Customizing the chart of accounts list
As we saw in Chapter 1, Getting Started with QuickBooks Online, the chart of accounts is a list of accounts that is used to categorize your day-to-day business transactions. It is the backbone of every accounting system, and if it is not set up properly, it can result in inaccurate financial statements. One of the benefits of using QuickBooks is that you don’t have to create a chart of accounts from scratch. Based on the industry that you selected when you created your QBO account, QuickBooks will include a preset chart of accounts list. You can customize the chart of accounts by adding, editing, or deleting accounts to fit your business needs. In this section, we will show you how to add, edit, delete (inactivate), and merge accounts on the chart of accounts list.
Adding a new account to the chart of accounts list
The default chart of accounts list will include a generic list of accounts used by most businesses, with a few custom...