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In this QuickBooks Pro 2017 training video tutorial for beginners, learn how to setup the chart of accounts for your small business using QuickBooks Pro 2017.

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Hey there. We’re working in module 3 and we’re talking about customizing the QuickBooks environment. We’re all the way down now to section 3 where we’re talking about the Chart of Accounts.

The Chart of Accounts is the most important part of QuickBooks because everything you do relates back to it somehow. Think about if you spent some money. You’d have to tell QuickBooks what did you spend the money for? Was it a meal for the business? Was it office supplies? If you received money was it income for the business? Those types of things. If you don’t have the chart of accounts set up correctly you will run reports and they will not look right and you won’t know why. So spend a lot of time in this particular section. There are two parts to this so make sure you watch both of these before you move on. Let’s go ahead and move over to QuickBooks and we’re going to start working with our Chart of Accounts.

The way you’re going to get to the Chart of Accounts is from your Home screen you’ll see a button here that says Chart of Accounts.
The first thing I want to point out is that your Chart of Accounts is set up by type. So you’ll see the different types over here on this column. If you’ve got a type like an expense where there’s multiple items then you’ll notice they’re set up either numerically or alphabetically. If I didn’t have the numbers turned on they would just be alphabetical. Remember if you don’t want the numbers or you do, either one, the way you turn those on or off is go back to the Edit option, down to Preferences. You want to make sure you’re under the Accounting option on the left and then the Company Preferences tab. And here’s where you can check or uncheck Use Account Numbers. So this is what they look like when the numbers are not on. You can see they’re alphabetical.

You’re going to need to set up a lot of these accounts to start with. So for example notice there are no bank accounts. So if you wanted to write a check right now you couldn’t because you don’t even have a bank account set up. So we’re going to go through the different types and I’m going to show you which ones you need to set up. Keep in mind you’re not going to get them all the first time you sit down to do this. You might work for a couple of months and realize there’s a new one you need. But at least if you can get started you’ll be good to go.

Let’s start with our bank accounts. A bank account would be a checking account, a savings account, a money market account, any type of account you have actually at the bank. Some businesses have the little cashbox where they have $100 and they give the employee the cash, the employee brings the receipt back. You may want to track it through a bank account. Also some really small businesses might have a lot of cash expenditures. That means that maybe you go out and have a business meal and you pay for it with cash or maybe you pick up some supplies for the business and you pay for it with cash. If that’s the case there’s no way that cash expenditure would get in QuickBooks unless you create an account for that. I would create something like cash expenditures. It’ll always run in negative because you never put money in there but it just tracks all your cash that you spend for business items.

Also if you accept any form of PayPal, maybe you accept Square, Bitcoin, any of those, those are just bank accounts. You need to set each one of those up separately. So let me show you how to set up any new account.

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