Hey, it's Candus and in today's QuickBooks tips and tricks
I want to teach you
about really
I often talk about managing and growing your business
with using reports within QuickBooks
So when I go in to different businesses, I always look at their reports
and in turn, it tells me a lot about how they set up their Chart of Accounts
So today, what I want to teach you about is Chart of Accounts
and how to edit them how to add them
and how to merge different accounts
And how that is gonna reflect in your reports
so that you can read them
they're clear, they're understandable,
and you can manage and grow your business
So come look over my shoulder
As you know, I'm super into...
using your reports to manage and grow your business
So I want to go in and I want to pull up a report
which is reports, company financial, profit and loss standard
And I want you to look at this report, because I'm going to go in,
and I'm gonna show you how to edit actually the chart of accounts,
edit, add and merge it so that you can make your
profit and loss the way you want it to be
So often, what people don't understand
is where these titles and dollar amounts are coming from
for the reports
So I'm going to collapse this one
so it's a little bit easier to read
there is actually income category
called landscaping services
And then when you're entering transactions they're showing up here
So I actually want to go in under lists, Chart of Accounts,
or the shortcut is Ctrl A
And you'll notice
that when you're looking at the chart of accounts
you see the name on the left,
and the type of account it is and if it has a balance on the right,
so the first ones are bank accounts, and they go down,
so we're actually gonna go down to the income one
and you're gonna see that there's landscape services
And then both, and you'll see how this is indented That means it's a subcategory
And then there's subcategories of that
Now, this
in my way, in my opinion,
is a little bit of a complicated way to actually set your QuickBooks up,
typically, unless you're really large company
and you want a lot of detail
I don't recommend that for an average smaller business
But
what you would do is, if you wanted to add a new account,
you go down to the bottom and click accounts
you dropped this little, the little arrow, you click on that,
or you can do Ctrl N and that creates a new account
If you want to edit an account,
or you want to delete account, you can do this
Now you can also make accounts inactive
So the difference between new is that the brand new account you're creating
edit means you can go in and rename it
Delete means you are deleting it, but you can only delete it
If there's never been a transaction put into that
category
Just for simplicity's sake, we'll call it the category
But you can make it inactive, and that's where the inactive comes into play
So if you want to edit it, you just click Edit
And you can rename it, you can take it out as a subcategory
all that kind of stuff
So I'm actually going to create new one
So when you go to create one, you click the little arrow and new
then you're going to decide what type of category is it
is it income
or is it expense, income as money coming in to you
Expense is business expense, it's pretty...
straightforward. If you click on it
to the right, it will give you a little description
Over here it gives you a description
So let's do an expense
Oh
let's call it
telephone
Its a expense
I'm titling it telephone and I'm gonna click save and close
So what you'll notice is, is now there's telephone here
Let's scroll down
They do. They have one called utilities telephone
which is subcategory of utilities
So what could happen is somebody could be putting an expense here
and also creating one up here as a main category
If you want to merge these, you would actually click Edit again
Keep it the same name
Find out that it goes under utilities
Click Save and Close and it's gonna say oh, that already exists
Do you want to merge it?
You click Yes.
And now you've merged your accounts
Just like you can do vendors or customers or anything like that
And then if you find, that you have too many
kinds or stuff you don't want to have
like you don't want to have a miscellaneous income anymore
Right click on it
or you can go down here either one does the same thing
and you can make it inactive
and now that won't show up anymore
The one thing to know
is it will still show up
in your reports
I'm just gonna go over and pull up my report
It will still show up on your reports if you put income into it
but it will no longer be available for you to select
So hopefully that's not too complicated
Just know that
whatever you're pulling up here
you're getting it from your chart of accounts
That's where it pulls it from
So any changes you want to show up on your profit and loss
you'd be making those adjustments actually in the chart of accounts
I hope this tip has been beneficial for you
If you know somebody who could benefit from it
please SHARE it
and if you want to find out more
about how I help entrepreneurs with QuickBooks
please feel free to check out Canduskampfer.com
Talk to you soon
Have a great day
Bye bye