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Chart of Accounts

This article covers general information about chart of accounts in QuickBooks Desktop. See record account opening balance if you just created your company file and you need to enter an opening balance.

Detailed information

Chart of accounts is a complete list of all the company’s accounts and balances. You can tell how much money your company has, how much money it owes, how much money is coming in and how much money is coming out by simply looking at your Chart of Accounts.

QuickBooks Desktop automatically creates your Chart of Accounts based on the industry and type of company you chose when you created your company file. Mainly, these accounts are categorized into two types called Balance Sheet Accounts and Income and Expense Accounts.

Balance Sheet Accounts

Balance sheet accounts are accounts that appear on a balance sheet report. These are accounts that represent the money or things that you own and the debts that you owe. This includes assets like banks accounts and buildings and the money that people owe you. It also includes liabilities like credit cards and loans from banks. Another category of balance sheet accounts is equity account which represents the health of your business. Each balance sheet account has its own register that tracks the balance of each account.

  • Accounts Payable
  • Accounts Receivable
  • Bank
  • Credit Card
  • Equity
  • Fixed Asset, Other Asset, Other Current Asset
  • Other Current Liability, Long Term Liability


Income and Expense Accounts

Income account tracks the source of your company's income while expense account tracks what your company is spending. Unlike balance sheet accounts, Income and Expense accounts do not have their own registers.

  • Income/ Other Income
  • Expense/ Other Expense


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