How to Clean up the Chart of Accounts in QuickBooks Online

Tutorial on how to merge duplicate accounts in the Chart of Accounts, how to delete inactive accounts, how to remove a balance from a paid liability when it was paid with personal funds.
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[@shoeb3818]

You are really a good mentors for me.. like your video a lot.Thanks for making useful video

[@ClaudiaXperts]

It's my pleasure

[@CoachShaunie]

Exactly what I needed. Thank you

[@ClaudiaXperts]

Glad it that helped you Shaunie!

[@LaredoHandyman]

Great video. I only use about 8 accounts. How can I move them all to the top?

[@ClaudiaXperts]

You can use account numbers and organize it based on the account number.

[@cecilbatt11]

Thank you. You are funny and smart.

[@ClaudiaXperts]

Awesome glad I was able to add some fun to the subject 😊😁😛

[@MilesandMoneyMatters]

Hello, I enjoy your videos and thank you for sharing your knowledge. I started using QBO and use QBO for my payroll and tax payments. When I ran the payroll in QBO, QBO takes the net payroll from my account and deposits the fund to employees' checking accounts. amount. When the payroll taxes are due I pay them from QBO. Here is my question, instead of using my bank account to pay the taxes I would like to use my credit card to earn points. I am not sure if QBO accepts credit cards but I was thinking to make the payment through EFTPS and then mark the taxes as Paid in QBO. Will this clear the liability? Also, how will I treat the payment that will come through my credit card feed? I appreciate any suggestions. JL

[@ClaudiaXperts]

JA Law payroll in QuickBooks is a whole new animal. But QuickBooks will not allow you to use a credit card to pay for your taxes. Only checking and savings account may be used. The taxes payments are automatic in the new payroll option with QuickBooks. Please contact QuickBooks payroll for more details. We can not change anything in payroll in QuickBooks.

[@trina941]

I have a question regarding how i enter a down payment for a shop building. This was paid for therough the SBA loan. When i entered the information in Chart of accounts it ended up with a nagative balance. The shop is on hold so no other payments are being made at the moment. On my Balance Sheet it shows a nagative for the down payment. Am i supposed to turn that nagative into a positive amount?

[@ClaudiaXperts]

You would create an asset account for the shop building. Next create a liability for the loan. If the loan is for the same amount as the asset. If not when you received the SBA loan it was probably deposited into the checking account and the expenses related to the down payment you would do a journal entry and add the down payment categorize as the asset shop building and credit whatever account the money came from.

[@mdmaimunhossain6972]

Hi Mam.Thanks for your cooperation.

[@ClaudiaXperts]

You are very welcome. Glad you liked the video on How to Clean up the Chart of Accounts!

[@tameckaadell]

Thank you for this video. I feel like there's a little bit of hope for me as I attempt to clean up my books. I had a credit card listed 3 times under my Chart of Accounts, and when I attempted to merge them, 1 became s a subcategory instead of merging. Is there a way to correct this?

[@ClaudiaXperts]

Just have to make sure you clean the account to a 0 balance and then make inactive.

[@LaerskoolEugeneNMarais]

Hi! We just started with QB. It has a pre set COA. We want to start from scratch. Is there a way to delete them, or should I make them inactive?

[@ClaudiaXperts]

You can make them inactive, but some accounts are mandatory and can not be inactivated

[@JaneRooney-f6z]

We added numbers to our chart of accounts. Now the list of chart of accounts shows the numbers on the name line of the account as well as the account number column Is there a way to delete the numbers on the name line?

[@ClaudiaXperts]

No, except if you remove the number altogether

[@paolosellan9445]

Hi, I just looked at your video which I found very useful. However, I cannot find a solution to my problem. Like you mentioned on your video, I am trying to cleanup unused/duplicated accounts. However, for some accounts, when I try to make them inactive I am unable to do so because QB Online tells me that the account is associated with a 1099 setup. How can I remove the 1099 "setup" from the accounts? Thank you

[@ClaudiaXperts]

The payment for your contractors is routed to the account you are trying to close. You will need to change your contractors payment account prior to closing the account. Go into contractors and change the direct payment form of payment.

[@yvonneyoung9884]

The chart of accounts in my medical office was not set up correctly. This was going on for five years. Will I be able to correct these entries for all five years from here?

[@ClaudiaXperts]

Yvonne if you already filed taxes I would not advise to change anything from prior years. Just the current year transactions.

[@fitnesswithlove3192]

How to record that this amount was also posted into a Bank account?

[@ClaudiaXperts]

Sorry, what are you referring to?

[@sandrasoto593]

Why are my deposits going to payments in chart of accounts

[@ClaudiaXperts]

It is a transitory account. It is QuickBooks workflow, you will need to record the deposit into the bank account to remove the payment from payment to deposit or Undeposited funds which is the same