QuickBooks Online 2024: Chart of Accounts (1 hour full tutorial)
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- Опубліковано 19 тра 2024
- To setup a 30-day free trial of QuickBooks Online and then 30% off for 12 months: www.quickbooksoffer.com/?cid=i...
E-mail Hector your questions hector@garciacpa.com
You can take my full 4-hour course in LinkedIn Learning with a 30-day free trial:
/ quickbooks-online-esse...
Other Videos:
-Getting Started Tutorial: • How to use QuickBooks ...
-Setup & Run Payroll: • QuickBooks Online 2024...
-Navigation & Customization: • QuickBooks Online 2024...
-Customize your Invoice/Estimate Templates: • QuickBooks Online 2024...
-Connect your Banks / Download Transactions: • QuickBooks Online 2024...
-How to Categorize Expenses: • QuickBooks Online 2024...
-Reporting Basics: • QuickBooks Online 2024...
-Desktop to Online Conversion: • QuickBooks Desktop to ...
-Setup 1099 Contractors: • QuickBooks Online 2024...
-Standard Chart of Accounts: • QuickBooks Online 2023...
-Categorizing Dowloaded Transactions: • QuickBooks Online Tuto...
Bank Feeds & Bank Rules (Full Tutorial): • QuickBooks Online 2024...
-Bank Reconciliations: • QuickBooks Online: How...
-Entering Transactions paid in CASH: • QuickBooks Online: Ent...
-Doing 1099 Forms: • QuickBooks Online 2024...
-Setting Up Payroll: • QuickBooks Online PAYR...
-Setup, Forms, and Pay Sales tax: • QuickBooks Online: Sal...
Official QuickBooks Online 2024 Tutorials Playlist:
hectorgarcia.com/qbo2024
Table of Contents:
00:00 Intro
01:05 Balance Sheet Accounts & Beg. Balances
28:06 Profit & Loss Accounts
33:22 Mapping Products & Services to Accounts
41:00 Deleted Accounts
44:12 Create Sub-Accounts
48:41 NEW ACCOUNTS Chart of Accounts Experience
42:37 Account Numbers
58:07 Outro
My ultimate chart of accounts:
qbkaccounting.com/ultimate-ch... - Наука та технологія
Can you share the list of default QBO accounts with us?
Unfortunately, this seems to be a moving target. Here is the legacy database that contains the coa per industry: hectorgarcia.com/coasheet
@@HectorGarciaCPA This is a long list haha. I meant the sheet @29:08
The one that has account types and sub types. Thanks!
This was extremely helpful! Thank you. I have used QB desktop for years but am switching over to online and starting over for several reasons. You have saved me so much time! I know I will be watching your other videos.
Great to hear!
Great information! Thank you for taking the time to have these Master-Classes! Really helpful!
Glad you like them!
Thank you HECTOR!!! You have saved me time and frustration 🎉
Happy to help
Great information and easy to follow. I will watch for awhile and possibly join your group. Thanks Rick🙂
great
This one is really helpful ! Thanks a lot Hector !
:)
You saved me Hector, thank you so much.
Glad to hear it!
Este es el curso que tanto estaba buscando!!! execelente metodología Hector, saludos.
Perfecto
Thank you Hector very informative ❤
My pleasure!
hi hector.. Loved the way u explained each and everything..
:)
Thanks Hector! Great Job!
Glad you liked it!
Thank you, well explained and easy to understand.
Glad it was helpful!
Thank you Hector. Super important information
My pleasure!
Thank you Hector, I enjoyed your videos🥰🥰
:)
This is helpful! Hope you could also explain the difference between P&L accounts and Balance Sheet accounts. Thank you so much.
Not sure if that exact content exisits, but this might help ua-cam.com/video/ptyJvqHQMxs/v-deo.htmlsi=QJDhPsCU-11GnWfZ
Fantastic Knowledge Thanks for this wonderful class
Thanks and welcome
Thank you so much, really helpful!
:)
It wasn't helpful but superbly helpful. Much Appreciate!
:)
Amazing! Thank you so much! 🙏
You welcome
Thank you Hector
:)
Thank you for your help!!
:)
Great video! Helped me a lot! Thank you!
Awesome
I am watching all your videos and I am learning a lot. Thank you so much! :) My question is what if the OBE amount is negative?
Adjust against retained earnings
I pray you are able to see these questions sir. 1. why do we need categorization of transactions? Why do we categorize internal transactions and bank transactions. can "Rule" categorize internal transactions too? What is the essence of reconciliation in the generation of report. Can a report still be generated without reconciliation? What happens if a transaction reflecting internally and in the bank account are not categorised in the same chart of account; how will it affect reconciliation? What is the main purpose of chart of account? (I hope you see these sir, I need help. Most videos are explaining the tools and not the background knowledge. I am just a Medical scientist hoping to start a business)
They need time be categorized to be organized in your financial statements. You should run reports AFTER reconciling
@@HectorGarciaCPA Alright sir. Thank you.
Hi Hector, just love your videos! Quick question, if I start e.g. with the Essentials version on your discount link and change to Plus a few months later, will I keep the 30% off or are they lost then?
In the system, you lose it, but if you email me hector@garciacpa.com i can have my Intuit contacts fix it after the fact.
@@HectorGarciaCPA Thanks for answering that quick!
Good stuff, Hector. Clear and straightforward. For LT Liabilities (Notes Payable), why wouldn't you create sub accts under Noted Payable for the two F150 loans?
Yeah you can.. thats optional
Hello Sir. Nice videos and it's easy to understand.
:)
@@HectorGarciaCPA I just want to ask about Chart of account Sir. what is the best account title for Fund Transfer the reason of fund transfer is converting US currency to Canadian Currency. Then vice versa. I'm using Canadian QBO right now.
@@jullienoble8547 where is the money transfering to?
From US to CAD.
Saludos Hector, gracias por tus videos son de mucha ayuda, siempre los veo cuando tengo dudas, queria consultarte si las 1099's se pueden corregir en Quickbooks online? Gracias de antemano por tu atencion.
Si en Febrero abren esa opcion
Thanks a lot
:)
thank you
:)
Great video, Hector! I can see this is not your first rodeo. Is there any way I can get my hands on your custom chart of accounts. That would save me a lot of time.
I sell it to my non-clients:
qbkaccounting.com/ultimate-chart-of-accounts-for-quickbooks-desktop/
I'm following along your setup videos for QB and have unfortunately already linked a bank account from 12 months prior. I want to start over with 01/01/24 as my beginning. How do I do this? Do you have a point in one of your videos where you already explain this?
I dont have a video on this. This requires some cleanup work
THANK YOU, THANK YOU! This video saved me so many headaches. I have a quick question if you (or anyone) could answer. I'm starting a sole proprietorship and have $5000 of my own money to invest for start-up costs, any idea how I would set up an account to track that? Not sure if it should be classified as an Uncategorized Asset or some type of income? Thanks in advance!!
You can have an account called that literally
Do you recommend recording Amazon Seller Income, Amazon KDP, and Amazon affiliate as separate income on Quickbooks? Or all under Amazon income?
I would separate it
@@HectorGarciaCPA thank you for the quick reply.
Thank you sir
All the best
Hello Sir, I am starting to binge watch your videos about QuickBooks, aside from this 2024 playlist that you have recently created, what other playlist of yours would you recommend? I'm an accountancy student and planning to be a virtual bookkeeper at the same time.
2024 playlist is the best option for QB videos
@@HectorGarciaCPA thank you so much
Thanks for this💚.
I have a new client, previous year already cleaned up, taxes done and switching from Xero to QBO. Can I use their Trial Balance report to do a huge JE for all of the Opening Balances other than the main Bank account?
Yes thats that proper way
Thank you 💚
Thank you, very easy to understand and extremely helpful. ❤
Hector una pregunta, si un cliente viene ya con el plan de cuentas creado y las extensiones de las tarjetas de creditos no fueron creadas como sub cuentas, se puede modificar, o hay que desconectar las cuentas del banco, crearlas en el plan de cuentas y volverlas a conectar...?
Si
Hey heater for the sub accounts does that require personal accounts as well or just business accounts ? With chase
Generally business only
@@HectorGarciaCPA okay great thank you so much
Is there anyway to upload a bank statement to a reconciliation? The accountant wants pdfs but I can’t find anywhere in QBO to upload them too.
No, but you can upload it to a vendor or something
Would you know by chance, why my New Account Window looks different from both of your two window examples and why is there different window like a New General Categories?
They changed it again!! Thats why
@@HectorGarciaCPA Do you have a new video to show how to add equipment fix assests, original cost, and accumulated depreciation because my text book doesn't teach the new way
@@kellynusbaum2757 no i dont.
How would add phone expenses when you're using your own personal phone? What % of the bill is applied to business expenses? Where would you post that, reimbursement?
50/50 is a good starting point
Hello. I know this comment is really late. I started watching your videos and i learned a lot. But i have a real quick question, what are the steps? I mean, i signed up qbo, upload my banks statement, then whats next? Categorize?, then chart of account? Reconcilation?
Setting up your chart of accounts and entering all the beginning balances should be the first steps to facilitate the entire process
Thank you for your explanation. Could you explain please, how create in new version QB sub account, I tried but it doesn’t gives to me to do it. Thank you Sir again for your support us
I think it was explained in the video.. no?
@@HectorGarciaCPA I understood, that’s looks so strange, when you create account everything is ok, but second version doesn’t give me created sub account. When I was in first version I never had this issue. Could you help me please. I am studying the program and preparing for certification. Could it be a problem with the version?
I cant see what you are seeing @@iuliia7914
@@iuliia7914 yes, or the country
Hello Sir. I’m so grateful for your support. I have a question for you. I tried to enter the initial balances in the bank account, but the program does not show this option. could you explain to me how I can get the leftovers when I start working with the program. thank you in advance and with respect to you.
Once the account is created, that option goes away.
So you need to do it via a journal entry
@@HectorGarciaCPA Thanks for your attention to me. It was never been created . It’s such trending QB format that never gives to me to do that. Jus only when I opened sample firm I can to do that. Of course I did everything with journal entries. Thank you for your help Sir. Could I ask you another question please.
How I can to find mistakes with some journal or special report. Have a great day for you. I’m so grateful. 🙏🙏🙏 you are the best
@@HectorGarciaCPA I just want to note that I tried to this action in training version.
@@iuliia7914 dont know what you are asking
Hi Sir, how to create separate account for Cash On Hand in such a way that it is not a sub-category of Bank Accounts?
Cant.. needs to be under the Bank Accounts type
just create a separate patty cash bank account and use it for that purpose. It works.
Is there a way to create a new "Detail Type" when you are creating a new account under Chart of Accounts? I have an Expense that does not fall under any of the categories listed under "Detail Type" and would like to create a new heading that would appear directly under "Expenses"
Not possible
😪 Thank you@@HectorGarciaCPA
Is there a way we can add a header account and then a sub account. such as HEADER (COGS - Emergency ) SUB-ACCOUNT(s) (Materials), (Labor), (Overhead), (Sub-trade)...
Yea, you can have subaccounts. I though i covered that in the video
Yes, sub accounts were explained, but i'm interested in knowing if we can add a HEADER account that reads (COGS- Emergency) so i can attach my sub accounts Kinda like quickbooks desktop allows.
@@HectorGarciaCPA
hello hector, can you share the QB chart of accounts with us? thank you.
Links are in the video description
When adding the assets, why wouldn't you just book the full value of the truck and then create a separate accumulated depreciation - vehicles account with the accumulated depreciation amount for the vehicle?
That can be done too.. there is no rule saying that is wrong or right
How should you we account for revenue and expenses from cash app not recognize in your bank statement
Depends on what you spend the money on
@@HectorGarciaCPA Wow thank you for your quick response. Tithes coming in and expenses.
Note we are just using quickbooks for recording purposes only. Bills already paid etc..
@@arnoldboo42 makes sense
@@HectorGarciaCPA could I make adjustments for both (cash app) offerings and expenses not recognized by the bank??
Can you please share the account types and sub types sheet? @29:08
The link is in the videos description
Hertor me podria decir que tax line escoger para Owner draw y para retained earning
cualquiera, no importan los "tax lines"
I can't connect the dot which may be due to lack of practical knowledge can you suggest me how to make sure learn qb really fast,, it's headache to me😢
“Fast” is not a thing. It takes months of practice to start getting comfortable with it
@@HectorGarciaCPA is there scope now too like I was trying to learn tally but many stds says about Xero and qb so I am learning them now, I am part qualified ACCA
I am lost I don't know what to learn what not to, to many riddles to solve I think I would lost my mind🥲
And thanks for your reply
what is the basic minimum chart of accounts a bookkeeper should use?
It varies per industry
@@HectorGarciaCPA I am starting a Bookkeeping business
Where is the link to buy your COA?
qbkaccounting.com/ultimate-chart-of-accounts-for-quickbooks-desktop/
Hello, in Quickbooks oline plus, can we import budget plan?
Yes
@@HectorGarciaCPA but my version does not have the option!
@@ccafKhmer are you in the US?
Because I cant answer any questions on non-US versions
@@HectorGarciaCPA I am in Cambodia!
Saludos Hector, me puedes ayudar? necesito un tutorial completo de Quickbooks en español
No hay en mi canal
Hello. Great video, i haven't even started to look at QBO yet. I am trying to understand terminology and concept first. Many videos talk about "accounts", could this be different clients? If you're bookkeeping for clients, do you have multiple "profiles" or "accounts" with all their saved info that way you can easily open up all of THEIR accounts whenever you need to? Or a way you have easy access to each clients account each month? Also, when we talk about "users" if youre a bookkeeper, is there any reason you would need anyone else other than yourself to have access to the QBO? Thank you
1. Client books are often referred to as files, company or just clients.
2. With QBO for Accountants, you can have access to multiple client companies within one portal.
3. Yes, if you have multiple clients, you can have employees who can work on your clients files if you, the Accountant, give them access.
This :)
Even though this a 2024 video the actual QB reports do not have date range settings it just runs the report as of....
Balance sheet doesnt.. but P&L does have a date range
Hola hector, yo importo un plan de cuentas pero esta activa la empresa se reemplaza las otras cuentas .
No. Las anañade
Hay alguna forma que me ayudes con un tutorial completo en español?
No tengo
Anyone know how to merge accounts?
Rename one to have the same name as the other
The title needs to be changed to “2024”. I don’t think this is a throwback.
Thanks! Was a typo, fixed it
POOR VIDEO QUALITY
Change it in the settings, this video is recorded 4k
como te puedo contactar???
954-414-1524 para hablar con alguien de mi oficina