Understanding how the chart of accounts works in QuickBooks Online

The Chart of Accounts is the hub of your accounting. It’s the central place where you decide how you organize your transactions.
Every account or category you use in QuickBooks for every transaction comes from the Chart of Accounts.
Let's go over the Chart of Accounts, how it helps you organize your business, and how it affects your financial statements.
0:00 Understanding how the chart of accounts works in QuickBooks Online
0:25 How the chart of accounts works
0:43 How a transaction affects the chart of accounts
1:13 Types of accounts in the chart of accounts
2:09 Why some accounts don't have balances
2:36 Which accounts should your business have?
3:03 How your accounts show up on your financial reports
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[@windoroupvc]

Please tell me how to delete products items ? Only inactive option available!!

[@miguellopezbo]

I also need to know this. Did you find out how?

[@ladymck11]

making inactive is recommended over deleting

[@anilpersaud2321]

Which pricing plan has this level of chart of accounts available? I was on the phone with an account manager and was told that the Simple Start version does not have detailed Chart of Accounts like this.

[@quickbooks]

This is a great question. The QuickBooks Online versions have a chart of accounts to help you get a better view on your accounts. Hope this helps. -Kristina

[@debruin14]

Hello, why does the "QuickBooks Balance" and "Bank Balance" differ for specific accounts within the Chart of Accounts? What causes the differences (transactions actual vs expected or ?)

[@quickbooks]

Hey there. Each balance will be different as the bank balance would be for that specific bank and QuickBooks Balance will be whatever is currently in QuickBooks. For any additional questions, please reach out to your accountant for assistance. All the best. -Kyle

[@leodupont2418]

So bad! I am trying to find out how QB designed the hierarchy of the accounts, and you are trying to teach me the difference between P&L and BS accounts. Who are your audience? Shame on you...