Setting Up Chart of Accounts in QuickBooks Online | For Online Sellers

[@ShearsWindowInc]

Hello, thank you so much for the video. It truly is a wonderful way to understand how COA works. You're doing a great job, I hope you continue to make videos for all industries and trades. Thank you!

[@LedgerGurus]

Glad it was helpful!

[@MarkoCeki]

YOU. ARE. MY. HERO.

[@tyshelton240]

Great content! Very informative and helpful to Quikbooks newbies such as myself. Great job

[@joaquinochoa5322]

My Hero! Clear and to the point. Holla!

[@jeremy_317]

Best follow for e-commerce accounting. Thank you!

[@LedgerGurus]

You're very welcome!

[@BrickArena]

Great video, this should have way more views!!

[@LedgerGurus]

Thank you! It's fairly new, so hopefully it'll gather more views over time. I'm so glad you found it helpful. :)

[@debSilbert]

getting ready to watch video. Since I always start at the end of the book first, I downloaded the COA template. LOL I'm curious why you're not tracking the Selling & Fulfillment fees as COGS?

[@nelfamanlimos9747]

Superb Content! Thank you

[@mirasanchezcostello6235]

THIS IS SO HELPFUL!!! Great tutorial.

[@LedgerGurus]

So glad to help!

[@joelengelmeyer]

amazing content! keep it coming

[@vernon7934]

Thanks alot!

[@LedgerGurus]

Of course!

[@thelittleconnection6329]

Thank you for the video

[@moonstar6694]

Hi. love your videos. i couldn't find the link to the video on class tracking in qbo.

[@msmbyr4783]

Thanks for the valuable videos. We sell on Amazon and other marketplaces. We also sometimes sell wholesale as a vendor. How can we classify these? Can we track with Track Class? How do we keep track of the inventory clearly when we sell some of the goods we buy wholesale to Amazon FBA and the rest wholesale? I appreciate your help!

[@LedgerGurus]

Use class tracking to separate different sales channels, and do your best to keep all costs associated with those sales channels together, including COGS.

[@myrazn18]

Every video I’ve watched has been super helpful! 🤩How to delete a duplicated COA? Ive tried making it inactive but the transactions remained. ☺️

[@LedgerGurus]

If it’s still there that means there’s data coded to that account. I would run the report with a larger date range and double check.

[@fitnesswithlove3192]

Merge them.

[@mosesngek4276]

This very helpful. I have issues with downloading some of the resources like the charts of accounts

[@LedgerGurus]

That's good to know. What kind of issues? It should have sent you to a link where you'll fill in your name & email address, and the file is sent to you. I'm not seeing your name in our database, so I suspect something happened before the file even got sent. Here's the link again - ledgergurus.com/resources/downloads-2/ecommerce-chart-of-accounts-template-download/.

[@muhammadamjad8009]

Very Helpful

[@LedgerGurus]

Glad it helped

[@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 ?

[@makenzijismeis9755]

great video i am really happy

[@LedgerGurus]

I'm so glad you liked it and it could help you.

[@dobwalls]

Hello great Video. The chart of accounts in my QB is not in the order I would like it. Can you tell me how I can change the order?

[@LedgerGurus]

What are you trying to do with it? The Chart of Accounts is set up in a very specific way - Assets, then liabilities, then equity, then income, and last expenses. Accounts are alphabetized in each of those categories. If you want to change the order, you'll have to change the names or add numbers to the beginning of account names. You can also check out this link for more information - qbo.support/how-can-i-change-the-sort-order-of-my-chart-of-accounts-2/

[@dobwalls]

@@LedgerGurus Thanks so much i realised the the accounts could be alphabetised (right word?) by clicking on the heading 'NAME'. No mention of this in any of the tutorials and the help was useless

[@BEATRIXKIDDO14]

Thank you!

[@daddywoofdawg]

How do you add the downloadable Chart of Accounts to quick books the mapping part that QB wants?

[@LedgerGurus]

settings - import and start there.

[@baldielake3738]

Can we use QB Free Accountant instead of QB online or a paid subscription?

[@LedgerGurus]

Chart of accounts setup would be the same no matter which version you choose to use.

[@woodentoyscom]

Can you recommend an inventory management system that ties into QBO? I learned early on, QBO is not equipped to handle multichannel inventory. I just want to send summary info to QBO.

[@LedgerGurus]

Yes, QBO's inventory system is inadequate for most ecommerce business needs. There are literally hundreds of tools out there, but some of our favorites are Locate, SOS, Dear Inventory, and Cin7. If you want to talk to some great inventory consultants who can walk you through the decision process, let us know and we'll connect you. By the way, we need your help, too. We are in the process of creating a course to help ecommerce business owners and accountants make sure they are doing sales tax accurately and efficiently. We have a pretty good idea of what this course needs to cover, but we're doing some interviews to get super clear on what people like you want and need. Would you be open to hopping on a quick call/Zoom call so I can ask you a few questions?

[@jjjjj2819]

@@LedgerGurus I want to take a training regarding E-commerce businesses as a accountant or Bookkeeper. Course should contain all of tools that are required for doing accountant job such as sales tax which is very complicated task for E-commerce businesses. I am waiting for your reply.

[@LedgerGurus]

@@jjjjj2819 We will let you know when we have that course out. Thank you!

[@aimtowin]

Hi! May I know how to properly record Reversal Reimbursement in Xero? Thank you!

[@LedgerGurus]

We are not Xero experts. I recommend reaching out to Bean Ninjas.

[@aimtowin]

@@LedgerGurus alright. thanks!

[@joeanntorricer835]

♥️♥️💕💯

[@jjjjj2819]

Hi, I am Shuhag From Bangladesh Souht east asian National.I am a Regular Viewer of Your KZbin channel which is encourage me a lot to do e-commerce Bookkeeping Though i am expert in using quickbooks online,wave,xero,zohobooks but i have not efficient enough to do a e-commerce bookkeeping that's why i want to take a E-commerce bookkeeping training so that i can able to do e-commerce bookkeeping. I want to take e-commerce bookkeeping training from your firm please help me to do so.I am waiting for your reply.

[@LedgerGurus]

Good to know! We will let you know when we launch a e-commerce bookkeeping course.

[@ahmedbakashwain6608]

i wish i can put a hundred like

[@LedgerGurus]

Oh, thank you! That is such a nice thing for you to say. :)

[@baldielake3738]

How do you setup a Chart of Account for an online used book sales with Amazon?

[@LedgerGurus]

The same process I talked about in the video, some tweaks might be COGS would be purchase price of the books.

[@reneagregory8945]

Great Information! I do have a suggestion (coming from a teacher)--slow down when speaking.

[@LedgerGurus]

Thank you! That's great feedback.

[@RTimes1987]

You could also play around with the speed of playback to suit your speed. It's really handy to slow some videos down (or speed them up).