and now we will learn how to input the financial accounts that Holden has
financial accounts are my term for the type of accounts that you use to pay from for example
bank accounts credit card accounts even a PayPal account if you know what that is and you have
experience with it is considered a financial account because money comes in and out of the
PayPal account in fact even petty cash counts as a financial account because you can pay from petty
cash and money comes in and out of the petty cash account in many small businesses the petty cash
account is physically the owner's wallet here are Holden's financial accounts the names are typical
of any small business who puts off their taxes in their bookkeeping to the last minute so the names
are Chase Bank T and M Bank Capital One credit card Chase Freedom credit card Holden also has a
paypal account for his business and of course all businesses have to have a petty cash account even
if it's really physically the owners wallet now when you when you go to put the financial accounts
in the chart of accounts QuickBooks will also ask for the account type so Chase Bank is a bank
type of account TNM bank is a bank type of account the Capital One credit card and the Chase Freedom
credit card are credit card type of accounts now believe it or not PayPal and petty cash are both
Bank type of accounts because they both behave the way a bank account would behave the money comes in
and the money goes out let's take a look how to put it into QuickBooks from the main menu click
list chart of accounts these are accounts that quickbooks already put in the chart of accounts
now will actually try to remove the accounts that quickbooks put before we put the ones that we need
to put so how do we do that well you'll find that you can add edit or delete any account you want
in the chart of accounts however if you cannot delete one you can make it inactive for example
I can click on this account retained earnings now the bottom left of the chart of accounts controls
the window so after I choose retained earnings I can click account delete account and it asks me if
I'm sure and then I click OK and retained earnings is gone I can also click on opening balance equity
account delete account click OK and it's gone but look what happens when I try to remove one
of the payroll accounts account delete account I get an error message that says that I'm not able
to remove that account so the only alternative is to make it inactive click on the account you want
to remove and then click account make inactive it doesn't delete the account it simply hides it from
the rest of the list let's try that again this is the last one that's selected click account make it
active and it's still there but you cannot see it if you want to see the accounts that are inactive
you can click this button and you can see these two accounts are still here but the X indicates
that they are inactive you can reactivate an account by clicking on it and click account make
account active and then it will come back to the list so make sure when you finish both of them are
inactive and then you can add the accounts that you need for your business so now let's put in the
accounts exactly as they appear here click account new and when you do that the add new account
window opens up asking you to choose the type of the first account that we will put so let's choose
Bank you could always come back to this window and read about the different account types when
you click on them but let's just click bank and click continue now this is the window that we
will use to put in all of the accounts the first one is Chase Bank so let's go ahead and put in the
name J excuse me Chase Bank now we click Save and new save and new will save the item on the list
and clear the window for the next one now the next one is also a bank type of account its TNM bank so
we'll leave Bank as the selected type and we'll choose t and M okay save and new now the next to
our credit card accounts Capital One credit card and Chase Freedom credit card so let's change the
type to credit card and type Capital One save and new leave the account type as credit card and type
Chase Freedom and then let's click Save & new now notice the last two accounts paypal and petty cash
or the owner's wallet are technically Bank type of accounts so let's change this back to bank
type of account type the name PayPal click Save & new now let's type petty cash slash wallet because
sometimes owners just keep the petty cash of the company in the wallet but let's make it proper
s.h space space now on the last one you can click Save & close that'll save the window and close it
whenever we get a pop up for some kind of advertisement or something distracting we can
just dismiss it by clicking no and now we have the financial accounts in the chart of accounts