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

[@ella_cook]

Just filed my business licence with my state today!! Yay. I've watched your videos alot the last few months while getting ready for this. Thank you!!

[@sheryehowell7996]

Hi Morgan, your videos have been a great help to me I’m just starting to setup my bookkeeping business but I’ve been an accountant for 14 years I’ve a CAD Designer now but wanted to open my business as a bookkeeping. Great content!

[@suzannafaagau9823]

I love your videos! I'm just learning QuickBooks online to start my own business!

[@lesliecodron5185]

Great tutorial. I am an entrepreneur and just needed a brush up as I spent a few years in a corporate job. Very easy to follow and understand. Thanks!

[@darinvilano1700]

What about adding a new item in chart of accounts? What about bringing back a line item that was made "inactive?" What about adding numbers in front of the line item names? I was hoping to see more customization and examples in this video.

[@karenschiller2306]

I do not see any replies ?

[@anthonykristimorris5918]

for a newby like myself your videos make it easy and simple to learn from sometime wish they were a bit more in detail like doing an example and showing us the actual inputting of info.

[@KKHealer]

I like your information I am from India

[@gleidismazo3426]

Very good video!!! Thank you Morgan!!!😊

[@teresapena4228]

Hello Morgan, awesome explanation of the chart of accounts, Iam pretty new in the bookkeeping world! i just got my certification as a bookkeeper and i want to start my bookkeeping business, i know i have a lot to learn, thank you very much 🙂

[@Roselady4]

Ok. I have a question regarding business use of home utilities. You have to keep track of utilities so you can use it to figure this out. However you will only be deducting a portion of those utilities in the end depending on portion of home. How do you manage those Utilities in QuickBooks so they don't come out as higher than actual deductible expense throughout the year?

[@ceciliaohman185]

Thanks very helpful, from SBO

[@rachelwhipple5749]

Very helpful! Thanks!

[@TheSpiritBaby]

How can we personalize the chart of accounts for personal finances? I’m launching this month and that’s one of the only things I’m still working on. Also, love your videos!

[@FinePointsBookkeeping]

Hey! Morgan recommends not mixing business and personal accounts in your business finances. Here is a recent video Morgan made where she talks about this: kzbin.info/www/bejne/h5TSdaKmqqhjfsk. Thanks for reaching out and I hope this answers your question! Krista (FinePoints Admin)

[@geraldparsons2398]

Hi Morgan, Just wondering if you have a video on the type of tech stack you use and why and how you use it? I so enjoy your videos, the content is no nonsense and realistic.

[@FinePointsBookkeeping]

I touch on some of that in my Q&As, but good idea for a dedicated video! I'll add it to my "to do"!

[@pumptydumpty7600]

Excellent video, thank you!!

[@alaaldinchehab876]

How to set up standard Chart of Account for Trading Company | FMCG | Retail business kzbin.info/www/bejne/o4qYnpqlbsSZj9U

[@lifecoach3]

Hi@finepoints how do you log in your fixed asset in quick book if you want it to show in the balance sheet? For example a printer that you purchased 2years ago.

[@Donotdisturb157]

Great tutorial. Thank you!

[@alaaldinchehab876]

How to set up standard Chart of Account for Trading Company | FMCG | Retail business kzbin.info/www/bejne/o4qYnpqlbsSZj9U

[@jonathandemartimprey6805]

AMAZING! as usual... 1 question- how would you set up venmo transactions in the chart of account? would it be bank or income?

[@FinePointsBookkeeping]

Great question, I've added it to Morgan's list of video ideas :) -Gabe (FinePoints Admin)

[@juliamarshall3239]

I love your videos and wondered if you have talked about doing a proposal or engagement letter with a potential client and if you use E&O insurance?

[@FinePointsBookkeeping]

Thanks! I haven't made that video, but a few have requested it, so I'll work on it! I wasn't sure how much legal advice I can give out. 😅 I do provide a contract within my Bookkeeper Business Coach class.

[@FinePointsBookkeeping]

Here's the link! Bookkeeper contract video: kzbin.info/www/bejne/bGaXgGd3e5epiJo

[@harnekthiara9936]

Great Job Explaining. Can I number chart of accounts in QuickBooks online?

[@priyasatheeskumar5704]

Great explaination there! Could you please give a little info on what a rainbow or non rainbow chart of account is? Thanks in advance.

[@moderndwellingsofGeorgia]

May I ask a question? In the new interface for Chart of Accounts (which is NOT the one shown in your video), how do you associate an expense account with an income account? I have the setting in place ("Track billable expenses and items as income in multiple accounts") . We're a home builder that does cost-plus, so each vendor invoice we pay has to be billed to a client. I'm looking for something in the Chart of Accounts that links a specific expense to a specific income item. There is no "use for billable expenses" checkbox; nor a "sub-account" checkbox. How do you now make the association? Note: QBO Plus version, on a Mac with Chrome. Thanks.

[@nicoleb6867]

Great video as usual! I've learned a ton from you. Thank you! I'm working for a sole proprietor and they have just added a new business. This is my first time working with a brand new COA. Do we just start adding expenses, one receipt at a time once it's all set up?

[@FinePointsBookkeeping]

Hi Nicole! It's hard to understand the exact steps you should take without being close to your business and situation. Sorry I'm not able to help more, but I would recommend utilizing Facebook groups. They have been awesome for Morgan to get specific questions answered by kind & helpful bookkeepers. Krista (FinePoints Assistant)

[@FinePointsBookkeeping]

Go to the banking tab and attach the bank to QBO, then the transactions will feed in! From, Morgan

[@wendwesen1]

Thank you 🙏. Just wandering how retailers QuickBooks deduct the inventory when it’s sold. Can they connect it with the POS system like Square?

[@macedo99]

Hello, Thank you for posting this video, great information. Can provide some info or post a video on how to set up your chart of accounts for a private practice Mental health office?

[@FinePointsBookkeeping]

Hi Martin! I'm glad you found this video useful! Check out this video Morgan made for bookkeeping in the medical field: kzbin.info/www/bejne/aaGmpoCYbth-iZY! Morgan also recommend joining a Facebook group to ask specific questions and usually people are super kind and helpful. She likes "the successful bookkeeper". Thanks for reaching out! Krista (FinePoints Assistant)

[@Jewel235_]

Thanks for the video. How do I delete an account in COA?

[@rizwanramzan5729]

Awesome video!

[@sandyokeefe348]

How do you enter an opening balance when converting mid year to Quick Books on the Income and Expense accounts

[@ThomasRaad]

saved my financial ass! good video

[@donnagustavson7135]

How do I simply print my CoA....not a G/L account report, just the Account List? Thanks!

[@1977av8r]

Greetings, esteemed QB guru !! Our non-profit flying club is converting to quickbooks. We're using Desktop Accountant 2021 software. We currently give "credits" to members who get a new FAA license or recruit a new member or attend an FAA safety seminar. We give those "credits" but the member can only "use" them when they fly. We apply credits only to the cost of flying a club airplane. Can Quickbooks be set up to keep track of "credits" like these and apply them only when a invoice is posted that has an ITEM/CLASS indicating the transaction is for an airplane flight ?

[@user-sj2pc5iv4k]

Hello Morgan! Please clarify this for me :). 1. I signed up for QBOnline, but the interface of the program looks different from yours, you show a black panel on the left with a white text (Your Practice, Your Books panel), but mine is white with black letters. Also, mine DOESN'T HAVE A LIST OF CHART OF ACCOUNTS. It has only some lines - Equity, Uncategorized Income, Uncategorized expenses. Is that how it should look like? 2. I feel like something is wrong. I click on CLIENTS, add new, fill out the info, but it creates just like a list of clients. It doesn't allow me to click on the client and start a bookkeeping for the client. The client doesn't want to use Quickbooks. He only wants to get his books done , ready for taxes. I am trying to figure this out already for two days... Please help. I can't move forward... Thank you.

[@FinePointsBookkeeping]

Hey! There are a couple of different things that could be the issue. Did you sign up for a QBO Accountant account or QBO Account? You will want a QBO Accountant account and link your clients QBO Account to it. There are also different viewing formats in QBO. You can change this by clicking the gear icon in the upper right corner of the screen. Hope this helps! Krista (FinePoints Admin)

[@didestiong]

Hello, how do you categorize a payment to the customer after completion of an estate sales?

[@paulgeorge6933]

Thanks! This is super helpful. One quick question. I am a single member LLC. For equity accounts, I have an "Owner's Investment" account and would like to also have an "Owner's Withdraw" account. Should I make the Type "Equity" and the Details Type "Owner's Equity"?

[@LifesASong00]

Equity is money you've put into the company

[@TheTinyHerd]

@@LifesASong00 owners equity increases and decreases when you put in money and take out money.

[@faithbiblechurch-vinelandn6119]

Do you recommend using numbers for chart of accounts? you video did not reference numbers.

[@FinePointsBookkeeping]

I've had clients do it both ways--I think it's more helpful when you have a bigger business with more accounts (I often don't use them unless a client asks).

[@-hearts_zad8764]

Kindly madam, does quickbook ProAdvisor enables an individual to be a bookkeeper although by using other software ?

[@FinePointsBookkeeping]

It just teaches you QuickBooks.

[@-hearts_zad8764]

FinePoints thanks madam, but could the course provides general insight about the bookkeeping ?😊🤔

[@FinePointsBookkeeping]

A little bit, but it's not comprehensive, you'll need to learn on the job or from a bookkeeper course also (for most people).

[@ohnmarmyint1110]

How can I learn your bookkeeping classes from you?

[@FinePointsBookkeeping]

Hey! Morgan currently has 2 courses, Bookkeeper Business Coach and Bookkeeper Marketing Coach. I'll give you more information on both courses below! Bookkeeper Business Coach is a simple and effective way to get your business up and running (apply for LLC, registered with your state, EIN, etc), understand basic QuickBooks functions, market yourself for new clients, and onboard those clients well. It's a step-by-step to getting started as a bookkeeping business owner. finepoints.newzenler.com/courses/bookkeeper-business-coach Bookkeeper Marketing Coach will show you how to create a marketing plan. Morgan provides creative ideas and ways to network with your local community and establish an online presence. She will walk you through onboarding your first few clients and how to stay confident when you are unsure and just starting out. finepoints.biz/marketing Let us know if you have any questions! Krista (FinePoints Admin)

[@erikajolly277]

Thank you! Just a suggestion if you can talk a little bit less fast…😅

[@karinatorres7080]

Could I just have something really simple like Checking, Opening Balance Equity, Cost of Goods Sold, Utilities, Rent, and Revenue??? Im a beginner and want something simple

[@FinePointsBookkeeping]

You most certainly can! That's the great thing about QBO it works for you however you need it! Krista (FinePoints Assistant)

[@michaelmeirelles_oficial]

Hi, I loved your video, congratulations. Do you have a standard chart of accounts for your new customers that you could share?

[@rosecotton3753]

I'm going to guess that it varies widely by business type. Look up some videos for chart of accounts for your business type to get some ideas. Like I'm a construction contractor, so my chart of accounts will look really different than a bakery.

[@ronhoover5516]

Hi Morgan, question-in Quickbooks Online are users limited to non-numeric account names? For example, in a corporate setting, many times the GL accounts have numeric identifiers with a description that goes along with it (ie 10000 - Cash, 12000 Accounts Receivable, etc.). Can such a feature be added to QBO, or is it best kept as-is? Have you had any clients that utilized a numeric GL format? Maybe QBO has this already but I didn't see it, if so. Thank you!!

[@FinePointsBookkeeping]

Good questions, I've used this in QBDT, but not QBO (yet!). It looks like you should be able to: Go to the Gear icon, then choose Account and Settings. Select the Advanced tab. In the Chart of Accounts section, click the Edit (pencil) icon. Check Enable account numbers and Show account numbers. Click Save, then Done.

[@ronhoover5516]

@@FinePointsBookkeeping Thank you!

[@rosecotton3753]

You can enable account numbers to be visible and editable, I think that's what you want here. You, like, make up a number for each of the accounts in your chart of accounts. But it's not visible by default.

[@fizzahraza4926]

How broad or specific should your categories be for things like services and products?

[@alaaldinchehab876]

How to set up standard Chart of Account for Trading Company | FMCG | Retail business kzbin.info/www/bejne/o4qYnpqlbsSZj9U

[@rosecotton3753]

As specific as you want to be able to run reports on the details. ;)

[@_127sol]

👌🏼

[@mhjeanzenju3763]

why there is no "Bank"as category typein my qb?How can i add it if ever?pls help..

[@rosecotton3753]

"Bank" is a "Type", so when you go to add a new account in the chart of accounts, under the drop down for "Account Type" there should be "Bank" as an option.

[@mhjeanzenju3763]

:( der is no "bank", i even change d company industry as i thought it would affect d acct types...if only i can send some ss.. But thanks for your reply ma'am.. much appreciated.❤️

[@rosecotton3753]

What version of QuickBooks Online is your subscription?

[@rosecotton3753]

I wonder if what country year in also affects the account types? But it seems like Bank would be a really basic account type

[@mhjeanzenju3763]

Plus

[@goldengriffon]

Profit and Loss, Jan 1 to July 22: "Bookkeeper: $55" For nearly 7 months of work? Lol. Not a great sign if this is QuickBook's own example business.🙄

[@hassanmaje5849]

Just have one income, one expense, one asset account,... Wait. What about having one P&L and one BS account? Or better, just one account since all debits=credits, Total Assets=Total Liabilities. Wait a second. Then net sum is zero. Why have a chart of accounts? No need for accounting either. In the overall scheme of things everything zeros out or balances in life and the end of life itself is the greatest equalizer. Go with God then. Philosophically. Spiritually. 😃