QBO: Build Right Chart of Accounts - Base for Accounting and Reading Financial Statement

Learning Objectives

• To identify the function of the Chart of Accounts
• To identify ways of Creating new accounts and editing existing accounts
• To recall Equity accounts
• To recall Liability accounts
• To recall Asset & Bank accounts

Course Description

The QuickBooks Chart of Accounts structures your business according to accounting principles. Your general ledger includes assets, liabilities, equity, income, and expenses. Take this class to learn bookkeeping terms like Accounts Receivable and Accounts Payable. By the end of this course, you’ll know how to read a Balance Sheet and a Profit and Loss report, as well as how to structure your Chart of Accounts so it supports your unique business workflow.

Your Chart of Accounts is the backbone of your business. It has two functions: outlining what the IRS wants to see for taxes and allowing you to generate your P&L and Balance Sheet reports. There are industry-standard accounts you need, but you also have the flexibility to create accounts that reflect your unique circumstances. It’s impossible to start using QuickBooks® without customizing your Chart of Accounts. This class will explain the fundamentals.

Highlights of the Webinar on QuickBooks: 

• What is a Chart of Accounts (COA)?
• How does the COA map to reports?
• Modifying the COA
• Chart of Accounts vs. Products and Services

Overview

• Assets Categories in QuickBooks Online Chart of Accounts

  18 mins
• Liabilities Categories in QuickBooks Online Chart of Accounts

  30 mins
• Equity in QuickBooks Online Chart of Accounts

  38 mins
• Income Categories in QuickBooks Online Chart of Accounts

  44 mins
• Cost Of Goods Categories in QuickBooks Online Chart of Accounts

  51 mins
• How the Chart of Accounts maps to reports?

  59 mins
• Modifying the Chart of Accounts

  89 mins