5 Simple Tips to structure your Chart of Accounts

[@urszulalipka-zawadzka3262]

I admire your all videos, each of them explains accounting like noone before.

[@yourcfoguy]

I appreciate hearing that, it's great to have you here!

[@LisaSonora]

I wish my accounting profs in my MBA program explained this as well as you! Really appreciate the quick clarity! Refreshing my chart of accounts for my business --- because my bookkeeper got so much wrong!

[@yourcfoguy]

Glad to hear that you found this useful, Lisa!

[@RachealMichael-zq3ys]

Really Clarified. Thanks

[@yourcfoguy]

Love hearing that!

[@branozurik4670]

You are really really doing an amazing job Josh, greetings from Slovakia in Europe 👍🏼 this is how finance and accounting should have been lectured at universities

[@yourcfoguy]

Really appreciate that feedback!

[@brucemcfarlane]

Hey Josh, great vid. I found one useful tip is if there is specific disclosure for tax returns, it may be worth adding these as separate accounts, rather than having to mine for the info come tax time. Eg tax deductible vs non-tax deductible expenses. Still restraint is required not to get carried away.

[@yourcfoguy]

Nice, I hadn't heard that advice before but that makes total sense. Thanks for watching & sharing that, Bruce!

[@adrianmassenburg]

Will restructuring your COAs affect data from previous years? If so, is it wise to make previously used accounts inactive in QB and create all new ones in order to make your COAs more organized and clear versus renaming previously used accounts?

[@yourcfoguy]

Yes, and accounts with values at any point in time will be affected by restructuring. My suggestion is to reclassify all prior transactions to the applicable new COA and ensuring your overall balances match for tax purposes. I am not a ran of making accounts inactive if they once had a value as they will show “(inactive)” if they get exported for a period where there was a historical transaction. Once they are reclassified and show a lifetime balance of 0, you can make previously used accounts inactive so they are not used again.

[@adrianmassenburg]

@yourcfoguy Great, thanks!

[@georgekaphirikwete2633]

I like these lessons but if you could take me from the start as to how to setup a chart of accounts for a beginners.

[@yourcfoguy]

Will give that some thought!

[@niroomsl8028]

Detail video required for record to report and fixed asset accounting

[@yourcfoguy]

Will add to the list!