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QuickBooks Chart of Accounts Course Description

Your Chart of Accounts (COA) is the backbone of your business and the foundation of your QuickBooks® file. It has two functions: outlining what the IRS wants to see for taxes, and generating your P&L and Balance Sheet reports to understand and analyze your business.

We’ll start with the fundamental accounting equation, Assets = Liabilities + Equity. During the conversation, you’ll learn bookkeeping terms including assets, liabilities, equity, income, and expenses. Then, we’ll make your COA your own! It’s impossible to use QuickBooks without customizing QBO’s default Chart of Accounts. We’ll discuss industry-standard accounts, create additional categories that reflect your unique operations, and inactivate accounts that aren’t relevant to you. 

By the end of this course, you’ll know how to read a Balance Sheet and a Profit and Loss statement, as well as how to structure your Chart of Accounts so it represents your own business’s workflow.

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You’ll learn about

• 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

After completing this course, you will be able to: 

• Identify the main Chart of Accounts types
• Recall the steps to modify the default Chart of Accounts
• Recognize how the Chart of Accounts populates your Profit & Loss and Balance Sheet reports

Other learners purchased these courses after completing this class:  

Explore new topics & join the hundreds of other business owners & accounting professionals who have enrolled in these courses after completing this Chart of Accounts class!

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Refunds & Cancellations

Please view our Terms of Service, for information on refunds, cancellations, and complaint resolution. To request a refund, please contact us.

Royalwise Solutions Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Course Credits: 2 CPE, Certificate of Completion. Must be awarded within one year of enrollment.

Course Updated: July 2022
Course Page Updated: September 2023