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.
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:
- Log in to your QuickBooks Online Company.
- 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
- 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.
- 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.
- 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.
Chart of Accounts COA – Listing of available Account Types and their associated Detail Types in QuickBooks Online (QBO)
|Cash on hand||Bank||Cash on hand|
|Money Market||Bank||Money Market|
|Rents Held in Trust||Bank||Rents Held in Trust|
|Trust account||Bank||Trust account|
|Accounts Receivable (A/R)||Accounts receivable (A/R)||Accounts Receivable (A/R)|
|Allowance for Bad Debts||Other Current Assets||Allowance for Bad Debts|
|Development Costs||Other Current Assets||Development Costs|
|Employee Cash Advances||Other Current Assets||Employee Cash Advances|
|Inventory||Other Current Assets||Inventory|
|Investment – Mortgage/Real Estate Loans||Other Current Assets||Investment – Mortgage/Real Estate Loans|
|Investment – Tax-Exempt Securities||Other Current Assets||Investment – Tax-Exempt Securities|
|Investment – U.S. Government Obligations||Other Current Assets||Investment – U.S. Government Obligations|
|Investments – Other||Other Current Assets||Investments – Other|
|Loans To Officers||Other Current Assets||Loans To Officers|
|Loans to Others||Other Current Assets||Loans to Others|
|Loans to Stockholders||Other Current Assets||Loans to Stockholders|
|Other Current Assets||Other Current Assets||Other Current Assets|
|Prepaid Expenses||Other Current Assets||Prepaid Expenses|
|Uncategorized Asset||Other Current Assets||Other Current Assets|
|Undeposited Funds||Other Current Assets||Undeposited Funds|
|Accumulated Amortization||Fixed Assets||Accumulated Amortization|
|Accumulated Depletion||Fixed Assets||Accumulated Depletion|
|Accumulated Depreciation||Fixed Assets||Accumulated Depreciation|
|Depletable Assets||Fixed Assets||Depletable Assets|
|Fixed Asset Computers||Fixed Assets||Fixed Asset Computers|
|Fixed Asset Copiers||Fixed Assets||Fixed Asset Copiers|
|Fixed Asset Furniture||Fixed Assets||Fixed Asset Furniture|
|Fixed Asset Other Tools Equipment||Fixed Assets||Fixed Asset Other Tools Equipment|
|Fixed Asset Phone||Fixed Assets||Fixed Asset Phone|
|Fixed Asset Photo Video||Fixed Assets||Fixed Asset Photo Video|
|Fixed Asset Software||Fixed Assets||Fixed Asset Software|
|Furniture & Fixtures||Fixed Assets||Furniture & Fixtures|
|Intangible Assets||Fixed Assets||Intangible Assets|
|Leasehold Improvements||Fixed Assets||Leasehold Improvements|
|Machinery & Equipment||Fixed Assets||Machinery & Equipment|
|Other fixed assets||Fixed Assets||Other fixed assets|
|Accumulated Amortization of Other Assets||Other Assets||Accumulated Amortization of Other Assets|
|Lease Buyout||Other Assets||Lease Buyout|
|Organizational Costs||Other Assets||Organizational Costs|
|Other Long-term Assets||Other Assets||Other Long-term Assets|
|Security Deposits||Other Assets||Security Deposits|
|Accounts Payable (A/P)||Accounts payable (A/P)||Accounts Payable (A/P)|
|Credit Card||Credit Card||Credit Card|
|Federal Income Tax Payable||Other Current Liabilities||Federal Income Tax Payable|
|Insurance Payable||Other Current Liabilities||Insurance Payable|
|Line of Credit||Other Current Liabilities||Line of Credit|
|Loan Payable||Other Current Liabilities||Loan Payable|
|Other Current Liabilities||Other Current Liabilities||Other Current Liabilities|
|Payroll Clearing||Other Current Liabilities||Payroll Clearing|
|Payroll Tax Payable||Other Current Liabilities||Payroll Tax Payable|
|Prepaid Expenses Payable||Other Current Liabilities||Prepaid Expenses Payable|
|Rents in trust – Liability||Other Current Liabilities||Rents in trust – Liability|
|Sales Tax Payable||Other Current Liabilities||Sales Tax Payable|
|State/Local Income Tax Payable||Other Current Liabilities||State/Local Income Tax Payable|
|Trust Accounts – Liabilities||Other Current Liabilities||Trust Accounts – Liabilities|
|Undistributed Tips||Other Current Liabilities||Undistributed Tips|
|Notes Payable||Long Term Liabilities||Notes Payable|
|Other Long Term Liabilities||Long Term Liabilities||Other Long Term Liabilities|
|Shareholder Notes Payable||Long Term Liabilities||Shareholder Notes Payable|
|Accumulated Adjustment||Equity||Accumulated Adjustment|
|Common Stock||Equity||Common Stock|
|Estimated Taxes||Equity||Estimated Taxes|
|Opening Balance Equity||Equity||Opening Balance Equity|
|Owner’s Equity||Equity||Owner’s Equity|
|Paid-In Capital or Surplus||Equity||Paid-In Capital or Surplus|
|Partner Contributions||Equity||Partner Contributions|
|Partner Distributions||Equity||Partner Distributions|
|Partner’s Equity||Equity||Partner’s Equity|
|Personal Expense||Equity||Personal Expense|
|Personal Income||Equity||Personal Income|
|Preferred Stock||Equity||Preferred Stock|
|Retained Earnings||Equity||Retained Earnings|
|Treasury Stock||Equity||Treasury Stock|
|Discounts/Refunds Given||Income||Discounts/Refunds Given|
|Non-Profit Income||Income||Non-Profit Income|
|Other Primary Income||Income||Other Primary Income|
|Sales||Income||Sales of Product Income|
|Sales of Product Income||Income||Sales of Product Income|
|Service/Fee Income||Income||Service/Fee Income|
|Unapplied Cash Payment Income||Income||Unapplied Cash Payment Income|
|Uncategorized Income||Income||Sales of Product Income|
|Cost of labor – COS||Cost of Goods Sold||Cost of labor – COS|
|Equipment Rental – COS||Cost of Goods Sold||Equipment Rental – COS|
|Other Costs of Services – COS||Cost of Goods Sold||Other Costs of Services – COS|
|Shipping, Freight & Delivery – COS||Cost of Goods Sold||Shipping, Freight & Delivery – COS|
|Supplies & Materials – COGS||Cost of Goods Sold||Supplies & Materials – COGS|
|Bad Debts||Expenses||Bad Debts|
|Bank Charges||Expenses||Bank Charges|
|Charitable Contributions||Expenses||Charitable Contributions|
|Cost of Labor||Expenses||Cost of Labor|
|Dues & subscriptions||Expenses||Dues & subscriptions|
|Entertainment Meals||Expenses||Entertainment Meals|
|Equipment Rental||Expenses||Equipment Rental|
|Finance costs||Expenses||Finance costs|
|Interest Paid||Expenses||Interest Paid|
|Legal & Professional Fees||Expenses||Legal & Professional Fees|
|Office/General Administrative Expenses||Expenses||Office/General Administrative Expenses|
|Other Business Expenses||Expenses||Other Business Expenses|
|Other Miscellaneous Service Cost||Expenses||Other Miscellaneous Service Cost|
|Payroll Expenses||Expenses||Payroll Expenses|
|Promotional Meals||Expenses||Promotional Meals|
|Rent or Lease of Buildings||Expenses||Rent or Lease of Buildings|
|Repair & Maintenance||Expenses||Repair & Maintenance|
|Shipping, Freight & Delivery||Expenses||Shipping, Freight & Delivery|
|Supplies & Materials||Expenses||Supplies & Materials|
|Taxes Paid||Expenses||Taxes Paid|
|Travel Meals||Expenses||Travel Meals|
|Unapplied Cash Bill Payment Expense||Expenses||Unapplied Cash Bill Payment Expense|
|Uncategorized Expense||Expenses||Other Miscellaneous Service Cost|
|Dividend Income||Other Income||Dividend Income|
|Interest Earned||Other Income||Interest Earned|
|Other Investment Income||Other Income||Other Investment Income|
|Other Miscellaneous Income||Other Income||Other Miscellaneous Income|
|Tax-Exempt Interest||Other Income||Tax-Exempt Interest|
|Exchange Gain or Loss||Other Expense||Exchange Gain or Loss|
|Gas And Fuel||Other Expense||Gas And Fuel|
|Home Office||Other Expense||Home Office|
|Homeowner Rental Insurance||Other Expense||Homeowner Rental Insurance|
|Mortgage Interest Home Office||Other Expense||Mortgage Interest Home Office|
|Other Home Office Expenses||Other Expense||Other Home Office Expenses|
|Other Miscellaneous Expense||Other Expense||Other Miscellaneous Expense|
|Other Vehicle Expenses||Other Expense||Other Vehicle Expenses|
|Parking and Tolls||Other Expense||Parking and Tolls|
|Penalties & Settlements||Other Expense||Penalties & Settlements|
|Rent and Lease Home Office||Other Expense||Rent and Lease Home Office|
|Repairs and Maintenance Home Office||Other Expense||Repairs and Maintenance Home Office|
|Utilities Home Office||Other Expense||Utilities Home Office|
|Vehicle Insurance||Other Expense||Vehicle Insurance|
|Vehicle Lease||Other Expense||Vehicle Lease|
|Vehicle Loan||Other Expense||Vehicle Loan|
|Vehicle Loan Interest||Other Expense||Vehicle Loan Interest|
|Vehicle Registration||Other Expense||Vehicle Registration|
|Vehicle Repairs||Other Expense||Vehicle Repairs|
|Wash and Road Services||Other Expense||Wash and Road Services|
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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.
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.
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.
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.
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.
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Deleting special and default accounts in the Chart of Accounts
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:
- Uncategorized Expense
- Uncategorized Income
- Uncategorized Asset
- Owner’s Equity
- (Sales tax agency name, ie GST/VAT) Payable
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