Creating and Editing Categories in QuickBooks Online Chart of Accounts - My Cloud Bookkeeping

The link for setting up categories in QuickBooks Online has been improved. Previously if you were not an accountant it was quite confusing!
Thankfully, it is now a lot easier to create categories and edit where they show up in your reports. Here’s a video that shows you how to set up a new category, or scroll down for step-by-step instructions!
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• Creating and Editing C...
HIT LIKE AND LEAVE A COMMENT BELOW IF YOU'VE ENJOYED THIS VIDEO! 👇👇👇

[@brownreport]

Thanks for the video, I was looking around for how to change the categories and add sub categories, this really helped. Keep up the good work

[@MyCloudBookkeeping]

Delighted to hear it helped!! Thank you for letting me know.

[@airquotes9165]

Thank you for your video! I have too many categories / labels. How do I delete the ones I do not need?

[@MyCloudBookkeeping]

You can't delete them if you go to the arrow/drop down on the right hand side you can make them inactive. Be sure there is no activity in the account before you do that!

[@user-sc6xg3ed3p]

Thank you! How do I create a category for income? If I have received a payment how can I categorized it as an income and not as an expense?

[@MyCloudBookkeeping]

There should be a category for sales or sales of product income already set up in QuickBooks Online. Have a look - if so, that is where your income would be recorded.

[@dawnt9313]

I accidentally made a Bank type account when it was supposed to be an Expense account. I've seen video that deleting it is not an option and I have tried to Edit it but it will not allow me to change Bank to Expense. It is the same updated page you show here but the Save Account Under box does not seem to allow you to change/edit from Bank to Expense. HELP! If it cannot be changed, can I Make Inactive then make an entirely new Account type under Expense with the SAME name (i.g. Truck Maintenance)? Thank you.

[@MyCloudBookkeeping]

HI Dawn, did you make the change at the top where it has the little icons to "expense"? Another option would be to create a new account, move the transactions to it, change the name of the "bank account" and deactivate it. Hope that helps! If not, feel free to book a working session and we can look at it together: calendly.com/kerry-11/one-hour-consultation-us

[@dawnt9313]

@@MyCloudBookkeeping OMGosh, that worked, thank you!! I didn't realize it can be done that way. My brain just kept thinking to edit from the dropdown box. What a stress reliever. Appreciate you!! Happy Halloween.... Boo!!

[@MyCloudBookkeeping]

@@dawnt9313 Fantastic!! Delighted it worked :)

[@user-ub4ty9ud6t]

I really don't understand how to create a new category or subtype. For example financial assets. Is this possible with this system?

[@MyCloudBookkeeping]

What do you not understand? What is a "financial asset"?

[@pastapress3102]

My first page doesn't look like yours. There is no Expenses, Payroll, Reports, Mileage, Accounting ...etc tabs. So I can't really even begin to follow your steps. How did you get to this page? Or maybe you have a different kind of account?

[@MyCloudBookkeeping]

Unfortunately QuickBooks Online keeps making changes to the way things look - and in my opinion not improving them!! I also have a video on the navigation bar - check that out - it may help you. Either way, if you are looking to create or edit categories the information in this video should still be relevant once you get past the first page.

[@fayezbalhas]

i have the Plus subscription, but i cant create an account name as you did, it still shows the old view

[@MyCloudBookkeeping]

I much prefer the old view! I do have an old video - kzbin.info/www/bejne/j6i4d2qEn5qhn6s that may help!

[@byheart-org]

Thank-you for the video. Very good!

[@MyCloudBookkeeping]

Thanks for letting me know!!!

[@meachiebaughns2497]

Hi! Great video. I accidently created an "expense account" and put funds in them. Now I realized it should have been an "income" account. Is there a way to change the Expense to and Income account?

[@MyCloudBookkeeping]

You should be able to edit the account type. If you go to the chart of accounts list, find the account, then on the far right from the drop down, select edit - you can change it there. It may give you a warning - don't worry - you know what you are doing! Good luck!

[@meachiebaughns2497]

Thank you @@MyCloudBookkeeping

[@yair1956]

I'm on the basic subscription which means I'm limited to 250 accounts I mad few of them inactive, but still unable to add accounts., any idea why ?

[@MyCloudBookkeeping]

No idea - do inactive accounts count towards the limit? May be best to call QuickBooks Online support - they can look at your particular file and may be able to see what is going on.