QuickBooks Online 2024: Chart of Accounts (1 hour full tutorial)

To setup a 30-day free trial of QuickBooks Online and then 30% off for 12 months: www.quickbooksoffer.com/?cid=i...
E-mail Hector your questions [e-mail]
You can take my full 4-hour course in LinkedIn Learning with a 30-day free trial:
/ quickbooks-online-esse...
Other Videos:
-Getting Started Tutorial: • How to use QuickBooks ...
-Setup & Run Payroll: • QuickBooks Online 2024...
-Navigation & Customization: • QuickBooks Online 2024...
-Customize your Invoice/Estimate Templates: • QuickBooks Online 2024...
-Connect your Banks / Download Transactions: • QuickBooks Online 2024...
-How to Categorize Expenses: • QuickBooks Online 2024...
-Reporting Basics: • QuickBooks Online 2024...
-Desktop to Online Conversion: • QuickBooks Desktop to ...
-Setup 1099 Contractors: • QuickBooks Online 2024...
-Standard Chart of Accounts: • QuickBooks Online 2023...
-Categorizing Dowloaded Transactions: • QuickBooks Online Tuto...
Bank Feeds & Bank Rules (Full Tutorial): • QuickBooks Online 2024...
-Bank Reconciliations: • QuickBooks Online: How...
-Entering Transactions paid in CASH: • QuickBooks Online: Ent...
-Doing 1099 Forms: • QuickBooks Online 2024...
-Setting Up Payroll: • QuickBooks Online PAYR...
-Setup, Forms, and Pay Sales tax: • QuickBooks Online: Sal...
Official QuickBooks Online 2024 Tutorials Playlist:
hectorgarcia.com/qbo2024
Table of Contents:
00:00 Intro
01:05 Balance Sheet Accounts & Beg. Balances
28:06 Profit & Loss Accounts
33:22 Mapping Products & Services to Accounts
41:00 Deleted Accounts
44:12 Create Sub-Accounts
48:41 NEW ACCOUNTS Chart of Accounts Experience
42:37 Account Numbers
58:07 Outro
My ultimate chart of accounts (with sample download):
qbkaccounting.com/ultimate-ch...

[@grilledpikachu]

Can you share the list of default QBO accounts with us?

[@HectorGarciaCPA]

Unfortunately, this seems to be a moving target. Here is the legacy database that contains the coa per industry: hectorgarcia.com/coasheet

[@grilledpikachu]

@@HectorGarciaCPA This is a long list haha. I meant the sheet @29:08 The one that has account types and sub types. Thanks!

[@SP-mg3li]

Great information! Thank you for taking the time to have these Master-Classes! Really helpful!

[@HectorGarciaCPA]

Glad you like them!

[@PlanningwithGlenna]

This was extremely helpful! Thank you. I have used QB desktop for years but am switching over to online and starting over for several reasons. You have saved me so much time! I know I will be watching your other videos.

[@HectorGarciaCPA]

Great to hear!

[@user-tp4cg9ci6e]

Thank you HECTOR!!! You have saved me time and frustration 🎉

[@HectorGarciaCPA]

Happy to help

[@yshangot1009]

This one is really helpful ! Thanks a lot Hector !

[@HectorGarciaCPA]

:)

[@wlfwlker3704]

Great information and easy to follow. I will watch for awhile and possibly join your group. Thanks Rick🙂

[@HectorGarciaCPA]

great

[@user-ej9pz5zd5i]

hi hector.. Loved the way u explained each and everything..

[@HectorGarciaCPA]

:)

[@bethgalano2874]

Thanks Hector! Great Job!

[@HectorGarciaCPA]

Glad you liked it!

[@karenmaeabao6310]

You saved me Hector, thank you so much.

[@HectorGarciaCPA]

Glad to hear it!

[@mariafep.gatela1374]

Thank you, well explained and easy to understand.

[@HectorGarciaCPA]

Glad it was helpful!

[@miguelescobar5476]

Este es el curso que tanto estaba buscando!!! execelente metodología Hector, saludos.

[@HectorGarciaCPA]

Perfecto

[@DiegoCasagrandeOnline]

Great video! Helped me a lot! Thank you!

[@HectorGarciaCPA]

Awesome

[@tonipeaker-rm5lz]

Thank you Hector very informative ❤

[@HectorGarciaCPA]

My pleasure!

[@barakatbasma]

Amazing: thank you so much you answered most of the points that I wanted to research, especially the Opening Balance Equity

[@HectorGarciaCPA]

Glad it was helpful!

[@EdgarUSA]

Thank you Hector. Super important information

[@HectorGarciaCPA]

My pleasure!

[@carlahaynes6863]

Thank you so much, really helpful!

[@HectorGarciaCPA]

:)

[@chanelalgrabli884]

Amazing! Thank you so much! 🙏

[@HectorGarciaCPA]

You welcome

[@gayleclick8298]

Thank you for your help!!

[@HectorGarciaCPA]

:)

[@marinamanan6070]

Thank you Hector, I enjoyed your videos🥰🥰

[@HectorGarciaCPA]

:)

[@thamaramartino4205]

Saludos Hector, gracias por tus videos son de mucha ayuda, siempre los veo cuando tengo dudas, queria consultarte si las 1099's se pueden corregir en Quickbooks online? Gracias de antemano por tu atencion.

[@HectorGarciaCPA]

Si en Febrero abren esa opcion

[@kuldeepdadhich9312]

Fantastic Knowledge Thanks for this wonderful class

[@HectorGarciaCPA]

Thanks and welcome

[@Shine-me2iy]

This is helpful! Hope you could also explain the difference between P&L accounts and Balance Sheet accounts. Thank you so much.

[@HectorGarciaCPA]

Not sure if that exact content exisits, but this might help kzbin.info/www/bejne/pqXce6mnfbaArtUsi=QJDhPsCU-11GnWfZ

[@marilynlegaspi7335]

Thank you Hector

[@HectorGarciaCPA]

:)

[@thamaramartino4205]

Hector una pregunta, si un cliente viene ya con el plan de cuentas creado y las extensiones de las tarjetas de creditos no fueron creadas como sub cuentas, se puede modificar, o hay que desconectar las cuentas del banco, crearlas en el plan de cuentas y volverlas a conectar...?

[@HectorGarciaCPA]

Si

[@guiaobed4289]

I am watching all your videos and I am learning a lot. Thank you so much! :) My question is what if the OBE amount is negative?

[@HectorGarciaCPA]

Adjust against retained earnings

[@Ai.247]

Thanks a lot

[@HectorGarciaCPA]

:)

[@EmperorThePro]

Just received my ProAdvisor certification today, but watching your videos i feel like theres a long way to go before I master QBOA. Here's to a commitment to finish all your 2024 Playlist!

[@HectorGarciaCPA]

Oh yeah

[@halalaffirmations]

Do you recommend recording Amazon Seller Income, Amazon KDP, and Amazon affiliate as separate income on Quickbooks? Or all under Amazon income?

[@HectorGarciaCPA]

I would separate it

[@halalaffirmations]

@@HectorGarciaCPA thank you for the quick reply.

[@andyfaulkner_GLTS]

Thank you for a very informaative video. May be you can help with a question. In my old quickbooks desktop I was able to apply a discount in line item for an individual produt or a subtotal but in quickbooks online it will not do a percentage rate only a fixed price which does not change if you edit the quantity of items.

[@HectorGarciaCPA]

Correct. QB online does not support that functionality. You need to enter it manually

[@harrietdiedering5755]

Hi Hector, just love your videos! Quick question, if I start e.g. with the Essentials version on your discount link and change to Plus a few months later, will I keep the 30% off or are they lost then?

[@HectorGarciaCPA]

In the system, you lose it, but if you email me [e-mail] i can have my Intuit contacts fix it after the fact.

[@harrietdiedering5755]

@@HectorGarciaCPA Thanks for answering that quick!

[@unclezizo]

Thank you!

[@HectorGarciaCPA]

You're welcome!

[@FernandoPena-ug8rt]

Thanks you very much

[@HectorGarciaCPA]

You are welcome

[@dawnpeppard1402]

Is there anyway to upload a bank statement to a reconciliation? The accountant wants pdfs but I can’t find anywhere in QBO to upload them too.

[@HectorGarciaCPA]

No, but you can upload it to a vendor or something

[@NaomiMacPherson-dv4lq]

I just purchased QBO for my personal finances. I plan on buying for my corporation as well. First, I want to start with my personal finances to get to know QBO well. I want to do all my finances from 2018 - to now. My Corporation started in 2020 so I need to start in 2020 for that. Anyway, can I start adding in 2024 stuff while I am putting in 2018, 2019, 2020, 2021, 2022 and 2023? or should I do all my 2018 1st and then close each year before I move on to another year. How should go about this?

[@HectorGarciaCPA]

I would go in order

[@KingTV6]

It wasn't helpful but superbly helpful. Much Appreciate!

[@HectorGarciaCPA]

:)

[@VikashJha-gk3wn]

Thank you sir

[@HectorGarciaCPA]

All the best

[@ShrewberryFarms]

Wow, great video thank you

[@HectorGarciaCPA]

:)

[@j.k6580]

thank you

[@HectorGarciaCPA]

:)

[@chytealthedeal]

Thanks for this💚. I have a new client, previous year already cleaned up, taxes done and switching from Xero to QBO. Can I use their Trial Balance report to do a huge JE for all of the Opening Balances other than the main Bank account?

[@HectorGarciaCPA]

Yes thats that proper way

[@chytealthedeal]

Thank you 💚

[@liombaliomba2662]

Thank you, very easy to understand and extremely helpful. ❤

[@jullienoble8547]

Hello Sir. Nice videos and it's easy to understand.

[@HectorGarciaCPA]

:)

[@jullienoble8547]

@@HectorGarciaCPA I just want to ask about Chart of account Sir. what is the best account title for Fund Transfer the reason of fund transfer is converting US currency to Canadian Currency. Then vice versa. I'm using Canadian QBO right now.

[@HectorGarciaCPA]

@@jullienoble8547 where is the money transfering to?

[@jullienoble8547]

From US to CAD.

[@happysmiling7411]

Good stuff, Hector. Clear and straightforward. For LT Liabilities (Notes Payable), why wouldn't you create sub accts under Noted Payable for the two F150 loans?

[@HectorGarciaCPA]

Yeah you can.. thats optional

[@rainierproducts1457]

Great video, Hector! I can see this is not your first rodeo. Is there any way I can get my hands on your custom chart of accounts. That would save me a lot of time.

[@HectorGarciaCPA]

I sell it to my non-clients: qbkaccounting.com/ultimate-chart-of-accounts-for-quickbooks-desktop/

[@normavalderrama1170]

Hertor me podria decir que tax line escoger para Owner draw y para retained earning

[@HectorGarciaCPA]

cualquiera, no importan los "tax lines"

[@lion-o22]

Hi Sir, how to create separate account for Cash On Hand in such a way that it is not a sub-category of Bank Accounts?

[@HectorGarciaCPA]

Cant.. needs to be under the Bank Accounts type

[@heikihamunyela8121]

just create a separate patty cash bank account and use it for that purpose. It works.

[@victoriaday6030]

Can you explain why you didn't leave the generic Services Income account and then make Remote and Onsite services subaccounts? Thanks. (I haven't used QB for a number of years and am enjoying your videos to refresh my QB neurons.)

[@HectorGarciaCPA]

No specific logic, its always potentially different for every company, based on how the want to see it.

[@brendanbenson-qs9be]

I'm following along your setup videos for QB and have unfortunately already linked a bank account from 12 months prior. I want to start over with 01/01/24 as my beginning. How do I do this? Do you have a point in one of your videos where you already explain this?

[@HectorGarciaCPA]

I dont have a video on this. This requires some cleanup work

[@Chicana1824]

​@HectorGarciaCPA is there a way to "factory reset" the qbo account and start fresh with no linked accounts? My partner needs to record everything from March, only a few months, and I am trying to get him started on the right foot setting up his COA and products/services and he unknowingly already linked bank accounts too during initial set up. I would prefer to just erase everything or reset it back to its original format and start clean. I'll also mention that he is currently still in a 30 day free trail period until 6/30/24 if that is helpful.

[@jessihbotero]

THANK YOU, THANK YOU! This video saved me so many headaches. I have a quick question if you (or anyone) could answer. I'm starting a sole proprietorship and have $5000 of my own money to invest for start-up costs, any idea how I would set up an account to track that? Not sure if it should be classified as an Uncategorized Asset or some type of income? Thanks in advance!!

[@HectorGarciaCPA]

You can have an account called that literally

[@profitablebusiness8559]

Hey heater for the sub accounts does that require personal accounts as well or just business accounts ? With chase

[@HectorGarciaCPA]

Generally business only

[@profitablebusiness8559]

@@HectorGarciaCPA okay great thank you so much

[@suzannehogue]

Is your version the online version? I have an old online self-employed simple version and I do not see any of these options. I'm thinking I need to upgrade?

[@HectorGarciaCPA]

You might not have the same version.. the “self employed” edition is very different

[@jessie160011]

Is there a way we can add a header account and then a sub account. such as HEADER (COGS - Emergency ) SUB-ACCOUNT(s) (Materials), (Labor), (Overhead), (Sub-trade)...

[@HectorGarciaCPA]

Yea, you can have subaccounts. I though i covered that in the video

[@jessie160011]

Yes, sub accounts were explained, but i'm interested in knowing if we can add a HEADER account that reads (COGS- Emergency) so i can attach my sub accounts Kinda like quickbooks desktop allows. @@HectorGarciaCPA

[@kellynusbaum2757]

Would you know by chance, why my New Account Window looks different from both of your two window examples and why is there different window like a New General Categories?

[@HectorGarciaCPA]

They changed it again!! Thats why

[@kellynusbaum2757]

@@HectorGarciaCPA Do you have a new video to show how to add equipment fix assests, original cost, and accumulated depreciation because my text book doesn't teach the new way

[@HectorGarciaCPA]

@@kellynusbaum2757 no i dont.

[@okivillarreal2577]

Is there a way to create a new "Detail Type" when you are creating a new account under Chart of Accounts? I have an Expense that does not fall under any of the categories listed under "Detail Type" and would like to create a new heading that would appear directly under "Expenses"

[@HectorGarciaCPA]

Not possible

[@okivillarreal2577]

😪 Thank you@@HectorGarciaCPA

[@KeithShivner-bw6dz]

How would add phone expenses when you're using your own personal phone? What % of the bill is applied to business expenses? Where would you post that, reimbursement?

[@HectorGarciaCPA]

50/50 is a good starting point

[@josemarieaviles]

Hello Sir, I am starting to binge watch your videos about QuickBooks, aside from this 2024 playlist that you have recently created, what other playlist of yours would you recommend? I'm an accountancy student and planning to be a virtual bookkeeper at the same time.

[@HectorGarciaCPA]

2024 playlist is the best option for QB videos

[@josemarieaviles]

@@HectorGarciaCPA thank you so much

[@AccalaKessler]

Hello. Does Hector have a video on how to record the healh insurance premium payments that are paid on behalf of an S-Corp owner who owns more than 2%? I know that my payroll provider is handling how it is reported on the owner's W2, but I am not certain how to code it in QBO. If he does not have a video on this, can you point me to any resources for learning the correct way to book these transactions? Thank you.

[@HectorGarciaCPA]

I don’t have a video on it. But basically, the company paid portion of HI is part of Salaries and Wages Expense

[@AccalaKessler]

@@HectorGarciaCPA thank you for your reply

[@kazeemoluwatobilobasimeon5984]

I pray you are able to see these questions sir. 1. why do we need categorization of transactions? Why do we categorize internal transactions and bank transactions. can "Rule" categorize internal transactions too? What is the essence of reconciliation in the generation of report. Can a report still be generated without reconciliation? What happens if a transaction reflecting internally and in the bank account are not categorised in the same chart of account; how will it affect reconciliation? What is the main purpose of chart of account? (I hope you see these sir, I need help. Most videos are explaining the tools and not the background knowledge. I am just a Medical scientist hoping to start a business)

[@HectorGarciaCPA]

They need time be categorized to be organized in your financial statements. You should run reports AFTER reconciling

[@kazeemoluwatobilobasimeon5984]

@@HectorGarciaCPA Alright sir. Thank you.

[@MIRATUGBO]

Hello,, you can start by understanding the basic accounting and bookkeeping😊

[@NaomiMacPherson-dv4lq]

Do I have to have my chart of accounts done before I start? or could I add an account after I start transacting.

[@HectorGarciaCPA]

QBO will generate a standard chart of accounts for now

[@NaomiMacPherson-dv4lq]

@@HectorGarciaCPA Then I can adjust it as I am transacting or do I have to change the chart of accounts before I start transacting.

[@user-hj8wg5xd4x]

Hola hector, yo importo un plan de cuentas pero esta activa la empresa se reemplaza las otras cuentas .

[@HectorGarciaCPA]

No. Las anañade

[@pahteh5601]

Hello. I know this comment is really late. I started watching your videos and i learned a lot. But i have a real quick question, what are the steps? I mean, i signed up qbo, upload my banks statement, then whats next? Categorize?, then chart of account? Reconcilation?

[@HectorGarciaCPA]

Setting up your chart of accounts and entering all the beginning balances should be the first steps to facilitate the entire process

[@BardenAccounting]

When adding the assets, why wouldn't you just book the full value of the truck and then create a separate accumulated depreciation - vehicles account with the accumulated depreciation amount for the vehicle?

[@HectorGarciaCPA]

That can be done too.. there is no rule saying that is wrong or right

[@user-gu9wy8sb3i]

Saludos Hector, me puedes ayudar? necesito un tutorial completo de Quickbooks en español

[@HectorGarciaCPA]

No hay en mi canal

[@iuliia7914]

Thank you for your explanation. Could you explain please, how create in new version QB sub account, I tried but it doesn’t gives to me to do it. Thank you Sir again for your support us

[@HectorGarciaCPA]

I think it was explained in the video.. no?

[@iuliia7914]

@@HectorGarciaCPA I understood, that’s looks so strange, when you create account everything is ok, but second version doesn’t give me created sub account. When I was in first version I never had this issue. Could you help me please. I am studying the program and preparing for certification. Could it be a problem with the version?

[@HectorGarciaCPA]

I cant see what you are seeing @@iuliia7914

[@HectorGarciaCPA]

@@iuliia7914 yes, or the country

[@iuliia7914]

Hello Sir. I’m so grateful for your support. I have a question for you. I tried to enter the initial balances in the bank account, but the program does not show this option. could you explain to me how I can get the leftovers when I start working with the program. thank you in advance and with respect to you.

[@HectorGarciaCPA]

Once the account is created, that option goes away. So you need to do it via a journal entry

[@iuliia7914]

@@HectorGarciaCPA Thanks for your attention to me. It was never been created . It’s such trending QB format that never gives to me to do that. Jus only when I opened sample firm I can to do that. Of course I did everything with journal entries. Thank you for your help Sir. Could I ask you another question please. How I can to find mistakes with some journal or special report. Have a great day for you. I’m so grateful. 🙏🙏🙏 you are the best

[@iuliia7914]

@@HectorGarciaCPA I just want to note that I tried to this action in training version.

[@HectorGarciaCPA]

@@iuliia7914 dont know what you are asking

[@GrethelAnnQuinto]

hello hector, can you share the QB chart of accounts with us? thank you.

[@HectorGarciaCPA]

Links are in the video description

[@grilledpikachu]

Can you please share the account types and sub types sheet? @29:08

[@HectorGarciaCPA]

The link is in the videos description

[@kapilPuli]

Please send spread sheet of expense and income category to classify in books

[@HectorGarciaCPA]

link in the the decription

[@ccafKhmer]

Hello, in Quickbooks oline plus, can we import budget plan?

[@HectorGarciaCPA]

Yes

[@ccafKhmer]

@@HectorGarciaCPA but my version does not have the option!

[@HectorGarciaCPA]

@@ccafKhmer are you in the US? Because I cant answer any questions on non-US versions

[@ccafKhmer]

@@HectorGarciaCPA I am in Cambodia!

[@arnoldboo42]

How should you we account for revenue and expenses from cash app not recognize in your bank statement

[@HectorGarciaCPA]

Depends on what you spend the money on

[@arnoldboo42]

@@HectorGarciaCPA Wow thank you for your quick response. Tithes coming in and expenses. Note we are just using quickbooks for recording purposes only. Bills already paid etc..

[@HectorGarciaCPA]

@@arnoldboo42 makes sense

[@arnoldboo42]

@@HectorGarciaCPA could I make adjustments for both (cash app) offerings and expenses not recognized by the bank??

[@parkashmagar8468]

I can't connect the dot which may be due to lack of practical knowledge can you suggest me how to make sure learn qb really fast,, it's headache to me😢

[@HectorGarciaCPA]

“Fast” is not a thing. It takes months of practice to start getting comfortable with it

[@parkashmagar8468]

@@HectorGarciaCPA is there scope now too like I was trying to learn tally but many stds says about Xero and qb so I am learning them now, I am part qualified ACCA I am lost I don't know what to learn what not to, to many riddles to solve I think I would lost my mind🥲 And thanks for your reply

[@Salvan45]

Hector How come I cannot enter an amount in my chart of account .

[@HectorGarciaCPA]

I don’t know why YOU can’t. But in general it needs to be a balance sheet account only and with no activity

[@RA-rh5lb]

Hi, Hector thank you for valuable video on COA. Personally, I felt you could have showed only simpler process than adding journal entries which is too much to digest for the beginners

[@HectorGarciaCPA]

Chart of Accounts is not a “beginners” concept

[@innerpeace7106]

can you share the pratice file all the section.TIA

[@HectorGarciaCPA]

Not available

[@chytealthedeal]

Where is the link to buy your COA?

[@HectorGarciaCPA]

qbkaccounting.com/ultimate-chart-of-accounts-for-quickbooks-desktop/

[@josephlaurich7445]

Hello. Great video, i haven't even started to look at QBO yet. I am trying to understand terminology and concept first. Many videos talk about "accounts", could this be different clients? If you're bookkeeping for clients, do you have multiple "profiles" or "accounts" with all their saved info that way you can easily open up all of THEIR accounts whenever you need to? Or a way you have easy access to each clients account each month? Also, when we talk about "users" if youre a bookkeeper, is there any reason you would need anyone else other than yourself to have access to the QBO? Thank you

[@sash8793]

1. Client books are often referred to as files, company or just clients. 2. With QBO for Accountants, you can have access to multiple client companies within one portal. 3. Yes, if you have multiple clients, you can have employees who can work on your clients files if you, the Accountant, give them access.

[@HectorGarciaCPA]

This :)

[@user-gu9wy8sb3i]

Hay alguna forma que me ayudes con un tutorial completo en español?

[@HectorGarciaCPA]

No tengo

[@KeithShivner-bw6dz]

what is the basic minimum chart of accounts a bookkeeper should use?

[@HectorGarciaCPA]

It varies per industry

[@KeithShivner-bw6dz]

@@HectorGarciaCPA I am starting a Bookkeeping business

[@victoriaday6030]

can you explain why you didn't name the Bank accounts 10100, 10200 since they are main accounts instead of 10101, 10102?

[@HectorGarciaCPA]

No logic, its always a personal preference

[@Connie-ss6ht]

Can I have an excel copy of your chart of account spreadsheet please?

[@HectorGarciaCPA]

Look at the links in the description

[@KeithShivner-bw6dz]

Even though this a 2024 video the actual QB reports do not have date range settings it just runs the report as of....

[@HectorGarciaCPA]

Balance sheet doesnt.. but P&L does have a date range

[@PrinceNeverLazy]

Anyone know how to merge accounts?

[@HectorGarciaCPA]

Rename one to have the same name as the other

[@anthonyflores9336]

The title needs to be changed to “2024”. I don’t think this is a throwback.

[@HectorGarciaCPA]

Thanks! Was a typo, fixed it

[@user-mo5tn2cz2q]

POOR VIDEO QUALITY

[@HectorGarciaCPA]

Change it in the settings, this video is recorded 4k

[@user-bp5wj8du6m]

como te puedo contactar???

[@HectorGarciaCPA]

954-414-1524 para hablar con alguien de mi oficina

[@oxidel]

Thanks a lot!

[@HectorGarciaCPA]

You're welcome!