Chart of Accounts is the complete list of all the company’s accounts and balances. In QuickBooks, 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.

QuickBooks automatically creates your Chart of Accounts based on the industry and type of company you choose when creating your company file. If you just created your file, make sure to record the accounts' opening balances.

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Types of accounts

There are 2 main account types in QuickBooks Desktop: Balance Sheet accounts, and Income and Expense Accounts.