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Chart of Accounts

In Chart of Accounts I do not see any that’s fit for R&D. Which account detail type do I enter our R&D expenses in new QuickBooks Online?

It requires that R&D generally be expensed as incurred now.
So, in QBO, it should be considered an Overhead Expense, not Direct Cost or COGS.
How to set up R&D as Overhead (O/H) in new QuickBooks Online?
Figure out the main primary operating costs for R&D and categorize expense type.
In QBO chart of accounts detail type are already defined. I would select “Other miscellaneous service cost” as detail type to track costs related to R&D.

For example your Chart of Accounts should like this:

Research and Development (R&D) Chart of Accounts
Research and Development (R&D) Chart of Accounts

R&D Expense:

  • Salary and Benefits
  • Purchased Materials
  • Independent Contractors
  • Equipment Expense
  • Travel Expense
  • Other R&D Expense

This is just an example. Only your CPA can give you better guidance for your business.

Categories
Transactions Vendor Vendors

How to automatically recall expense account when writing check?

In QBO, they have “Pre-fill forms with previously entered content” rather than specifically selected expense accounts to Pre-fill like in QB desktop version.

From home page screen, select Company Gear (top upper corner)
Select Company Settings under Settings
Select Advanced
Select Automation
Select Pre-fill forms with previously entered content
Double click to edit “Pre-fill forms with previously entered content” from “Off” to “On”
Click Save and Done
They have different QBO versions floating around, your selections may vary slightly.

See attached screenshot below for reference.

Pre-fill forms with previously entered content
Pre-fill forms with previously entered content