QuickBooks Chart of Accounts Course Description

The QuickBooks® Chart of Accounts structures your business according to accounting principles. Your general ledger includes assets, liabilities, equity, income, and expenses. Take this class to learn bookkeeping terms like Accounts Receivable and Accounts Payable. By the end of this course, you’ll know how to read a Balance Sheet and a Profit and Loss report, as well as how to structure your Chart of Accounts so it supports your unique business workflow.

Your Chart of Accounts is the backbone of your business. It has two functions: outlining what the IRS wants to see for taxes, and allowing you to generate your P&L and Balance Sheet reports. There are industry-standard accounts you need, but you also have the flexibility to create accounts that reflect your unique circumstances. It’s impossible to start using QuickBooks® without customizing your Chart of Accounts. This class will explain the fundamentals.

What You’ll Learn 

• The function of the Chart of Accounts
• Creating new accounts and editing existing accounts
• Equity accounts
• Liability accounts
• Asset accounts
• Bank accounts
• Credit card accounts
• Income accounts
• Cost of Goods accounts
• Expense accounts
• Other Income accounts
• Other Expense accounts
• Accounts Receivable
• Accounts Payable
• Undeposited Funds
• Understanding a Profit and Loss Statement 
• Understanding a Balance Sheet

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