Tag: undeposited funds

There are certain accounts QBO automatically creates when a new company is created. These certain accounts can be deleted or edited and there are certain specific accounts cannot be deleted. They are integral part of QBO company account setup.

These are specific accounts that cannot be deleted or used for anything else. Here are specific accounts that cannot be deleted or used for anything else:

• Undeposited Funds
• Inventory Assets
• Opening Balance Equity
• Retained Earnings
• Cost of Goods Sold
• Credit Card Receivables
• Reconcile Discrepancies
• Unapplied Cash Payment Income

All of these specific accounts are integral part of QBO special accounts. They cannot be changed into regular accounts. It is highly recommended not to delete it even though you may never use these certain accounts.

These accounts cannot be deleted or merged but can edit the name if needed:

• (Sales tax agency name) Payable
• Services
• Owner’s Equity
• Uncategorized Expense
• Uncategorized Income
• Uncategorized Asset

Services income account is the default income type account for the QBO file. It actually operates the same as any income account, but this one can’t be deleted, nor can the corresponding product service item. However, they can both be changed to the main income account you will be using.

Edit the name of Services to the name you call your income:

1. From the home page screen, go to the Company Gear (upper right corner) and select Chart of Accounts under Settings heading
2. Click once on Services to highlight it.
3. Click Edit button.
4. Change the name to your preferred name of income.
5. Click Save.

Accounts that can be deleted by merging:

• Billable Expense Income (Income Category Type)
• Markup (Income Category Type)

To merge the accounts:

1. From the home page screen, go to the Company Gear (upper right corner) and select Chart of Accounts under Settings heading
2. Click once on the account to highlight it.
3. Click Edit button.
4. Change the name to Services, or the exact name that Services has been changed to.
5. Click Save.
6. The program will ask if you want to merge; click Yes.

Accounts that can be deleted, but are associated to a company settings. (Since the below accounts are associated to a preference setting the only way to delete them is to disassociate them from the setting .)

• Shipping Income (Income Category Type)
• Discounts Given (Income Category Type)

To disassociate the account you want to change:

Want to change Shipping Income?:

1. From the home page screen, Go to the Company Gear tab (upper right corner) and click  Company Setting under Settings heading.
2. In the left column, click on Advanced.
3. In the Chart of Accounts section, click on Shipping Account.
4. From the drop down list, select shipping account you will be associating this preference to income type account.
5. At the bottom right, click Done.

Want to change Discount Income?:

1. From the home page screen, Go to the Company Gear tab (upper right corner) and click  Company Setting under Settings heading.
2. In the left column, click on Advanced.
3. In the Chart of Accounts section, click on Discount Account.
4. From the drop down list, select discount account you will be associating this preference to income type account.
5. At the bottom right, click Done.

 

 

…more related source

 

Chart of Accounts can be also used many ways in new QuickBooks Online.

How to go to Chart of Accounts?

From the home page screen > select Company Gear (upper right corner) > select Chart of Accounts under Settings

From here, you can ADD New account, edit existing account and delete account with certain exception (certain account cannot be deleted).

Wait, you can do more…

From here, you can go the Register for all the Balance Sheet Accounts. Just highlight account and select Register.

From here, you can generate ACCOUNT QUICKREPORT for all accounts listed here on the Chart of Accounts. Just highlight account and select Report. It is also a quick way to run a report for specific General Ledger Account.