QuickBooks Desktop Chart of Accounts - Complete Tutorial

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quickbooks.intuit.com/partner...
Complete Tutorial by Hector Garcia, CPA on working with the Chart of Accounts in QuickBooks Pro, Premier, Accountant, or Enterprise (PC/Windows Versions Only)
00:00:00 - Intro (chart of accounts inside QuickBooks Desktop)
00:01:00 - Chart of accounts (3 ways to get to chart of accounts)
00:02:22 - How to Identify a balance sheet account from a profit & loss account
00:03:21 - Company checking account
00:05:12 - How to record an item in the chart of accounts (example) (account button, new) (add new account) (asset or liability) (enter opening balance)
00:08:54 - Reports (profit & loss)
00:09:41 - Make deposits (example)
00:10:40 - How to merge accounts or make one subaccount of the other (example) (edit income account) (disappear redundant)
00:13:07 - How to make some accounts inactive
00:14:21 - Customize report (modify report: profit & loss) (advanced options)
00:15:22 - How to delete or keep inactive the account and “use it once” option
00:18:32 - How to sort profit & loss by total (ignoring the alphabetical order) or by default (organize or reorganize accounts) (Account, re-sort list)
00:20:55 - Preferences (company preferences, use account numbers) (to see in chart of accounts the account number of every account) (edit account) (change location)
00:24:00 - Edit account (changing account type) (example) (balance sheet accounts and profit & loss accounts) (issues may affect your profitability)
00:26:20 - Tax-line mapping
00:27:47 - Reports (accountant & taxes) (income tax preparation) (income tax summary)
00:29:25 - Company tab (my company) (edit) (report information) (income tax form used)
00:30:49 - Account (find transactions in) (shortcut)
00:31:35 - Account button (flat view/hierarchical view options)
00:34:17 - Description (click on the chart of account, customize columns)
00:34:53 - Reports (list, account listing)
00:35:44 - Reports & graphs (company preferences, name only/name descriptions)
00:36:43 - How to export and import chart of accounts (file, utilities, export/import, lists to IIF files)
00:37:50 - Excel CSV file (import chart of accounts to the file dragging it) (how to add accounts in excel, duplicate, replace)
00:40:10 - How to import the chart of accounts changes in excel to QuickBooks Desktop (file, utilities, import, IIF files, select the file and open)
00:40:56 - Spreadsheet (Maximum 31 characters account name/maximum 7 characters account number)
00:42:26 - How to import a chart of accounts from excel to QuickBooks Desktop (file, utilities, import, excel files) (advanced import) (import a file) (browse) (select file) (create mapping) (import) (step by step)
00:45:26 - How to import the balances (example) (they have to be brand new accounts in CSV) (step by step)
00:48:08 - Error import
Chart of Accounts spreadsheet:
www.qbkaccounting.com/chart-ac...

[@amygold10]

Very informative. Explains material really well. I appreciate your pace... NOT slow and drawn out. Quick and to the point. Thank you!

[@88matzie]

I love Hector Garcia's QuickBooks instructions.

[@HectorGarciaCPA]

+Shirl Matz thank you.. I am glad you find them helpful

[@kikicoraline2955]

Cheers for this, been searching for "quickbooks online bookkeeper" for a while now, and I think this has helped. Ever heard of - Aleacob Marvelous Ascendancy - (search on google ) ? It is a smashing one off guide for discovering how to master quickbooks minus the hard work. Ive heard some incredible things about it and my co-worker got cool success with it.

[@Kellyannmaglio]

Incredibly informative, thank you for taking the time to do this!

[@HectorGarciaCPA]

Kelly M you are welcome

[@josephineclaros3272]

Thank you hector, I appreciate the way you teaching demo is very Clear. Your awesome thank you all the way from the Phillipines

[@sandygrieson6481]

Very Helpful. I am learning more from your channel then I ever did on Intuit. Thank you so much!

[@HectorGarciaCPA]

oh wow.. that is high praise.. thanks.

[@lindalouie5027]

I really enjoy your tutorial videos. They are very helpful and thorough.

[@katharinasie2057]

I like this video. The explanation was very clear and made sense based on the perspective of the accounting view setup. Thanks a lot!

[@rebeccamedcalf154]

Hector awesome as always! I always get so much from your videos.

[@abidalam1283]

Very thankful to you dear for sharing this.... i am using quickbook too in my company and i got answer of few questions which was in my mind.. May Allah bless you

[@ameneh212]

Tanks for doing this. I am new to quickbooks and it is helping me so much, thanks!!

[@hussainhakim4650]

Very informative and detailed video...Thanks Hector sir for providing us details with optimal pace and details....Appreciate if you come up with more videos explaining such narrowly focused topics with comprehensive details and explanation....Clarity and crispiness was another hallmark of this video...Commendable efforts sir!!

[@HectorGarciaCPA]

:)

[@carlosrosario3847]

I really enjoy your tutorial videos. They are very helpful for my learning Thank

[@Radhal08]

I love your teaching, very excellent ! Thank you Hector Garcia's. I have taken QuickBook Enterprise :)

[@HectorGarciaCPA]

Radha Luitel good glad you liked it

[@rwpgng]

Thanks for all the COA explainations. Very useful to get around the accounts.

[@HectorGarciaCPA]

Wil Gong glad you liked it

[@khurrumwaheed292]

Great videos man. You rock. I got a lot of conceptual stuff sorted out after viewing this. Thanks.

[@HectorGarciaCPA]

Thank you; glad you liked it

[@lavettevxoxo]

Just fabulous!!!! I am a new subscriber and I am super excited to go thru your content :) Thank you for all of your hard work and sharing!

[@foltreasurer8704]

Best video yet! Thanks for the valuable info.

[@HectorGarciaCPA]

+FOL TREASURER :)

[@RobertoGuerraLaCajaChina]

Great video, thank you for the information. Very helpful.

[@cristinasierra882]

Thank you so much! I learn a lot from your videos

[@orangzebmalik7548]

The best video how to understand chart of accounts. Many Thanks

[@HectorGarciaCPA]

Orangzeb Malik thanks you!

[@ndelpurg]

i joined one of your tutorials , i found this one many thanks excellent teaching !

[@HectorGarciaCPA]

great

[@marisamcginnis5059]

Hector-Your video was excellent! Your section on how to merge accounts was especially helpful. I would like to see a comprehensive video on all the standard reports.

[@HectorGarciaCPA]

There are a few on “custom reports” check them out

[@marisamcginnis5059]

Thank you.

[@calvincewasonga1998]

This was fantastic and helpfull. Am impressed

[@neneamontesino3856]

I like how clear you present the tutorial. How do I create COA for non profit org?

[@nitumodha6767]

i like how you teach. very helpful and easy to inderstand.

[@HectorGarciaCPA]

Great! You welcome

[@haydenplummer2382]

Appreciate the video. Extremely helpful!

[@HectorGarciaCPA]

You welcome

[@sendjudahfirst22]

Thank you very much for this very valuable information!

[@HectorGarciaCPA]

You welcome

[@fesshaabebe9008]

Thank you this is helpful and clear.

[@rufelio]

Good stuff. Thank you Hector.

[@HectorGarciaCPA]

thanks

[@Mbohlism]

thank you sir. please make more videos. thank you again

[@michaelalexander625]

Very informative and easy to follow

[@HectorGarciaCPA]

Michael Alexander glad you liked it

[@emmanuelchisom1385]

Very helpful. Thank you so much

[@yuinkyu]

Thank you for this video. Very helpful!

[@HectorGarciaCPA]

Inkyu Yu :)

[@HectorGarciaCPA]

+Inkyu Yu :)

[@sp3594444]

Great tip! I had thousands to inactivate.....took about 10 minutes of effort!

[@HectorGarciaCPA]

Cool

[@adriennelevesque9277]

This was extremely helpful!

[@HectorGarciaCPA]

Awesome!

[@riabai127]

Very helpful thank you

[@russrodnick290]

I've been looking for your series on QB desktop certification tutorials which you referred to in another video. This video was great too.

[@HectorGarciaCPA]

Hectorgarcia.teachable.com

[@emultiservicesllc2736]

Very interesting and helpful, Thanks

[@HectorGarciaCPA]

E MULTI SERVICES LLC welcome

[@barbiebruce3510]

Thank you so much..

[@johnhappy2557]

lovely tutorial

[@HectorGarciaCPA]

Thanks

[@ndelpurg]

many thanks i bought your udemy course a long time ago

[@HectorGarciaCPA]

+ndelpurg great...

[@mairaland]

Quite educative

[@HectorGarciaCPA]

Ugbede Den thanks

[@ziggysmom5646]

Again...Legend!

[@HectorGarciaCPA]

Haha.. thanks

[@silverwing0004]

I am really like it thanks, it's very helpful

[@HectorGarciaCPA]

:)

[@silverwing0004]

you should make more those youtube !!!@@HectorGarciaCPA

[@sarahmuwa67]

Thanks sir❤

[@HectorGarciaCPA]

You're welcome!

[@ruthmirembe531]

i love this

[@HectorGarciaCPA]

Thanks; I am glad you liked it.

[@kwkiwi1036]

Thanks for this helpful video. Just wondering how do you import a chart of accounts with sub accounts? Is it just a matter of adding a sub account field in the mapping? Thanks Hector

[@HectorGarciaCPA]

Kwkiwi just add it with a colon

[@mukhwanaisaac7730]

I like the content

[@winddancer1234]

Hector, how do I pay my credit card bill through chart of accounts?

[@amanullaal9531]

We need a video on carrying forward closing balance to opening balance. How to do that? When starting a new financial year, how to start it on QuickBooks. It is confusing of opening balance equity. Need ur help

[@gmtroofinginc4147]

How do you change an existing account type when it is in a sub account or the parent of a sub account?

[@virginiagrant390]

Loved the video. I am new to utube lol so can you tell me were to do the link for example chart of accounts please

[@HectorGarciaCPA]

Link is in the description quickbooks-training.net/chart-accounts-complete-list-descriptions/

[@catalinagardner4942]

Hey Hector, thank you for the great video: I run a small computer repair business and I purchase items as a need to use basis for example a customers screen needs replaced so i go to a seller on ebay or even amazon and purchase it ( what do i list that expense under?)

[@HectorGarciaCPA]

Catalina Gardner a cost of goods sold account called “parts” or “materials”

[@mudassar1]

@12:14 Is merging accounts case sensitive? (Upper and lower case) e.g. Income 1 and income 1 will they be merged?

[@HectorGarciaCPA]

No

[@HectorGarciaCPA]

chart of accounts spreadsheet: www.quickbooks-training.net/chart-accounts-complete-list-descriptions/

[@floriavu703]

Thank you very much! This is exactly what I have been looking for. You are AMAZING!!!!!! :)

[@louiseseguin7964]

I learned a lot from your video. Thanks. I would like to make my Chart of Account more simple by using item list item and sub item instead of sub account in my Chart of account Expenses (which is where I record my expenses now). I can create new items in item list and use them at of the date of my new fiscal year but is there a way to import the existing transactions already posted in the existing accounts from the chart of account? Thanks.

[@HectorGarciaCPA]

Louise Seguin you would have to reclassify all those

[@louiseseguin7964]

Can you explain a bit more? How do I do that?

[@hexgarcia]

search "quickbooks accountant reclassify transactions"

[@mahmoudelbakhshwan511]

Thanks for this video my question is, is it available to replace all default accounts on QB new company file with a chart of accounts using excel file with mentioned format or i only have the option to add new accounts

[@HectorGarciaCPA]

Mahmoud Elbakhshwan is an option

[@mahmoudelbakhshwan511]

Thanks Really appreciate

[@javedshakir5156]

it would be great if all learning videos would be in a sequence form i.e., step by step videos for all the beginners who never worked before in Quickbooks like Lesson Number 1 (Putting hands on Quickbook) or Quickbook basics then slowly and gradually upward and getting mastering in Quickbooks.

[@HectorGarciaCPA]

Javed Shakir well for that, you take the course: www.quickbooksacademy.com $57

[@javedshakir5156]

Hector Garcia CPA Let me go through the Quickbooks and I will be giving all that for free on KZbin

[@debrarhodes5714]

Where do i find that list of reccomended chart of accts for different industries?

[@HectorGarciaCPA]

The link is in the description section

[@actonfinerugs6766]

Hello Hector Can you Help me what will be category for Cleaning service or business, for example I have my business Cleaning Service I am charging customer $2 a ft. and wholesale my vendor cleaner charging me $1 a ft. what should be this $1 category what should be $1 my profit and also what should be $1 I'm paying my vendor or servicing company, basically I'm a middleman I'm making profit $1 in the middle when I enter Item Service Expense or COGS ?? Thank you

[@kirtidhiman5397]

Hi, Thanks for this video. I was wondering if you provide any classes to teach quickbooks?

[@HectorGarciaCPA]

We do. Private 1on1 and pre-recorded

[@kirtidhiman5397]

@@HectorGarciaCPA Thanks for your reply. Where can I apply?

[@HectorGarciaCPA]

@@kirtidhiman5397 call my office MF 9-5 EST 954-414-1524. Cost starts at $375 USD

[@kirtidhiman5397]

@@HectorGarciaCPA Thank you so much

[@horsescoops]

I'D LIKE TO SEE A VIDEO FOR ENTERING PRIOR YEAR'S A/R AND A/P BALANCEW WHEN CREATING A START UP CHART OF ACCOUNTS FOR A WUBWE1UENT YEAR?

[@louiseseguin7964]

Can I use item list to divide some Expenses from the Expenses accounts in Chart of account. Ex if I have Vehicule Expense and gaz as a subdivision in Chart of account , can I use the item list to separate the gaz bought for each vehicule? If yes which item category should I use?

[@HectorGarciaCPA]

Louise Seguin yes use subaccounts

[@debjohnson1186]

The previous treasurer I took over from was using Quickbooks Desktop Pro 2016, and until I upgrade to the online version I am using this older version. He has several memorized reports already set up. I have added a couple new accounts to the chart of accounts, and have added sub accounts to already existing accounts. Everything seems great in the chart of accounts. I thought these new accounts would show up in the memorized P&L Budget performance, but they do not. I've been trying to figure out how to get them added to the memorized report but am lost. Is there a way?

[@HectorGarciaCPA]

If the accounts dont have data; they wont show up

[@sallicalee9801]

thkz for your sacrifice of us but I need helping for written chart accounting to establishe my company system accounting

[@HectorGarciaCPA]

salli Calee :)

[@AbadyAlborno]

Quickbooks support in jeddah 0126280424

[@javedshakir5156]

how can we enter the opening balances for each account or is it possible to prepare a chart of accounts in excel with opening balances and export then to Quickbook enterprise or not and what would be the format of the excel file to be easily uploaded to the Quickbook Enterprise?

[@HectorGarciaCPA]

Javed Shakir you can’t import it with built in tools, you need to use an Importing app to bring a journal entry... www.transactionproimporter.com is about $200

[@primeartcraft319]

Hi can we add picture with inventory item at desktop version ?

[@HectorGarciaCPA]

In enterprise

[@delilahcruz3338]

Does anyone know how to find the record count for quickbooks desktop {chart of accounts}?

[@HectorGarciaCPA]

Hit CTRL 1 on the keyboard

[@evotorentals]

Hi Hector, If our accountant updates stuff in the Chart of Accounts and in the "Accounting" tab, does the transaction move out of "For Review" from the "banking tab"?

[@HectorGarciaCPA]

It should

[@evotorentals]

cool, thanks for answering so fast. really appreciate all your help!

[@AqeelNaseer]

When we recorded income crediting income but the contra account is not showing what has debited? to please advise in detail. thanks

[@HectorGarciaCPA]

Sorry not enough context to answer this question

[@alexandragalvis7033]

Hector sorry to bother you, I know you posted this video long time ago however I am trying to use it now to learn how to use quickbooks. I am not an accountant, and I am trying to do the same thing that you did to import excel files but I got this error Please map Type, name fields in the import data column. Do you know how I can fix it?

[@HectorGarciaCPA]

Its very hard to walk you through it via text like this. If you contact my office, you can schedule a one on one training/consultation with a person from my team

[@anayacordova4013]

New tires for my truck what would I chart that under?

[@HectorGarciaCPA]

Repairs and maintenance

[@bambeerajames3158]

Hi Hector how are you, i have a challenge how may I add an account to work as a sub account but in two different groups

[@HectorGarciaCPA]

Cannot

[@rahimullahhamim4648]

hello we can activate number in chart of account

[@HectorGarciaCPA]

Yes, you can turn on the preference

[@emilycao9316]

I do not see accountant tab in my Quickbook, how can I add the Accountant tap to be able to use Reclassify function?

[@HectorGarciaCPA]

Emily Cao you need to upgrade to the Accountant edition it’s about $500 more

[@victoriamakawa391]

Hector how to I make sure my sales team is not selling below markup. I have noticed that when invoicingthey are able to change the price how do I stop that

[@HectorGarciaCPA]

There is no way to stop it

[@victoriamakawa391]

@@HectorGarciaCPA Thankyou

[@DavidMortaz]

Hector, how can I track the income from a customer who has been sold through a Reseller!? What do I set up for the Reseller in Chart of Accounts? TY

[@HectorGarciaCPA]

I don’t think that the type of customers you have affects your chart of accounts

[@DavidMortaz]

@@HectorGarciaCPA But I would like to book and track those orders separately as say Channel Income. I guess the question boils down to how can I find a way to create Types of Income. I will have Online vs Direct Sale channels, so I want to be able to track them closely. Even down to Landing Pages and Ads that were utilized to capture those customer.

[@girlcogirl]

I have accountant version quick books 2015 and am very intimidated to use. I have a small business very small, rental properties, ebay store, vacation rentals, and I thought quickbooks would be my savior to maintain my tax nightmares, however I do not have separate cc cards for each of these so one main card does multiple charges. I have created chart of accounts for my personal life, and chart of accounts for business. However when statement comes in i want to be able to switch between accounts to enter transactions easily, but I use to have all pulled up as multiple tabs in bottom so i could do so but I do not know how to now. Is it possible?

[@HectorGarciaCPA]

You can open up to two QB files at the time with QB Desktop accountant

[@subijacob931]

My opening balance equity(balancing account) not showing zero how can I correct it and how can I change the item which is already entered

[@HectorGarciaCPA]

Undo the reconciliations

[@yazanomar2383]

HOW I CREAT HOUSE ACCOUNT FOR CUSTOMERS I USE PREMIER 2020 THANK YOU

[@HectorGarciaCPA]

Describe “house account”

[@yazanomar2383]

@@HectorGarciaCPA customers paying items and pay end of the month or week

[@yazanomar2383]

my business is grocery store

[@abdirashidadan8896]

I never used Accounting Software before. i have one Question which Account does Purchase Return or Sales Return Come under in Quickbook Destop Pls anybody can help.

[@HectorGarciaCPA]

Purchase return will likely be Cost Of Goods Sold

[@abdirashidadan8896]

@@HectorGarciaCPAthank u so much

[@tuna07tu]

Hector, I don’t understand why a vendor refund is categorized as income. Shouldn’t we just reverse payment on account that was debited??? Income can potentially be taxed, so why would we risk raising our income?

[@HectorGarciaCPA]

Vendor refunds are not income… are a reversal of the original expenditure. Customer refund is income (well contra-income) reversing the effect of income

[@Natureshoot312]

Why other accounts like expanse account Balance Total is not visible????

[@HectorGarciaCPA]

Only balance sheet accounts (assets, liabilities, equity) have balances

[@monicachavira620]

Payroll?

[@krisp868]

great video, but you need a better mic

[@HectorGarciaCPA]

Krisp 868 this is old... I have upgraded even since

[@34Packardphaeton]

The most important thing for any business is.. ACCOUNT RECEIVABLE. My former long-term boss always stressed that.. and CASH FLOW. Where a new, part-time bookkeeping person needs to know.. in term of Quick Books... is HOW to enter invoices properly.. and to track payments to be credited toward those invoices. Nothing is an important as this.

[@HectorGarciaCPA]

Very true.

[@arturo8475]

Mr Motha fuckin bean

[@HectorGarciaCPA]

Yes... I am a bean counter.

[@mattwbea1]

your sound is horrible

[@HectorGarciaCPA]

There are some issues, yes. Sorry