The Chart of Accounts shows the name and type of each account in your company.
When you set up your company file, QuickBooks sets up certain accounts for you automatically. As your business grows or changes, you can add new accounts to your Chart of Accounts to better organize your finances. For example you might want to create expense accounts to track office supply purchases separately from advertising costs.
More about types of QuickBooks accounts
The Chart of Accounts lists the name of each account, the type of account, and the balance. If the account shows a blue dot (
) in the last column, then online banking is enabled for that account.
Use the Chart of Accounts to manage all of your QuickBooks accounts. Balance sheet accounts show the account balance of all transactions you've entered. Income and expense accounts do not show balances.
Try these tips and tricks to make using the Chart of Accounts even easier.
A complete list of a business's accounts. The accounts that appear on the balance sheet are called “balance sheet accounts.” Other accounts track particular kinds of expenses or income.
QuickBooks uses this term in the conventional accounting sense: it's a grouping of records for tracking and reporting purposes. The accounts that appear on the balance sheet are called “balance sheet accounts.” Other accounts track particular kinds of expenses or income. The complete list of accounts is called the “chart of accounts.”
There are two types of accounts—balance sheet accounts, such as checking and savings, and accounts used to group transactions for reporting purposes, such as income and expense accounts.