Chart of accounts is a created list of the accounts used by an association to define each class of items for which money or its corresponding is spent or received. Chart of Accounts is the entire list of all the company’s accounts and balances. In QuickBooks, it represents and organizes the company’s resources, liabilities, income, and expenses. You can inform how much money your company has, how much money it owes, and how much money is coming in and out by looking at your Chart of Accounts.
To access Chart of Accounts
- Click on Chart of Accounts from QuickBooks menu: Company list or accountant
- Press Ctrl + A on your keyboard
Two types of main accounts are there in QuickBooks Desktop
- Balance Sheet Account
- Income and Expenses accounts
Accounts that QuickBooks automatically creates
- Standard accounts
- Industry specific accounts
Many more types of accounts are there
- Add or edit account
- Add account numbers to your account
- Hide or show accounts
- Activate or deactivate accounts
- Re arrange the chart of accounts
- Display balance of non balance sheet of accounts
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