and now let's put in Holden's chart of accounts because we already learned how to manage the chart
of accounts you might need to review video number three from level one this video assumes that you
remember everything we learned in video number three level 1 when we put in the chart of accounts
here are Holden's accounts notice the account list is different because Holden has a wedding video
company and not a corner store you might need to pause the video at this point to be able to read
the information from the video screen and record them into QuickBooks when we create this chart of
accounts we will do the following steps number one we will delete any accounts that QuickBooks put in
the accounts that QuickBooks put in are in lower case so they will be easy to see even though we
chose other none for our industry and business type QuickBooks still puts some accounts in the
chart of accounts we will try to delete the ones that QuickBooks put and we will put in the ones
that we need ourselves to we will make inactive any accounts that we cannot delete some accounts
that QuickBooks puts on the list we're not able to delete so if we make them inactive at least
we won't be able to see them and they will not distract us then of course we will put in Holden's
chart of accounts you could read it from the video screen or you could download the picture file that
has all the accounts listed there and you could read from the picture and put it into QuickBooks
it's your choice and they'll just remember we will use all capital letters in the account name field
the reason why we want to use all capital letters in the account name field is because it is much
easier to see the difference between the accounts that we put ourselves and the accounts that quick
put on the list in future videos and in future topics quickbooks will automatically
add more accounts the accounts that quickbooks automatically adds will be in lower case except
for the first letter but if our accounts are in all capitals it will be easy to see the difference
between the ones that we made and the ones that quickbooks put on the list for us so let's take
a look at how to do it as we learned before from the main menu click list chart of accounts let's
make the chart of accounts window nice and wide let's try and delete the accounts that
we don't need right click on retained earnings delete account click OK right click on opening
balance equity delete account click ok now when we right click and try to delete payroll liabilities
we're not allowed to do that so we will make it inactive right click make account inactive
let's try to delete payroll expenses it will not allow us so instead we right-click and we click
make inactive remember you could always move to the bottom left and click show inactive accounts
and move to the bottom click left and click hide inactive accounts those are the only two that will
be inactive because QuickBooks created them and we don't want to use them all the other accounts
we will put ourselves just like we did before from the bottom left of the chart of accounts
click account new now this account new window only comes up when we put in the first account on the
list it assumes we're putting it in one at a time but we are not click bank it explains the type of
account when we make the account type choice then when we click continue we get to the window that
we will stay in for all of the remaining accounts that we will put on the list notice we could still
change account type from bank to any other account make sure your cap x is on type in cash in bank
when we click Save and new we can see that cash and bank both name and type have been added to
the chart of accounts now keep this window open just choose the next type of account the next
type of account for the next account on the list is accounts receivable and it also happens to be
the name accounts receivable now do not click Save and close click Save and new and when we
take a look at the chart of accounts we can see the name and the type have been added to the list
the next type is other current asset and the next name is supplies click Save and new and notice the
name and the type have been added to the list keep going fixed-asset the next one is equipment save
and new then the next one was account payable type and the name actually was accounts payable
save and new then of course we have video income and we know that video income is an income type of
account save and new leave it as income because we're also going to type in editing income save
and new and the rest of the accounts on our list our expenses delivery x.x expense save and
new electric expense save and new repair expense save and new and of course telephone expense and
the last one if you want you can click save and close now when we expand the window we see that
all the accounts that we had listed in our chart of accounts are listed here both in name and in
type for some reason QuickBooks brought back the opening balance equity but you notice it's in
lower case whereas the accounts that we put our in capital this will help our eyes see clearly
the difference between the accounts that we made and the accounts that QuickBooks made