Adding and editing accounts in QuickBooks is a fundamental task to ensure that your Chart of Accounts accurately reflects your business’s financial structure. Here’s how you can add new accounts and edit existing ones in QuickBooks Online, the cloud-based version of QuickBooks:
Adding a New Account:
- Log In to QuickBooks Online:
- Open your web browser and go to the QuickBooks Online login page.
- Sign in to your QuickBooks Online account with your credentials.
- Access Chart of Accounts:
- On the QuickBooks Online dashboard, click on the gear icon (⚙️) in the upper right corner to access the settings.
- Create a New Account:
- In the settings menu, select “Chart of Accounts” under the “Your Company” section.
- You’ll see a list of your existing accounts. To add a new account, click the “New” button in the upper right corner.
- Choose Account Type:
- You’ll be prompted to choose the account type for the new account. QuickBooks offers a range of account types, such as “Bank,” “Expense,” “Income,” “Credit Card,” and more.
- Select the appropriate account type for your new account.
- Enter Account Details:
- Fill in the required details for the new account. This typically includes the account name, description (optional), and the account’s detail type (e.g., Checking, Savings, Office Supplies, Rent).
- Optionally, you can assign an account number if your business uses account numbering.
- Subaccount (Optional):
- If the new account is a subaccount of an existing account (a child account), you can specify the parent account by checking the “Is subaccount” box and selecting the parent account from the dropdown menu.
- Save the Account:
- Once you’ve filled in the account details, click the “Save and Close” button to add the new account to your Chart of Accounts. Elevate your financial strategy with a dedicated bookkeeper for small business
Editing an Existing Account:
- Access Chart of Accounts:
- Follow steps 1 and 2 as described in the “Adding a New Account” section to access the Chart of Accounts.
- Locate the Account to Edit:
- In the Chart of Accounts list, find the account you want to edit. Click on the account name to select it.
- Edit the Account Details:
- With the account selected, you’ll see an “Action” column. Click the dropdown arrow in the “Action” column for the selected account.
- From the dropdown menu, choose “Edit.”
- Modify Account Information:
- You can now edit the account details. Change the account name, description, detail type, or any other relevant information as needed.
- Save Your Changes:
- After making your edits, click the “Save and Close” button to save the changes to the account.
- Note on Inactivating Accounts:
- If you want to make an account inactive (hide it from your Chart of Accounts without deleting it), you can choose the “Make Inactive” option from the account’s “Action” dropdown menu.
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Remember to exercise caution when editing or deleting accounts, especially if they have transaction history associated with them. Making significant changes to your Chart of Accounts may affect your financial reports and accounting accuracy. It’s a good practice to consult with an accountant or bookkeeper if you’re unsure about making changes to your Chart of Accounts in QuickBooks.