Hi everyone, Bobbie Witt here with Bookkeeping Confidential again. I want to talk to you today about the Chart of Accounts, which is the map of your business.
When you first open QuickBooks, this is going to be your dashboard. Then you’re going to go over to your gear wheel and then you’re going to come over and click on the Chart of Accounts, which will load. QuickBooks provides a very basic chart of accounts. This has been worked on, but when you first open your chart of accounts, you’ll see the list.
Let’s go down to office expenses. Right Here. Many things can be in your office expenses. You have your software, you have postage, basic equipment, etc. So, you can always make a new account:
– Go up here to Add New
– Change your Account Type to Expenses
– Go down here to the Office and General. And they’ll automatically fill that in for you, but you don’t have to keep it like that. You can change it to, let’s put Software. A lot of people are doing software.
– Click on Is sub-account and office expenses
– Save and close
Follow Along With Video Below
Chart of accounts will reload, and then you can go down here, and you can see that you have a subcategory software for office expenses. So, now you can track. This is very easy to get wrapped up in hoops of all these different apps and things around and then you can see exactly what you’re spending on your software.
All right, that’s today. Have a great day. Thanks.