![]() It is important to know how to create an invoice for a customer and how to deliver it to them quickly so they can pay it. I wanted to go over entering an invoice early because you don't ever want to stop the flow of money into a business. I have more information for an explanation about what each of the different categories are in the chart of accounts. Using a chart of accounts that is typical for your industry is a great starting point. You can also customize your small business's chart of accounts, which can help you understand your financials quite a bit better at the end of the month, as well as make your life easier trying to categorize your transactions.Ī final tip I will offer on your chart of accounts is to see if there is a standard or typical chart of accounts for your industry. ![]() Too many users add too many accounts, which can make financial statements less meaningful. It is important to set up your accounts with the correct account type and if you are unsure what type to use consult with your CPA or bookkeeper.Īnother tip I have on the chart of accounts is to keep it simple. This will display a wizard that will walk you through adding an account. If you need to add an account you can select Account/New in the lower left-hand corner or simply type Ctrl+N. ![]() You will see your current chart of accounts displayed and you can easily sort by any column by clicking on that column name. You can access the chart of accounts in QuickBooks from the home screen within the company section.
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