Sample Chart of Accounts QuickBooks (Definition, FAQs, and Examples)

August 26, 2022

Sample Chart of Accounts QuickBooks (Definition, FAQs, and Examples)

A chart of accounts, for the uninitiated, is a method of organizing your company’s financial information and transactions so that it’s easier to track and find information when you need it.

When you get right down to it, there are really only two major types of transactions for your business – income and expenses. However, as you will see from a sample chart of accounts in QuickBooks, breaking those down into smaller subcategories makes it a lot easier to stay on top of your financial information. Here’s what you need to know.

Does QuickBooks have a sample chart of accounts?

Yes. In fact, there are 31 sample charts of accounts in QuickBooks. You will be guided through the process of setting one up the first time you sign into QuickBooks and start creating a company.

How do I organize my chart of accounts in QuickBooks?

You can organize your chart of accounts in QuickBooks in any way that suits you, but the predefined sample charts of accounts in QuickBooks will help you by giving you a typical chart of accounts setup for your industry that you can then customize as needed.

If you have a very small, simple business, you might choose to set this up yourself, and in that case, your chart of accounts in QuickBooks might look a little like this:

  • Cash on hand
  • Savings
  • Petty cash
  • Undeposited income
  • A/R
  • Prepaid insurance
  • Inventory
  • Buildings
  • Vehicles

That’s probably about the simplest chart of accounts structure there is, but you can always add more accounts to your list based on your company’s accounting needs.

What are the 5 main account types in the chart of accounts QuickBooks?

As you probably already know, modern accounting is all about balance, so it makes sense that when we talk about the “five types” of accounts in the chart of accounts in QuickBooks, we’re actually talking about five types of accounts for income, and another four for expenses.

On the income side of the equation, you will have accounts receivable, bank accounts, current assets, fixed assets and other assets.

On the expense side of your chart of accounts in QuickBooks, you will have accounts payable, credit cards, current liabilities and long-term liabilities.

These are, of course, the type of accounts, not the accounts themselves. So when you are setting up your chart of accounts, you will create accounts and select one of these types for each one.

What is a chart of accounts example?

A QuickBooks sample chart of accounts is simply an example of what another company that is of a similar size and complexity as your business might use to organize their income and expenses. This could be a very large and complicated sample chart of accounts for QuickBooks, or it could be simpler and easier to use.

Generally, the QuickBooks sample chart of accounts you choose should be tailored to your industry and to the accounting needs of your business. If you make your chart of accounts too complicated, there will probably be accounts you never use. If you make your chart of accounts too simple, you might struggle to record and find transactions.

A sample chart of accounts is a big help, but it’s never a one size fits all solution. So make sure you make whatever changes you need to tailor your chart of accounts to your unique business needs.

Automate QuickBooks Reporting Regardless of the Chart of Accounts Structure You Choose

A sample chart of accounts in QuickBooks really does help to get companies set up and started with an easier, more logical type of accounting system. However, you might still find that the standard reports in QuickBooks do not offer exactly what you need.

LiveFlow is a QuickBooks add-on that allows you to create a direct link between QuickBooks and your custom Google Sheets reports. Data mapping and real-time information transfer mean that you can create reports as unique as your chart of accounts and that they will always be up to date with the latest information.

If you would like to learn more about LiveFlow and how it can help you to create and maintain automated custom reports, contact our team. We’re always happy to answer questions or to book a live demo.

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