![]() To help you, we created a demo video with a detailed explanation for setting up your chart of accounts in QuickBooks Online. ![]() We know it’s far from adequate, so we recommend you edit the names of these accounts to best fit your systems. This will result in the creation of 15-20 accounts based on your answers. For first time users, you will have to answer a set of preliminary questions to set-up a chart of accounts. From there, you will see the full list of accounts and the categories they fall under. Once in QuickBooks Online, you can access the COA by navigating to Accounting, then Chart of Accounts. How Do I Set Up a Chart of Accounts in QuickBooks Online?įor those new to the chart of accounts, we’ve put together a chart of accounts template specifically for ecommerce business owners to help you get started right in QuickBooks Online. T he first three categories are used to compile the Balance Sheet, and the last two are on the Income Statement. Within the chart of accounts, there are five main categories to sort transactions: ![]() It’s easy to use and already synced in to other financials you have within QuickBooks Online. QuickBooks Online has a Chart of Accounts feature which we’d recommend to any e-commerce business owner. It’s the foundation of your financial statements. What is a Chart of Accounts?Ĭhart of Accounts is the financial tool which sorts all your business transactions. And one of those details, which is often overlooked and underdeveloped, is the Chart of Accounts. So how do you get your business to zing? Simple. Attention, work, and fine tuning applied to the inner systems results in high performance and a great ride! We see a successful business as being the same as a well-oiled machine. Now imagine that same zing could be rocked in your business. Sounds like a great day, right? No doubt. You’re in your “zone.” Your machine is zinging. With each turn and climb, your engine responds with absolute ease. Windows down, music jamming, and nothing but sunshine and blue skies overhead. ![]() Stop for a minute and imagine yourself cruising your favorite scenic drive in your dream sports car. How is a Chart of Accounts similar to a high-performance vehicle? ![]()
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