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Setting up Chart of Accounts in QBO 2 Credits

Setting up Chart of Accounts in QBO 2 Credits

  • Alicia Pollock

    MAT,ACN,MOS
  • Rating

    4.5
  • Published on

    July, 2024
  • Subject Area

    Accounting

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Learning Objective

  • Identify the main chart of Account types.
  • Recall the steps to modify the default Chart of Accounts.
  • Recognize how the Chart of Accounts populates your Profit & Loss and Balance Sheet reports.

Course Overview

The Chart of Accounts is the complete list of all the company’s accounts and balances. In QuickBooks Online, it represents and organizes the company's assets, liabilities, income, and expenses.

Your Chart of Accounts (COA) is the backbone of your business and the foundation of your QuickBooks file. It has two functions: outlining what the IRS wants to see for taxes and generating your P&L and Balance Sheet reports to understand and analyze your business.

This CPE Course will start with the fundamental accounting equation: Assets = Liabilities + Equity. You’ll learn bookkeeping terms during the conversation, including assets, liabilities, equity, income, and expenses. Then, we’ll make your COA your own! Using QuickBooks without customizing QBO’s default Chart of Accounts is impossible. We’ll discuss industry-standard accounts, create additional categories that reflect your unique operations, and inactivate accounts that aren’t relevant to you. 

Key topics covered:

  • Chart of Accounts: Structure and Purpose
  • Creating and Editing Accounts: Procedures Guide
  • Types of Accounts: Assets, Liabilities, Equity
  • Managing Bank and Credit Card Accounts
  • Income, Expense, and Cost of Goods
  • Financial Statements: Profit, Loss, and Balance

Join this CPE Course and learn how to set up your QuickBooks Chart of Accounts according to accounting principles: bookkeeping terms, general ledger, Balance Sheet, and P&L statements.

Explore CPA CPE Courses with MY-CPE. Our online offerings make it easy for you to fulfill your CPA CPE requirements. With a broad selection of topics taught by experienced professionals, you can enjoy flexible scheduling and self-paced learning. Say goodbye to traditional methods and begin your path to professional growth with us today!

  • 2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 2 General Credit of Accounting for Accountant/Bookkeeper/Tax Professionals
  • 2 CPD Credit of Accounting for CPA in Canada
  • 2 CPE Credit of Accounting for Iowa Licensed Public Accountant (IA-LPA)
  • 2 CPE Credit of Accounting for Maine Licensed Public Accountant (ME-LPA)
  • 2 CPE Credit of Accounting for Delaware Licensed Public Accountant (DE-LPA)

  • 2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 2 General Credit of Accounting for Accountant/Bookkeeper/Tax Professionals
  • 2 CPD Credit of Accounting for CPA in Canada
  • 2 CPE Credit of Accounting for Iowa Licensed Public Accountant (IA-LPA)
  • 2 CPE Credit of Accounting for Maine Licensed Public Accountant (ME-LPA)
  • 2 CPE Credit of Accounting for Delaware Licensed Public Accountant (DE-LPA)

Additional Information

Credits

2

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

Live CPE/CPD Webinars for Candian CPAs, CIA by Alicia Pollock's
Alicia Pollock , MAT,ACN,MOS

Intuit Trainer/Writer Network, Elite-level QuickBooks ProAdvisor, Royalwise Solutions

  • 4.5
  • rating
  • rating
  • rating
  • rating
  • rating

Alicia is a QuickBooks® Elite ProAdvisor, a member of the Intuit Trainer/Writer Network, and was recently named Top 10 ProAdvisor by Insightful Accountant.

With a Masters in Teaching, a collection of certifications, several published books, & decades of business consulting experience, Alicia is a skilled & patient QuickBooks coach.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Ratings and Review

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SH

Sharon Hopkins, CPA (US)

I am so glad I listened to the webinar. I am familiar with a chart of accounts. But this program gave some very useful tips.

SA

Susan Applegate, EA

I found this course offering to be very informative and will greatly help me in my work as a tax preparer. I work with many clients who provide their financial documents (or links to their QBO accounts) and having a better understanding of QBO functionality is very helpful. The instructor did an excellent job covering many facets of the software that I did not know of previously. Thank you, myCPE!

Inclusions
  • Multiple Credits
    Multiple Credits

    Earn continuing education credits with flexibility. Choose from live webinars, on-demand courses, e-books, or podcasts to fit your learning style and schedule.

  • Certifications & Reporting
    Certifications & Reporting

    We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days - fastest in the industry.

  • Credit Tracker
    Credit Tracker

    Track and manage your compliance across all 50 states and over 100 designations. Our Credit Tracker keeps your CPE credits and compliance requirements always up-to-date.

  • Certificate Vault
    Certificate Vault

    Certificate Vault to upload, manage, and access certificates earned from various sources and an integrated credit tracker, allowing users to monitor and manage their credits conveniently for compliance.

  • Compliance Reminders
    Compliance Reminders

    Stay current with our automated reminder system. Receive timely alerts for your CPE requirements, ensuring you never miss a deadline.

  • Mobile App Access
    Mobile App Access

    The myCPE Mobile App allows you to learn on the go, providing access to educational content on Android and Apple iOS devices. You can learn anytime and anywhere, making it convenient for busy schedules.

  • Live Support
    Live Support

    Our support team is available via live chat, email, and phone from 9 AM to 5 PM ET. We're here to help with any questions or issues, ensuring you have a seamless experience.

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