Chart of Accounts is the complete list of all the company’s accounts and balances. In QuickBooks Online, it represents and organizes the company's assets, liabilities, income, and expense. You can tell how much money your company has, how much money it owes, and how much money is coming in and out by simply looking at your Chart of Accounts.

Account Types

There are two main types of accounts in QuickBooks Online – Balance Sheet account and Income and Expense account.

Balance Sheet accounts include the business's assets such as bank accounts and equipment, liabilities such as credit cards and bank loans, and equity, which represents the health of your business. Each balance sheet account has its own register to track the transactions involving the accounts and their own balances. These accounts also appear on your balance sheet report, which is one of the main financial reports. Here are the standard Balance Sheet accounts:

  • Accounts Payable A/P
  • Accounts Receivable A/R
  • Bank
  • Credit Card
  • Equity
  • Asset, Current Asset, Fixed Asset
  • Other Current Liability or Long Term Liability

Income and expense accounts: Income accounts track the source of your company's income while expense accounts track what your company is spending. Unlike balance sheet accounts, income and expense accounts do not have their own registers.

  • Income/ Other Income
  • Expense/ Other Expense
For most businesses, the standard Chart of Accounts provided during the initial QuickBooks Online account setup will meet your needs, but there may be times when you'll need to add to, edit, or delete accounts from your Chart of Accounts due to the changing requirements of your business.

Add an account:

  1. Select Accounting from the left menu.
  2. Click New.
  3. Select the appropriate account type in the Category Type drop down menu. 
  4. Select the appropriate Detail Type in the drop down menu. 
  5. Fill in all remaining fields and click Save and Close. 

Edit an account:

  1. Select Accounting from the left menu. 
  2. Locate the account you'd like to edit. 
  3. Select the drop down arrow next to Account history or Run report (depending on the account).
  4. Select Edit.
  5. Make all desired changes and click Save and Close. 

Edit an account's history:

  1. Select Accounting from the left menu. 
  2. Locate the account you'd like to edit. 
  3. Select Account history. 
  4. Select the transaction you'd like to edit.
  5. From here you can make changes to all available fields and click either Delete, Edit, Cancel, or Save

​See Also:

Change the sort order of my Chart of Accounts

Importing a Chart of Accounts

Deleting default accounts in the Chart of Accounts