Understanding QuickBooks Lists | Chart of Accounts (2023)

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(Video) Understanding how the chart of accounts works in QuickBooks Online

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(Video) Chart of Accounts Basics in Quickbooks Online

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(Video) What's the Chart Of Accounts? How to set up in QuickBooks Online


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(Video) QuickBooks Desktop Chart of Accounts - Complete Tutorial

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(Video) Quickbooks Desktop 2021 Tutorial for Beginners - How to Understand Your Chart of Accounts


What does the chart of accounts list in QuickBooks? ›

The chart of accounts lists all your company's accounts and their balances. QuickBooks uses this list to track funds, debts, money coming in, and money going out. Each account has a transaction history that you can view in the register. You can also run a quick report for details.

How does QuickBooks organize chart of accounts? ›

The accounts are organized by columns including name, type, and detail type. Account types and detail types determine the data that shows on key financial reports like the Balance Sheet and Profit & Loss statements.

How lists are used in QuickBooks Accountant? ›

Lists are the building blocks for using QuickBooks. Your lists are where the things you use in just about any transaction live. Take an invoice, for example. The “Bill to” name, item, description, rate, tax, payment terms, customer message, anything you select from a pull-down list, are all set up on a list.

What is the most important list in QuickBooks? ›

The Chart of Accounts is your most important list because every transaction recorded in QuickBooks affects an account from your chart of accounts. The Chart of Accounts are the foundation of your financial reporting. It is used to create important reports like the Profit & Loss and Balance Sheet report.

How do you read a chart of accounts? ›

A chart of accounts is a list of all your company's “accounts,” together in one place. It provides you with a birds eye view of every area of your business that spends or makes money. The main account types include Revenue, Expenses, Assets, Liabilities, and Equity.

What is the difference between chart of accounts and item list in QuickBooks? ›

Chart of Accounts—For organizing your daily transactions. Items List—For tracking the profitability of individual services and products sold. Class List—For tracking different corporate profit centers (divisions).

How is a chart of accounts arranged? ›

In a chart of accounts, accounts are shown in the order that they appear on your financial statements. Consequently, assets, liabilities, and shareholders' equity (balance sheet accounts) are shown first, followed by revenue and expenses (income statement accounts).

How should chart of accounts be organized? ›

The four primary groups in a standard chart of accounts are:
  1. Asset accounts.
  2. Liability accounts.
  3. Income accounts.
  4. Expense accounts.
17 Jan 2022

How do you structure a chart of accounts? ›

How to Design a Scalable Chart of Accounts
  1. Best Practices. ...
  2. Start by making a requirement list and then develop a blueprint. ...
  3. Use of Account Segments or Dimensions and Statistical Accounts to Satisfy the Reporting Needs. ...
  4. Scalability and Flexibility Are Key. ...
  5. Logical Account Numbering. ...
  6. Standardization is also key.
22 Dec 2016

What are lists used for in QuickBooks? ›

List entries help you to better manage your company data. Using them to keep track of things like customers, vendors, services, inventory items, and non-inventory items. Each type of list can have up to four levels of child accounts and an unlimited number of child accounts under a parent account.

What are all the lists in QuickBooks? ›

In the Lists category, click All Lists. You will then see a page of lists. In addition to the Chart of Accounts and Products and Services, there are lists for Recurring Transactions, Product Categories, Custom Form Styles, Payment Methods, Terms, and Attachments.

What are the six categories of accounts? ›

Types of accounts
  • Asset accounts are used to recognize assets. ...
  • Liability accounts are used to recognize liabilities. ...
  • Equity accounts are used to recognize ownership equity. ...
  • Revenue accounts are used to recognize revenue. ...
  • Expense accounts are used to recognize expenses. ...
  • Gain accounts are used to recognize gains.

What are the account types in QuickBooks? ›

There are two main types of accounts in QuickBooks Online – Balance Sheet account and Income and Expense account.

What are the 3 main types of accounts and 3 Golden Rules of accounts? ›

Golden Rules of Accounting
  • 1) Rule One. "Debit what comes in - credit what goes out." This legislation applies to existing accounts. ...
  • 2) Rule Two. "Credit the giver and Debit the Receiver." It is a rule for personal accounts. ...
  • 3) Rule Three. "Credit all income and debit all expenses."

What is the easiest way to learn QuickBooks? ›

Learn QuickBooks
  1. Video tutorials. Watch step-by-step videos to learn your way around QuickBooks. Explore videos.
  2. Webinars. Start with the basics. Try a 1-hour webinar with an expert to get familiar with QuickBooks. ...
  3. Tutorials & Videos. Learn more about QuickBooks by watching our instructional videos. Find a training class.

What do the diamonds mean on certain lists in QuickBooks? ›

What do the diamonds mean on certain lists (for example, the diamonds to the left of each Customer:Job?) You can click on the diamond and move the list entry to a different location on the list.

Is there a standard chart of accounts? ›

In accounting, a standard chart of accounts is a numbered list of the accounts that comprise a company's general ledger. Furthermore, the company chart of accounts is basically a filing system for categorizing all of a company's accounts as well as classifying all transactions according to the accounts they affect.

What are lists of accounts? ›

A company's Chart of Accounts is a list of all Asset, Liability, Equity, Revenue, and Expense accounts included in the company's General Ledger. The number of accounts included in the chart of accounts varies depending on the size of the company.

How do small businesses set up chart of accounts? ›

To make a chart of accounts, you'll need to first create account categories relevant to your business, and then assign a four-digit numbering system to the accounts you create. While making a chart of accounts can be time consuming, it's an important tool for understanding the financial health of your business.

In which order are the accounts listed in the chart? ›

How does a chart of accounts work? In a chart of accounts, accounts are shown in the order that they appear on your financial statements. Consequently, assets, liabilities, and shareholders' equity (balance sheet accounts) are shown first, followed by revenue and expenses (income statement accounts).

What is coding in the chart of accounts? ›

Account code - This is usually a three digit code that describes the account itself, such as fixed assets, revenue, or supplies expense.

Does a chart of accounts list accounts and balances at a specific time? ›

A chart of accounts (COA) is an index of all the financial accounts in the general ledger of a company. In short, it is an organizational tool that provides a digestible breakdown of all the financial transactions that a company conducted during a specific accounting period, broken down into subcategories.

Does QuickBooks have a default chart of accounts? ›

QuickBooks Online creates a default chart of accounts list based on the industry you selected when you set up your QuickBooks company. We recommend reviewing this default chart of accounts to determine what accounts need to be added, edited, or deleted.

What is a list of the accounts in the ledger called? ›

A listing of the accounts in the general ledger is called the trial balance.

What comes first in a chart of accounts? ›

Typically, balance sheet accounts, including current assets and current liabilities, are listed first. This is followed by the income statement, which includes revenue and expense accounts. This can be further divided into operating expenses, operating revenues, nonoperating expenses and nonoperating revenues.

How do you categorize accounts? ›

Generally speaking, an account can belong to one of five categories (or “account types”).
  1. Assets. An asset is something that the company owns. ...
  2. Liabilities. It's common for businesses to take out loans to purchase goods or pay for services. ...
  3. Equity. Equity is money that comes from the owners of the company. ...
  4. Revenue. ...
  5. Expense.
12 May 2021

What are the 4 types of list? ›

There are three different types of HTML lists: Ordered List or Numbered List (ol) Unordered List or Bulleted List (ul) Description List or Definition List (dl)

What is the purpose of using lists? ›

Lists allow you to emphasize important ideas. They also increase the readability of text by simplifying long sentences or paragraphs and adding aesthetic passive space to make reading more pleasant. However, using the wrong kind of list or poorly formatting a list can create confusion rather than enhance readability.

What is the purpose of lists? ›

Lists can keep us from procrastinating. We put this one off until the end. Making a list enables us to get our heads around really big tasks — and helps us tackle the work one aspect at a time. But a list is only useful if it reveals a truth, solves a problem or leads to action.

Is a list of all the accounts a business uses? ›

The chart of accounts is a tool that lists all the financial accounts included in the financial statements of a company. It provides a way to categorize all of the financial transactions that a company conducted during a specific accounting period.

What are the four main types of QuickBooks transactions? ›

Answer: The 4 main types of QuickBooks transactions are: 1. Banking and credit card transactions 2. Customers and sales transactions 3. Vendors and expenses transactions 4.

How do I categorize all transactions in QuickBooks? ›

Categorize a transaction
  1. Go to the Transactions menu.
  2. Find a transaction on the list.
  3. Select Business if the transaction was for business, or select Personal for personal. ...
  4. Review the category in the Category column. ...
  5. If you need to change the category, select the category link. ...
  6. When you're done, select Save.

How do I organize a list of items in QuickBooks? ›

Re-sort chart of accounts, items, or classes list
  1. From the Lists menu, select either Chart of Accounts, Items, or Classes.
  2. Select the All Names checkbox.
  3. Select Edit at the top left of QuickBooks.
  4. Select Re-sort List.
  5. Select OK.

Can you list and explain three functions that a company can benefit from using QuickBooks? ›

QuickBooks Online includes a wide range of features.

Growing businesses with more advanced finance needs can easily add extra capabilities and features like bill pay (accounts payable), invoicing (accounts receivable), inventory tracking, and sales reporting by upgrading to QuickBooks Online Pro plan.

What does a chart of accounts list? ›

A company's Chart of Accounts is a list of all Asset, Liability, Equity, Revenue, and Expense accounts included in the company's General Ledger. The number of accounts included in the chart of accounts varies depending on the size of the company.

What does the chart of accounts show? ›

A chart of accounts (COA) is an index of all the financial accounts in the general ledger of a company. In short, it is an organizational tool that provides a digestible breakdown of all the financial transactions that a company conducted during a specific accounting period, broken down into subcategories.

What does the chart of accounts display? ›

A chart of accounts is a list of all your company's “accounts,” together in one place. It provides you with a birds eye view of every area of your business that spends or makes money. The main account types include Revenue, Expenses, Assets, Liabilities, and Equity.

What are the three items included in the chart of accounts? ›

Having an accurate chart of accounts makes it easier for you or an accounting professional to develop in-depth financial reports to help you understand your company's financial position, including a cash flow statement, balance sheet, and income statement.

What is the difference between the chart of accounts list and the account list? ›

A Chart of Accounts is a list of account categories in bookkeeping. It is used for organizing the financial transactions in the bookkeeping records of a business. Every single financial transaction is allocated to an account found on the Chart of Accounts.

What are the 7 basic accounting categories? ›

7 basic accounting concepts
  • Revenue. For a business, the total amount of money the company receives for selling services and products is its revenue. ...
  • Expenses. Expenses are the costs a business incurs to generate revenue. ...
  • Assets. ...
  • Liabilities. ...
  • Capital. ...
  • Accounts. ...
  • Financial statements.

How is a chart of accounts organized? ›

The chart is usually sorted in order by account number, to ease the task of locating specific accounts. The accounts are usually numeric, but can also be alphabetic or alphanumeric.

In what order are expenses listed in the chart of accounts? ›

Account Order

Balance sheet accounts tend to follow a standard that lists the most liquid assets first. Revenue and expense accounts tend to follow the standard of first listing the items most closely related to the operations of the business. For example, sales would be listed before non-operating income.

What is the difference between main account and chart of accounts? ›

The chart of accounts is used in ledger setup, which is part of the setup for the general ledger. A main account is an account in the general ledger. The number of main accounts that you need to create depends on the accounting process and will vary among institutions.


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