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… Continue reading Account setup for Periodic Inventory basis in QBO
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:… Continue reading How to wipe out QBO company data file and create an empty Chart of Accounts COA
Adds a “Use for billable expenses” checkbox to an account’s edit screen in the Chart of Accounts.
Chart of Accounts COA – Listing of available Account Types and their associated Detail Types in QuickBooks Online (QBO) Account Type Detail type Cash on hand Bank Cash on hand Checking Bank Checking Money Market Bank Money Market Rents Held in Trust Bank Rents Held in Trust Savings Bank Savings Trust account Bank Trust account… Continue reading Chart of Accounts – Listing of available Account Types and their associated Detail Types
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… Continue reading QuickBooks Online – Connect bank accounts through your Chart of Accounts COA
BUY QuickBooks Online – Anytime, Anywhere. Easily Track Sales, Bills and Expenses. 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… Continue reading How to add an account number to default accounts set up by QuickBooks such as Sales Tax Payable
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… Continue reading Is it possible to reclass multiple entries in QuickBooks? I like to reclassify multiple transactions in batch, not one at a time.
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… Continue reading What is the difference between account details and items details
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
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… Continue reading Deleting special and default accounts in the Chart of Accounts