QuickBooks is the easiest way to set up at chart of accounts. You just need to initial setup your company in QuickBooks and select many legal form required. If you do not find the suitable industry then select the one which is nearest to yours. If you want to start from the beginning then you can do that easily. QuickBooks is a popular tool and easy to use. In this article, we are providing the QuickBooks Chart of Accounts Template to help you out in creating the one for you.
How to use QuickBooks Chart of Accounts Template?
- If you wish to modify your business’s charts of accounts and using QuickBooks then you can do that easily. Follow the simple steps and get your changes done in few minutes.
Select Company > Chart of Accounts > Account
- If you want to add an account then Select new (If you want suggestions from the QuickBooks about the account name then you will get the suggestion box on right side of the window).
- To change and account type or name Select Edit then select a different account type or type in the new name .
If you are having duplicate accounts then Click on Edit duplicate and add the account name you wish to retain. Then all the information in the previous accounts will be merged automatically in the remaining account. But before merging the accounts, you must make a copy of the QuickBooks File. It may be possible that you may receive that the merger is impossible. So it will be precautionary step of having a copy with you.
QuickBooks Chart of Accounts template
Use the account numbers always. This feature will be enabled by following the steps,
Edit > Preferences > Accounting > Company Preferences>Use account numbers
It is essential to allow maximum freedom of arrangement and organization of your account in financial reports. The use of numbers will help you in arranging the reports into groups, sections or categories. By default, QuickBooks arrange all the financial accounts in the reports in number format. If you want to change this format then change the account number. You can easily arrange the same reports alphabetically if your find it necessary. Select Modify Report > Display > Sort in Ascending order/Descending order.
Rules for debiting and crediting the accounts
Expense accounts are debited and have debit balances
Revenue accounts are credited and have credit balances
Asset accounts have debit balances
To increase an asset account, debit the account
To decrease an asset account, credit the account
Liability accounts normally have credit balances
To increase a liability account, credit the account
To decrease a liability account, debit the account
QuickBooks Chart of Accounts Sample
How to import Chart of Accounts templates
If you haven’t used the pre-created or standard chart of accounts and created your QuickBooks online company then you can import the CSV template at the desired location.
The templates are organized by industry type. Review the list and determine the template you want to select for the company. Then download this template from QuickBooks Online Excel Import Template File.
To import a template:
- Open the file to view available templates: You will get “List of Chart of Accounts templates for QuickBooks Online companies”
- Determine which template suits best for your company.
- Open the file and then download the selected template from it.
QuickBooks Chart of Accounts template Excel
The chart of accounts contains the accounts whose transactions can be recorded. In the double entry system, minimum two accounts required for every transaction – It means at least one account must be credited and at least one account must be debited.
The company’s accounting software will prompt the one account name at the time of transaction. It is because the programs are assigned to take the value of only one account at a time.
QuickBooks is easy to use tool if you know the simple information about it. But if you do not know about it then you can use the QuickBooks Chart of Accounts template given in this article. I have shared the accurate templates with you. If you find this post useful then share it with others. Also, do not forget to share your experience of using QuickBooks with us.