your QuickBooks!

Resources & Timestamps:

• Get familiar with the chart of accounts (0:55s)
• Setting Up a Basic Chart of Accounts for a Service-Based Business (2:22)
• Add or remove accounts (3:05)
• Make an account active or inactive (4:15)
• Use account numbers (5:10)
• Create Subaccounts in your Chart of Accounts (6:07)