A Chart of account in Intuit QuickBooks is a key organizational tool that provides a list of all of the accounts included in the general ledger of the company. In this guide you are going to learn about the very simple, yet quick way to print your complete chart of account report in either QuickBooks Desktop, or Online.
You will receive step by step instructions to customize, preview, and export your chart of account data to a printable, report or spreadsheet in Excel. You will receive additional tips on organizing your chart of accounts for maximum advantage.
What is a Chart of Account in QuickBooks?
It’s a structured listing of all financial accounts that are relevant to recording the assets, liabilities, equity, income, or expenses incurred in a business. The Chart of account represents a classified index of all financial accounts through which every aspect of an organization’s financial transactions are made. it can be related to assets, liabilities, equity, income, or expenses. It’s an integral part of QuickBooks Desktop when it comes to pooling money, release of money, payment of debt, and receiving overseas transactions.
Under the Chart of Account in QuickBooks Online, you also are able to look at the entire list of all of your live, current accounts. These account structures map directly to typical financial reports such as balance sheet, profit and loss and cash flow statements. So a correct COA setup means Decision making and right reporting. The Chart of Account in QuickBooks is a fundamental tool of accounting that helps maintain clarity and efficiency when handling a business’s financial transactions.
Importance of Chart of Account in QuickBooks
QuickBooks Chart of Account Learning It easy. The Chart of Account in QuickBooks is a very important feature for businesses and organizations.
1. Accurate Financial Reporting : Financial Reports are based on the Chart of Account in QuickBooks. It offers transparency and well structured writing in the recording of financial information, helps the easy to calculate the true and the fair view of the financial reports.
2. Improve Decision Making : With their income and expenses broken down by category, businesses can get a clearer view of where they can save money, revenue generation for new opportunities.
3. Better Communication : QuickBooks Chart of Account Role in Improving Communication Chart of Account as a source of better coordination between different departments.
4. Compliance : The Chart of Account promotes the accurate classification and recording of all representations and enhances connection with regulatory compliance and financial reporting standards.
Advantages of the Chart of Account in QuickBooks
It provides a structured all the data list of account used to track all data financial, enabling efficient categorization of all the transactions, accurate financial reporting and informed business reporting.
- Enhanced Financial Reports
- Simplified Tax Preparation
- Better Decision Making
- Efficient Bookkeeping
- Facilitates Audits
- Support Business Growth
- Support Automation and Integration
- Consistent Historical Data
Steps to print a chart of account in QuickBooks
QuickBooks Online
- Move the arrow to the setting icon and select the chart.
- Scroll down and click the report.
- In the report window click the export icon.
- Choose export to excel and export to pdf.
- Open the exported file. Use your system print option.
QuickBooks Desktop
- Check the list and click the chart of the account.
- At the below window, click the account button and choose the print list.
- Review the print preview and print.
How Can You Delete Account in the Chart of Account List?
In QuickBooks Online, you would mark accounts as inactive rather than deleting them. In the event such an account is never operated in any transaction, such account shall not be taken into consideration for the purpose of counting the number of accounts held by you.
If the account has been used in a transaction, you will continue to count towards your maximum.
On the Chart of Account page, you will find a drop-down menu at the Run Report field for the account that you want to inactivate. Go on and select Make Inactive from the drop-down provided.
Why Should I Personalize my Chart of Account?
With the ability to customize the Chart of account in QuickBooks, you can set up transactions for your company precisely the way you want them. It gives you the power to create valid information in relation to your costs, earnings, debts, properties and many more.
Common Chart of Account in QuickBooks Mistakes to Avoid
Various common mistakes to avoid Chart of Account in QuickBooks like overcomplicating it, neglecting growth , Using illogical numbering, incorrectly categorizing transactions and failing to reconcile accounts regularly.
- Similar account : Check all the accounts and not create similar accounts, as this can complicate your reporting.
- Disinformation Category : Wrong or incorrect category transactions lead to misleading statements provided in your account.
- Do – not use Sub- Account : Utilizing subaccount, or lack there of, determines the depth and breadth of tracking and the quality of the reporting.
