Setup Chart of Accounts in QuickBooks Desktop

How to Setup Chart of Accounts in QuickBooks Desktop? As our previous article dealt with a better understanding of Char of Accounts and its benefits; here we will get to know a bit more about how to set up the same on your QB desktop.

So let us take a look at the steps one needs to follow to set up the Chart of Accounts in the QuickBooks Desktop:

Steps to Setup Chart of Accounts in QuickBooks Desktop

• Launch QuickBooks by clicking on the QB icon on your Desktop.
  
• Go to the ‘COMPANY FILE’  (Accounting QBW in the example below)that has been created previously by you.
  
• This will take you to a Window that says ‘NO COMPANY OPEN’. This comprises the number of Company files that have been stored within.
• It is here that you can select the company file you wish to work for. This is to be done by clicking on the COMPANY FILE NAME as and when required.
• Select the COMPANY FILE and click on the OPEN logo situated on the right-hand side to do so.
  
• This will activate the MENU options within as shown in the image above.
• This is the HOMESCREEN, where the various icons are visible: THE CUSTOMER MENU, EMPLOYEE MENU, and COMPANY MENU are clearly available.
• The left side of the home screen comprises the SHORT-CUT bar. This allows you to easily jump into any icon.
• Likewise the Top most section comprises of the regular MENU options as also seen in any other software: FILE, EDIT, LISTS, FAVORITEs, COMPANY, CUSTOMERS among others.
• Go to the LIST MENU AND click on it to activate a DROP-DOWN menu.
• You will find a CHART OF ACCOUNTS section within the drop down menu, the very first option in the list, as seen below:
  
• The same can also be done by clicking on the COMPANY MENU, where the CHART OF ACCOUNTS is visible on the drop down menu, as shown below:
  
• The other option is the direct CHART OF ACCOUNTS icon located at the RIGHT SIDE OF THE screen as shown below:
  
•  Once the QuickBooks Chart of Accounts has been launched, you will see the below image:
  
• The CHART OF ACCOUNTS window comprises of NAME, TYPE, BALANCE TOTAL and ATTACEMENT
  
• Now to better understand the Chart of Accounts, we need to better understand how to manage the MODULE. Here you will see that there is no ACCOUNT CODE VISIBLE, this is because the ACCOUNT CODE is TURNED OFF in QB by default and the user needs to TURN it ON.

CONCLUSION

So, there you have it friends, these are some of the facts, features, and aspects of how to set up a chart of accounts in QuickBooks Desktop. These steps will help you to be able to customize, create, and do a lot more with your chart of accounts.

Watch the video to Set up a Chart of Accounts in QuickBooks