Category: Chart of Accounts
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#QuickBooks – How do I start with a blank chart of accounts in QBO?
If you’re a new customer and are within the first 60 days of having set up your account, you can delete all of the existing data and start over from scratch. If your account has been setup for more than 60 days you will need to cancel your current company and start a new company…
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QuickBooks Online Chart of Accounts
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…
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How do you set up a liquor license purchase with Notes Payable in QuickBooks?
Case: Amortizable asset being paid off with Notes Payable I have an asset that needs to be amortized (a liquor license) and I’m confused about how to keep track of the payments we make on it in Quickbooks. The full price is $50K, we put $5K down, and make $750 payments each month (no…
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How can I change the sorting of the chart of accounts? I want my accumulated depreciation to appear under the related asset.
It is a known issue at this time. There is no way to reorder it like in desktop version. Only way is to show cost first and then depreciation is to assign account number. See attached screen photo for reference. If you feel this feature need to be added in future revision, please add your…
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What to do when beginning balance is way off since last bank reconciliation?
There is no simple and easy answer. There may be couple of reasons why the beginning balance could change. 1) Edited or changed transaction amount after reconciliation 2) Deleted transaction amount after reconciliation 3) Changed the “R” status manually from the bank register In other words, prior months financials were restated after the bank reconciliation.…
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How do I reorder chart of accounts in QBO?
There is no such option to reorder COA available at this time. It is unfortunate and very ridiculous, right! If you feel this feature need to be added in future revision, please add your voice here. I’ve already done it in the past. http://feedback.qbo.intuit.com
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I accidentally deleted the Cost of Goods Sold in my Chart of Accounts. When I went to recreate it, the detail no longer includes a general COGS option. How do I re-add the top-level COGS detail?
Luckily, you cannot delete account in new QuickBooks Online. You can make it inactive only. To make it active again: Go the Chart of Accounts (Company Gear (upper right corner) > Lists > Chart of Accounts Include Active checkbox (see attached screenshot photo for reference) Chart of Accounts page will refresh itself Scroll down the…
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How do I re-sort the Chart of Accounts in new QuickBooks Online?
Chart of Accounts is currently designed to sort account names in alphabetical order only. There is no way to resort your accounts the way you want it at this time. It is numerical order if using account numbers instead of name. I like to see the following improvements on Chart of Accounts: Ability to drag…
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How to make corrections to items in the Products and Services that will flow through to past income transactions?
Yes, you can make update the products and services item that will also flow through to past transactions as well. Go back to the products and services information form and update the income account link. From the home page screen Select the Company Gear (upper-corner) Select Products and Services under Lists header Locate Name and…
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How to set it up and enter bank Line of Credit (LOC) transactions in new QuickBooks Online?
To track a line of credit (LOC) extended to your business, create a liability account with an opening balance of zero in your Chart of Accounts. From the Home page screen Go to the Company Gear (right upper corner) Select Chart of Accounts under Settings header Select the blue “New” button (right corner) A new “Account” information screen…
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How to locate and apply “Undeposited Funds” in new Quickbooks Online?
From the Home page screen Select Create “+” sign (top middle) Select “Receive Payment” under Customers heading Select Deposit to “Undeposited Funds” account This will create Undeposited Funds as debit balance on the current assets account of the Balance Sheet. “Undeposited Funds” account balance is like a temporary clearing account. In order to clear the…
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How can I document money taken out of personal checking to pay for some initial expenses?
Once you have transferred money from your personal to business checking account, this is how you will need to record the deposit in new QuickBooks Online. Click “Plus” icon menu Select Bank Deposit from “Other” menu Choose the correct bank account (if you have more bank accounts) Select correct date of deposit Received From =…
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How do you set up the bank account in QBO? I want to manually type the entries into QBO.
From the Home page screen Select the Company Gear (top upper corner) Select “Chart of Accounts” under Settings header Select “New” button New Account screen will open Category Type = Bank Detail Type = Bank account type (like checking or savings) Name = Name of the Bank Description = Same as name (with acct number…
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I would like to stop importing data from a bank account. How do you disconnect a bank account (or a credit card account) added into online banking?
In new QuickBooks Online, disconnecting an account isn’t exactly in an obvious spot. To disconnect an account from online banking, we’re going to want to start in the upper right by clicking the little company gear, and then choose Chart of Accounts under settings. We’re going to click the connected account (you can tell it’s…