How to Create a Chart of Accounts in QuickBooks Online

A Chart of Accounts in QuickBooks Online is the complete list of accounts your business uses to record financial transactions. It organises assets, liabilities, equity, income and expenses, making it easier to manage your finances and produce accurate financial reports.

Step 1 – Open Settings

Click the Settings (gear) icon in the top-right corner of the navigation bar, next to the profile icon.

Figure – Opening Settings

Step 2 – Open the Chart of Accounts

In the Settings menu, select Chart of accounts under the YOUR COMPANY section.

Figure – Opening the Chart of Accounts

Step 3 – Click New Account

Click New account at the top-right of the account list to begin creating the account.

Figure – Starting a new account

Step 4 – Complete the Account Details and Save

A Account name – Enter a clear, descriptive name for the account.

B Account number – Enter the number the account takes in your numbering scheme (optional but recommended).

C Account type – Choose the major category — asset, liability, equity, income or expense. It decides which financial statement the account appears on.

D Detail type – Choose the sub-category that best describes the account within its type.

E Description – Optional internal note giving context about the account. It does not appear on standard financial reports.

F Save – Click Save to create the account and add it to the list.

Figure – Completing the new account form