Categories
Balance Sheet Chart of Accounts Inventory QuickBooks Online QBO

Account setup for Periodic Inventory basis in QBO

If you’re adopting a “Periodic Inventory” basis, do not select “Inventory as Detail Type” in the Chart of Accounts. Instead, use Other Current Assets for Detail Type and for the Category Type, Purchases as the account name. For the Detail Type, you never want to use “Inventory Asset”, this happens to be default account name designated for Perpetual Inventory tracking in QBO. If you want to switch later, it creates problems.

Periodic Inventory basis account setup

Categories
Chart of Accounts QuickBooks Online QBO Wipe Data

How to wipe out QBO company data file and create an empty Chart of Accounts COA

If you have Essentials (or higher) plan and your account has been active for 60 days or less, you can wipe out your company data file and also create a new chart of accounts at the same time if you want.

To wipe the data and create a new COA from your QuickBooks Online account:

  1. Log in to your QuickBooks Online Company.
  2. Change the URL to include /purgecompany. Example: URL shows https://qbo.intuit.com/c28/app/homepage
    • change to: https://qbo.intuit.com/c28/app/purgecompany
  3. The next screen will provide a summary of the items to be deleted. Type the word yes if you want the data deleted, then select OK.
  4. Select “Create an empty chart of accounts (select only with the advice of an accountant)” under Create accounts based on my industry tab. (THIS IS ONLY IF YOU WANT TO WIPE OUT EXISTING CHART OF ACCOUNTS AND CREATE A NEW COA). QBO will leave with few defaults accounts only.
  5. Select “Wipe Data” once your selections are complete.

When the deletion is complete, you’ll be rerouted to your home page.

Warning: Please keep in mind that this process will delete all data entered into the company. Once the data is deleted, it can’t be restored or reversed.

Wipe data including COA
Categories
Chart of Accounts COGS Company Gear Company Settings Cost of Sales Expense Expenses Invoice QuickBooks Online QBO

Track billable expenses and items as income in a single account or in multiple accounts

Adds a “Use for billable expenses” checkbox to an account’s edit screen in the Chart of Accounts.

Categories
Chart of Accounts QuickBooks Online QBO

Chart of Accounts – Listing of available Account Types and their associated Detail Types

Chart of Accounts COA – Listing of available Account Types and their associated Detail Types in QuickBooks Online (QBO)

AccountTypeDetail type
Cash on handBankCash on hand
CheckingBankChecking
Money MarketBankMoney Market
Rents Held in TrustBankRents Held in Trust
SavingsBankSavings
Trust accountBankTrust account
Accounts Receivable (A/R)Accounts receivable (A/R)Accounts Receivable (A/R)
Allowance for Bad DebtsOther Current AssetsAllowance for Bad Debts
Development CostsOther Current AssetsDevelopment Costs
Employee Cash AdvancesOther Current AssetsEmployee Cash Advances
InventoryOther Current AssetsInventory
Investment – Mortgage/Real Estate LoansOther Current AssetsInvestment – Mortgage/Real Estate Loans
Investment – Tax-Exempt SecuritiesOther Current AssetsInvestment – Tax-Exempt Securities
Investment – U.S. Government ObligationsOther Current AssetsInvestment – U.S. Government Obligations
Investments – OtherOther Current AssetsInvestments – Other
Loans To OfficersOther Current AssetsLoans To Officers
Loans to OthersOther Current AssetsLoans to Others
Loans to StockholdersOther Current AssetsLoans to Stockholders
Other Current AssetsOther Current AssetsOther Current Assets
Prepaid ExpensesOther Current AssetsPrepaid Expenses
Uncategorized AssetOther Current AssetsOther Current Assets
Undeposited FundsOther Current AssetsUndeposited Funds
Accumulated AmortizationFixed AssetsAccumulated Amortization
Accumulated DepletionFixed AssetsAccumulated Depletion
Accumulated DepreciationFixed AssetsAccumulated Depreciation
BuildingsFixed AssetsBuildings
Depletable AssetsFixed AssetsDepletable Assets
Fixed Asset ComputersFixed AssetsFixed Asset Computers
Fixed Asset CopiersFixed AssetsFixed Asset Copiers
Fixed Asset FurnitureFixed AssetsFixed Asset Furniture
Fixed Asset Other Tools EquipmentFixed AssetsFixed Asset Other Tools Equipment
Fixed Asset PhoneFixed AssetsFixed Asset Phone
Fixed Asset Photo VideoFixed AssetsFixed Asset Photo Video
Fixed Asset SoftwareFixed AssetsFixed Asset Software
Furniture & FixturesFixed AssetsFurniture & Fixtures
Intangible AssetsFixed AssetsIntangible Assets
LandFixed AssetsLand
Leasehold ImprovementsFixed AssetsLeasehold Improvements
Machinery & EquipmentFixed AssetsMachinery & Equipment
Other fixed assetsFixed AssetsOther fixed assets
VehiclesFixed AssetsVehicles
Accumulated Amortization of Other AssetsOther AssetsAccumulated Amortization of Other Assets
GoodwillOther AssetsGoodwill
Lease BuyoutOther AssetsLease Buyout
LicensesOther AssetsLicenses
Organizational CostsOther AssetsOrganizational Costs
Other Long-term AssetsOther AssetsOther Long-term Assets
Security DepositsOther AssetsSecurity Deposits
Accounts Payable (A/P)Accounts payable (A/P)Accounts Payable (A/P)
Credit CardCredit CardCredit Card
Federal Income Tax PayableOther Current LiabilitiesFederal Income Tax Payable
Insurance PayableOther Current LiabilitiesInsurance Payable
Line of CreditOther Current LiabilitiesLine of Credit
Loan PayableOther Current LiabilitiesLoan Payable
Other Current LiabilitiesOther Current LiabilitiesOther Current Liabilities
Payroll ClearingOther Current LiabilitiesPayroll Clearing
Payroll Tax PayableOther Current LiabilitiesPayroll Tax Payable
Prepaid Expenses PayableOther Current LiabilitiesPrepaid Expenses Payable
Rents in trust – LiabilityOther Current LiabilitiesRents in trust – Liability
Sales Tax PayableOther Current LiabilitiesSales Tax Payable
State/Local Income Tax PayableOther Current LiabilitiesState/Local Income Tax Payable
Trust Accounts – LiabilitiesOther Current LiabilitiesTrust Accounts – Liabilities
Undistributed TipsOther Current LiabilitiesUndistributed Tips
Notes PayableLong Term LiabilitiesNotes Payable
Other Long Term LiabilitiesLong Term LiabilitiesOther Long Term Liabilities
Shareholder Notes PayableLong Term LiabilitiesShareholder Notes Payable
Accumulated AdjustmentEquityAccumulated Adjustment
Common StockEquityCommon Stock
Estimated TaxesEquityEstimated Taxes
HealthcareEquityHealthcare
Opening Balance EquityEquityOpening Balance Equity
Owner’s EquityEquityOwner’s Equity
Paid-In Capital or SurplusEquityPaid-In Capital or Surplus
Partner ContributionsEquityPartner Contributions
Partner DistributionsEquityPartner Distributions
Partner’s EquityEquityPartner’s Equity
Personal ExpenseEquityPersonal Expense
Personal IncomeEquityPersonal Income
Preferred StockEquityPreferred Stock
Retained EarningsEquityRetained Earnings
Treasury StockEquityTreasury Stock
Discounts/Refunds GivenIncomeDiscounts/Refunds Given
Non-Profit IncomeIncomeNon-Profit Income
Other Primary IncomeIncomeOther Primary Income
SalesIncomeSales of Product Income
Sales of Product IncomeIncomeSales of Product Income
Service/Fee IncomeIncomeService/Fee Income
Unapplied Cash Payment IncomeIncomeUnapplied Cash Payment Income
Uncategorized IncomeIncomeSales of Product Income
Cost of labor – COSCost of Goods SoldCost of labor – COS
Equipment Rental – COSCost of Goods SoldEquipment Rental – COS
Other Costs of Services – COSCost of Goods SoldOther Costs of Services – COS
Shipping, Freight & Delivery – COSCost of Goods SoldShipping, Freight & Delivery – COS
Supplies & Materials – COGSCost of Goods SoldSupplies & Materials – COGS
Advertising/PromotionalExpensesAdvertising/Promotional
AutoExpensesAuto
Bad DebtsExpensesBad Debts
Bank ChargesExpensesBank Charges
Charitable ContributionsExpensesCharitable Contributions
Cost of LaborExpensesCost of Labor
Dues & subscriptionsExpensesDues & subscriptions
EntertainmentExpensesEntertainment
Entertainment MealsExpensesEntertainment Meals
Equipment RentalExpensesEquipment Rental
Finance costsExpensesFinance costs
InsuranceExpensesInsurance
Interest PaidExpensesInterest Paid
Legal & Professional FeesExpensesLegal & Professional Fees
Office/General Administrative ExpensesExpensesOffice/General Administrative Expenses
Other Business ExpensesExpensesOther Business Expenses
Other Miscellaneous Service CostExpensesOther Miscellaneous Service Cost
Payroll ExpensesExpensesPayroll Expenses
Promotional MealsExpensesPromotional Meals
Rent or Lease of BuildingsExpensesRent or Lease of Buildings
Repair & MaintenanceExpensesRepair & Maintenance
Shipping, Freight & DeliveryExpensesShipping, Freight & Delivery
Supplies & MaterialsExpensesSupplies & Materials
Taxes PaidExpensesTaxes Paid
TravelExpensesTravel
Travel MealsExpensesTravel Meals
Unapplied Cash Bill Payment ExpenseExpensesUnapplied Cash Bill Payment Expense
Uncategorized ExpenseExpensesOther Miscellaneous Service Cost
UtilitiesExpensesUtilities
Dividend IncomeOther IncomeDividend Income
Interest EarnedOther IncomeInterest Earned
Other Investment IncomeOther IncomeOther Investment Income
Other Miscellaneous IncomeOther IncomeOther Miscellaneous Income
Tax-Exempt InterestOther IncomeTax-Exempt Interest
AmortizationOther ExpenseAmortization
DepreciationOther ExpenseDepreciation
Exchange Gain or LossOther ExpenseExchange Gain or Loss
Gas And FuelOther ExpenseGas And Fuel
Home OfficeOther ExpenseHome Office
Homeowner Rental InsuranceOther ExpenseHomeowner Rental Insurance
Mortgage Interest Home OfficeOther ExpenseMortgage Interest Home Office
Other Home Office ExpensesOther ExpenseOther Home Office Expenses
Other Miscellaneous ExpenseOther ExpenseOther Miscellaneous Expense
Other Vehicle ExpensesOther ExpenseOther Vehicle Expenses
Parking and TollsOther ExpenseParking and Tolls
Penalties & SettlementsOther ExpensePenalties & Settlements
Rent and Lease Home OfficeOther ExpenseRent and Lease Home Office
Repairs and Maintenance Home OfficeOther ExpenseRepairs and Maintenance Home Office
Utilities Home OfficeOther ExpenseUtilities Home Office
VehicleOther ExpenseVehicle
Vehicle InsuranceOther ExpenseVehicle Insurance
Vehicle LeaseOther ExpenseVehicle Lease
Vehicle LoanOther ExpenseVehicle Loan
Vehicle Loan InterestOther ExpenseVehicle Loan Interest
Vehicle RegistrationOther ExpenseVehicle Registration
Vehicle RepairsOther ExpenseVehicle Repairs
Wash and Road ServicesOther ExpenseWash and Road Services

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Categories
Banking Chart of Accounts

QuickBooks Online – Connect bank accounts through your Chart of Accounts COA

You can now connect an existing bank account from your Chart of Accounts.

  • Select Accounting from the left dashboard, then Chart of Accounts.
  • Find the account you need to connect and in the Action column, select the
  • View register (or Account history) drop-down and choose “Connect bank”.
  • Follow the prompt and complete the process for connecting your bank account.
  • After connecting the account, your transactions will automatically download nightly (around 10 pm Pacific time).
  • You can also prompt a download whenever you want by going to the Banking page and selecting “Update” button at the top right corner.

Note: At this time, this option is NOT available for credit card accounts.

Categories
Chart of Accounts

How to add an account number to default accounts set up by QuickBooks such as Sales Tax Payable

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Here’s how to add an account number in QuickBooks:

To enable account number settings:

  • Click on the Gear icon.
  • Select on Account and Settings.
  • Select on Advanced.
  • Under Chart of accounts, turn on Enable account numbers by clicking the pencil icon.
  • Put a check mark on the Enable account numbers and Show account numbers.
  • Click on Save.
  • Click Done.

 
ENABLE ACCOUNT NUMBERS

 
In editing the account number in the chart of accounts:

  • Click on Accounting from the left Dashboard.
  • Click pencil icon at the top right corner.
  • Enter the account number under NUMBER column.
  • Click on Save green bottom at the top right corner (above QuickBooks/Bank Balance column.

 
ASSIGN ACCOUNT NUMBER

 

Categories
Batch Reclass Chart of Accounts

Is it possible to reclass multiple entries in QuickBooks? I like to reclassify multiple transactions in batch, not one at a time.

You can do batch reclass for expense transactions recorded to Account details tab. They use the account from the Chart of Accounts. These expenses are created using the Expense, Check or Bill in QBO

However, if it’s sales forms entries like customer invoices that use the product/service item code, then it’s not possible to do batch reclass from one account to another account. The same thing applies to purchases (like inventory purchase) that use Items details tab.

So, if your original entry is Journal Entry type or Sales form or Product/Service Item, you can’t do batch reclass. You can’t also batch reclass class/location in regular QBO.

To reclassify category in batch for account details entries:
From the homepage dashboard > Expenses > Expenses > Select transactions need to be reclassified to another account category > Select “Categorize selected” under Batch actions > Select NEW Category > Apply.

See screenshot below for reference.

Categories
Chart of Accounts Products & Services

What is the difference between account details and items details

In QuickBooks Online (QBO), “Account Details” refers to a selection of an account from the company chart of accounts to categorize expense type (or non-expense type) whereas “Item Details” mainly refers to adding an item from products and services list like the purchase of inventory items by quantity and unit price. It may also help to use for some job costing purposes when job/project cost reports are available in QuickBooks Online Plus plan.

Refer to this article for more


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Categories
Chart of Accounts

As a sole proprietorship, what detail type should I use for Owner’s Draws account in QBO

In QBO, I would use Owner’s Equity as detail type for Owner’s Draws account name.

  • Category Type: Equity
  • Detail Type: Owner’s Equity
  • Name: Owner’s Draws

 
owners-draws-account
 

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Categories
Chart of Accounts

Deleting special and default accounts in the Chart of Accounts

Deleting special and default accounts in the Chart of Accounts
QuickBooks Help
There are many accounts created by QuickBooks at the time the company is created, and others that appear when features are turned on in preferences. Some can be deleted or edited and others cannot…

Accounts that cannot be deleted or used for anything else:

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

Cannot be deleted or merged but can edit the name:

  • Services
  • Uncategorized Expense
  • Uncategorized Income
  • Uncategorized Asset
  • Owner’s Equity
  • (Sales tax agency name, ie GST/VAT) Payable

 

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