The chart of accounts (COA) is the list of all the accounts used to record financial transactions in the general ledger of an organization. Show
The accounts are usually listed in the order of appearance in the financial reports. Most of the time, they are listed as follows :
When browsing your chart of accounts, you can filter the accounts by number, in the left column, and also group them by Account Type.  Configuration of an accountThe country you select at the creation of your database (or additional company on your database) determines which fiscal localization package is installed by default. This package includes a standard chart of accounts already configured according to the country’s regulations. You can use it directly or set it according to your company’s needs. Warning It is not possible to modify the fiscal localization of a company once a journal entry has been posted. To create a new account, go to Accounting ‣ Configuration ‣ Chart of Accounts, click on Create, and fill out the form. Code and nameEach account is identified by its code and name, which also indicates the account’s purpose. TypeCorrectly configuring the account type is critical as it serves multiple purposes:
To configure an account type, open the Type field’s drop-down selector and select the right type among the following list: Report Category Account Types Balance Sheet Assets Receivable Bank and Cash Current Assets Non-current Assets Prepayments Fixed Assets Liabilities Payable Credit Card Current Liabilities Non-current Liabilities Equity Equity Current Year Earnings Profit & Loss Income Income Other Income Expense Expense Depreciation Cost of Revenue Other Other Off-Balance Sheet Assets, deferred expenses, and deferred revenues automationSome account types display a new field to automate the creation of entries, entries, and entries. You have three choices for the Automation field:
Default taxesSelect a default tax that will be applied when this account is chosen for a product sale or purchase. TagsSome accounting reports require tags to be set on the relevant accounts. By default, you can choose among the tags that are used by the Cash Flow Statement. Account groupsAccount groups are useful to list multiple accounts as sub-accounts of a bigger account and thus consolidate reports such as the Trial Balance. By default, groups are handled automatically based on the code of the group. For example, a new account Create account groups manuallyNote Regular users should not need to create account groups manually. The following section is only intended for rare and advanced use cases. To create a new account group, and head to Accounting app ‣ Configuration ‣ Account Groups. Here, create a new group and enter the name, code prefix, and company to which that group account should be available. Note that you must enter the same code prefix in both From and to fields. To display your Trial Balance report with your account groups, go to Accounting app‣Reporting‣Trial Balance, then open the Options menu and select Hierarchy and Subtotals. Allow reconciliationSome accounts, such as accounts made to record the transactions of a payment method, can be used for the reconciliation of journal entries. For example, an invoice paid with a credit card can be marked as paid if reconciled with its payment. Therefore, the account used to record credit card payments needs to be configured as allowing reconciliation. To do so, check the Allow Reconciliation box in the account’s settings, and save. DeprecatedIt is not possible to delete an account once a transaction has been recorded on it. You can make them unusable by using the Deprecated feature. What are the 4 key reporting types in QuickBooks Online?Profit & Loss Report—reports on the financial performance of your business 2. Balance Sheet—reports on the financial position of your business 3. A/R Aging Summary—reports on your outstanding customer accounts 4. A/P Aging Summary—reports on your outstanding supplier accounts 5.
Which feature in QuickBooks Online reports allows you to customize section headings on the profit and loss and Balance Sheet reports quizlet?To change the section titles of a report, select “edit titles” from the customize ribbon at the top of a Profit and Loss or Balance Sheet report.
Where can you enable account numbers for the chart of accounts quizlet?Gear > Account and Settings > Advanced > Edit chart of accounts > Enable and Show account numbers.
Which QBO feature is used to view the company's financial information?The chart of accounts is a list of all the accounts that QuickBooks uses to track your financial information. You use these accounts to categorize your transactions on everything from sales forms to reports to tax forms.
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Which is not part of customizing the chart of accounts list for the sample company in chapter 6?
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