QBO #4: Setting up the Chart of Accounts

Setting up Chart of Accounts in QuickBooks Online:
Church Template for Importing: jctaccounting....
Webinar on Chart of Accounts: • Charting your church's...

[@GingerSchooling]

Thank you so much for helping us set up our Quickbooks account for the first time! God Bless You!

[@JeffPospisil]

You are so welcome! I love being able to help.

[@EverettRoeth]

Love it, Jeff! Thanks so much for the great info.

[@JeffPospisil]

You are welcome!

[@doncarmichael2278]

Really easy to follow -- logical. A great start to QB on-line! If fact, where else would you start? Thanks, Jeff +

[@JeffPospisil]

Thanks! Super happy this was a help.

[@hera_creatives]

Thanks new subsriber here

[@JeffPospisil]

Thanks for subscribing! I hope you find this channel to be helpful.

[@feti7a2nd]

Thanks

[@JeffPospisil]

You are welcome!

[@fbcst.jamescity9720]

Thank you, Jeff, for all the great information. I have been going through your videos, and I can't seem to find what I'm looking for. Our church has just voted in a new treasure and now the Admin Asst. (Me) is setting up everything on QB. Our church has been old school, and all our accounting information was done on paper (we do have a cpa that takes care of our taxes). My question is where do you put in an opening balance? Journal Entry?? I am going to start with the last Bank statement which is March. We have QB Plus, and we are not linking it with our bank account yet, maybe one day. Can you point me in the right direction please?

[@JeffPospisil]

I almost always use a Journal Entry to setup Opening Balances. I just think it's cleanest. The other way is, when you are adding an account, QB will let you enter in an Opening Balance. This basically just does the Journal Entry for you.

[@fbcst.jamescity9720]

@@JeffPospisil Thank you!

[@richardschmidt2828]

Thanks for the info, very helpful. I know old PC QB, brand new to QBO. Any way to cancel all of the accounts set by QBO and make my own? I can't figure out how to open a new account on my own? I am not dumb, I have used PC QB for over 20 years. Thanks again!

[@JeffPospisil]

So...the quickest way to "cancel" the default QBO accounts you don't need is to click the check box on the left of the account you want to get rid of and then go to the top of the list on the left. Choose Batch actions and Make inactive. For adding your own, you can go to the green New button on the upper right. If you just click New, you can enter accounts one at a time. If you click the down arrow, you can import from an Excel file.

[@contextmatters8243]

Good Video But What I ran into was trying to view my chart of accounts, numbered, in the B/S or P&L I'm using QuickBooks Online and want to setup my own chart of accounts correctly before I'm open for busines OR If I get a new client who needs a chart of accounts I can see them in the COA listing but not on either of the financial reports to verify what I get was my intention.... Any thoughts on that? Is it because they don't have any balances? Any guidance you can provide is appreciated. 🙂

[@JeffPospisil]

After you open the P&L, if you scroll up so that you can see where you can set the Report Date, there is a dropdown box that says "Show non-zero or active only". When you click that, you can choose "All" under "Show Rows". Give that a try.

[@contextmatters8243]

@@JeffPospisil Hi Jeff. Didn't work in ProAdvisor but shows in demo app. 😞 Sent an email to support. Appreciate your feedback. Thanks

[@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"

[@JeffPospisil]

Unfortunately the answer is no. I end up have a lot of expenses under the Detail Type "Other Business Expense." QuickBooks has a lot of work to do in order to better accommodate churches and non-profits.

[@KristaBundt]

Could I use child accounts under the parent "checking" to track designated and undesignated funds? ex. 1001 Checking (Parent), 1002 General Fund - undesignated funds (child), Missions (child), Missions - specific missionary (sub cartegory of child)... Would I still need to use classes?

[@JeffPospisil]

I have seen this done quite often. It makes it easier to see how much cash is in the general fund vs other designations. You could avoid using Classes this way.

[@CCAFO]

Hello Jeff, I would like to ask is that true that Location in QuickBooks online plus refer to non-restricted and restricted fund?

[@JeffPospisil]

I have never heard that before. I think it would be possible to use it that way. Normally I try to keep track of restricted funds in my Equity section of the Balance Sheet so I don't use Locations. I always assumed this was for a church or business that has multiple locations.

[@erikadee8668]

Why do you number them like that instead of just 1,2,3, etc.?

[@JeffPospisil]

Good question. The numbering determines what order they appear on reports. I leave gaps in the numbering in case I want to squeeze in a new account. For example, if I had 1 for Main Checking, 2 for Savings, 3 for Accounts Receivable, it would be a pain to add in a second checking account. I usually use the four-digit numbers because then I'm sure I have enough room. It also then makes it easier for me to remember. Assets always start with a 1. Liabilities start with a 2. Income starts with a 4. So the main reasons...to make room for adding new accounts and make it easier to remember.