How To Upload Your Chart of Accounts Into QuickBooks Online Using an Excel Spreadsheet | Desarie Anderson | Skillshare

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How To Upload Your Chart of Accounts Into QuickBooks Online Using an Excel Spreadsheet

teacher avatar Desarie Anderson, Cash Flow Management

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

2 Lessons (19m)
    • 1. How To Upload Your Chart Of Accounts Into QuickBooks Online Introduction

      0:50
    • 2. How To Upload Your Hair Salons Chart Of Accounts Into QuickBooks Online

      17:53
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About This Class

A businesses Chart of Accounts is the lifeblood and the backbone of its accounting and bookkeeping system. This class shows you how to upload a list of accounts into your QuickBooks Online software. 

When you sign up for QuickBooks online, the system creates a generic set of accounts based on the type of industry you select. 

You can add additional accounts by creating a list of custom accounts that you use in your business.  

This class shows you how to create a list of custom accounts and how to upload the list into QuickBooks using an excel spreadsheet.  

Meet Your Teacher

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Desarie Anderson

Cash Flow Management

Teacher

I am originally from London, England but currently live in Atlanta, GA with my husband David.

I always joke that I have had the distinct pleasure of using both the left and right side of my brain. I owned and operated a hair salon for over 17 years (Right side), and now I own a small Tax and Accounting practice (Left side). So you can get your hair cut & colored and get your taxes done all in one visit.

I graduated from Georgia State University with a BA in Accounting. I am a Georgia CPA and an IRS Enrolled Agent. I am also a certified QuickBooks online Pro advisor.

In addition to providing small businesses with bookkeeping and accounting services, I am passionate about helping small businesses manage their cash flow. No business can survive without proper c... See full profile

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Transcripts

1. How To Upload Your Chart Of Accounts Into QuickBooks Online Introduction: Hello and welcome to house. Upload your chart of accounts into QuickBooks online. Now, this demonstration and the accompanying chart of accounts that comes with this class is useful for all business types. Even though in the video I am using a hair salon business as an example. So please keep in mind that you can change the name off all of the accounts within the spreadsheet to reflect the type of accounts that is used in your type of business. Now, my using salon type accounts is for demonstration purposes only. So don't think, because I am using a salon as an example that you cannot use the chart of accounts or that this video is not relevant to you. It is relevant toe or businesses, no matter what type of business you are. 2. How To Upload Your Hair Salons Chart Of Accounts Into QuickBooks Online: Hi, everyone. And welcome to my video In this video, I'm going to be talking about the charts of accounts within QuickBooks online. So the child accounts is the life blood off any bookkeeping and accounting system. So just like the blood that runs through our veins, that keeps us alive. That is how I compare the chart of accounts to any accounting system. So the term account refers to the category that you use to record a specific transaction. So, for example, let's say you paid rent, and now you want to record the rent in your QuickBooks fighting your QuickBooks. Some software you recalled rent, lenses and expense, and you're going to record the rent in an account called rent expense. In addition to that, if you receive revenue, you're going to record revenue in an income account. You may have several income accounts. You may decide that you want to track your income very specifically, so you may wanna track product service product sales separately. You might want to track highlights separately. You might want to try track haircuts separately. You might want to track by a large separately, so all of these are in individual accounts So when you receive revenue for that particular service, you're going to record the revenue in that account. And also, if you pay insurance, you are going to record the insurance in an insurance expense account. So that's the definition. Or rather, that's the meaning often account, as it relates to do accounting you and your bookkeeping system. So when you initially purchase a QuickBooks online online account, QuickBooks sets up a generic chart of accounts that is based on the industry that you select when you first sign up. So if you select, say, the construction industry, they're going to include some generic accounts that are related to that particular industry . If you choose that, say, hair salons or the beauty business, they're going to include certain accounts that make that are specific to the beauty industry. Now some of these accounts might be very generic, so it just depends on that. The listing that QuickBooks online has available at that time. So as a hair stylist or hair salon, there are certain accounts that are unique to our industry. So I've done is I have created a chart of accounts with accounts that are specific to the beauty industry. All you have to do is to download a copy off the spreadsheet that came with this video and upload it directly into your QuickBooks account. Now, before you upload the spreadsheets, your Q B O account, make sure to remove any duplicate accounts that are already that are in. The spreadsheets are already in within quickbooks online. So within the spreadsheet, when you go through it, there may be some accounts on here, but I also a present in your Okubo system, so you might want to remove those particular accounts. Now, you can also add any account to the spreadsheet that you think you might need. So before you actually upload the spreadsheets to QuickBooks online, think and think about it and see if there any accounts that you might want to add to the spreadsheet. And you can do that before uploading it into QuickBooks online. So now I'm gonna show you how to upload the spreadsheet into your QuickBooks online account . Okay, so here is a spreadsheet I created for the salon and the beauty industry. Now, most of the as you can see, most of the accounts are expense accounts, and I have a few income accounts. So let me first start by explaining to you how this whole thing is set up. So we have account, number, account, name, type and detail type for account number. You can use account numbers if you choose to when you're setting up accounts in QuickBooks online. I like to use account number sometimes. Sometimes I don't now for my nonprofits side of my business, I usually use account numbers when I'm dealing with salons and beauty stand stylists. I may I may not use account numbers now. The good thing about account number. Sometimes it's easier to find an account when you use account numbers, but it can get a bit muddy and messy, especially if you start to create sub accounts. So in this case, I'm just going to leave that off. But just keep in mind that if you want to use account numbers, you can do so, and you can include them here so that when you upload it into QuickBooks online, the account numbers automatically show up. Then you have the account name. This is one of the most importance aspects off the charts of accounts could remember when I said to you that when you have a transaction you included in a specific account. So remember, I said, If, for example, Booth rents when your stylist pays you booth rent, you're going to record the rent in the booth rental account. So the account names these are the accounts where you're going to record all of your transactions. You want to make sure that the accounts on the account name are very specific now. I just chose some accounts that I do not really exist in QuickBooks online but are very specific to our industry. For example, with equipments, I just think I put it in parenthesis in QuickBooks online. You do have equipment, however. I wanted to be more specific with hair dryers, irons, clippers, scissors, E T. C, the equipment that we usedto work and, of course, equipment repair. If your blow dryer goes bad or if you need to fix your shares, then that's what equipment repair is for. But I have client gift. So for those of you that get gifts to your clients cleaning its expense for washing towels or dry cleaning if you have to purchase so it's wash your towels if you get them dry cleaned that I have salon capes and aprons, seminars and webinars and, of course, shampoo assistant, because some of us have shampoo assistance and then, of course, towels. We all need towels to survive. Towels is like the life blood of a salon, just like the chart of accounts is like the life blood off any accounting system. But anyway, so these are what the accounts are made up off, and then we have type tight just means what type off transaction is it. So Booth rental income, haircuts, color highlights. Those are all income accounts. So that's what the type means. And then everything else underneath income, our expenses. Then, of course, I have petty cash because usually you may want to run to the store and purchase something really quickly. Maybe maybe one out of color. Or you may run out of gloves or you run out off clips, and you might want to risk you run to the store to purchase something. So that is where the petty get the petty account. Or rather, the petty cash account comes in. And the petty cash account is a current asset. So while everything else on here is even income and expense, which which flow to the profit and loss statement. The current assets that I mean, the petty cash is a current asset accounts and that normally flows to the balance sheet, then also for haircuts, a rather for color and for highlights. If you decide you want to track color and highlights even further, you can actually create sub accounts inside of QuickBooks online. So let's say you do partial highlights and you do fuller. You do four highlights, but you want to keep track of your partial highlight income, and you want to keep track of your forehead. Highlight income. You can create some accounts inside of QuickBooks online to further breakdown the highlight income account. So that way you know exactly what's coming in for partials. You know exactly what's coming in for full head, and also you can have a but you can have a by a large account that where you know what's coming in for that particular service now detail type is one of those siro away accounts. I don't really know why it exists, but it does, and sometimes I think, the reason why they included the detail type in QuickBooks online is to help people figure out at a name for a particular type off service. So really, the detail type. So either you're going to use detail type, or you are going to use an account name. Okay, Now, the reason why I just put other primary income and I put other business income for detailed type is because it means nothing. I just needed to fill it, fill it up Because in order for us to upload this spreadsheet into QuickBooks online, the detail type has to be filled out. So even though I filled it out, please ignore it. It doesn't mean anything. When you upload the spreadsheet, you are going to see it, but it doesn't mean anything. The account name is what shows up on all of your financials. So the account name is gonna show up on your profit and loss statement or your balance sheet. So that's all you're going to see. You are not going to see the detail type on your piano statement on your balance sheet, so it doesn't really count for anything. Okay, so now that we've looked at this and I've explained to you what the chart of accounts is about. Now. Let's go ahead and look at how we would imported into QuickBooks online. Oh, but before we do that, remember, if you want to add an account, you can go ahead and just add an account here. Now, when you add the accounts, just make sure whatever you're adding doesn't already exist in QuickBooks online. So if there is a particular service, a particular expense that you do not see on the spreadsheet and it doesn't exist in QuickBooks online, you can just go ahead and add it here. So you're going to add the account name. So let's say one of these under account name. I'm going to go to the P and L statement. As I said, So if it's an expense, just add the account name on the account name column, and then if it's an expense, you just type in expenses. It is an incoming just typing income and then, for detail type, just follow. I did here for all of the expense accounts. I just used other business expense. So when you upload everything into QuickBooks online, it's going to show up. Okay, now let's see what we need to do to actually upload this into QuickBooks online. So when you first sign into QuickBooks online, you're likely going to land on the main dashboard screen. So we What we want to do now is we want to upload the chart of accounts into QuickBooks online. So we're going to click on accounting and then chart of accounts. Now, there are two ways to add on account into QuickBooks. You can either at a single accounts by clicking new. When you kick, you click new, you're gonna click on the account type. You're gonna you're gonna choose the detail type, which, remember I said, detail type really, really isn't important. It's what goes here that's important. The name actually count name. So you can. Either you can either Singley include an account, or you can use the spreadsheet now where you are creating sub accounts. Remember how I said you can create a sub account for highlights? You might want to break out highlights between full head and partial. So this is where you will do that. So once you upload all of the accounts, then you will come in here and you'll start to break all the main accounts down into into any sub accounts that you want. But for now, let's go. Let's go ahead and just import the child of accounts that I created. So we're going to click on the arrow and then you're gonna click on Import. Now, you want to browse your all of your files to find the actual file that you want to import. Okay, so here it is. So you found the file, and now you want to go ahead and click on next. When you click on next, you're going to come to a screen that that maps the QuickBooks online field to your spreadsheet. So remember, for account number we had nothing for account number. There was nothing there. So it's telling us that based upon our QuickBooks file, there is a there is. There is an option to import account numbers, but when the system looks at our spreadsheet file, there is absolutely no match, and there's no match because we don't have any account numbers in there, which is fine. We don't want a match now the detail type, but we talked about the detail type, which means absolutely nothing. However, even though it means nothing, you have to have something in that field. Then we have the account name. The account name is what we want. Booth rental income, color highlights, um, education equipment, one of those accounts. And then, of course, there is the type which is telling you what type of account is It is an income account or isn't. Or is it? An expense account for all of that is okay, all the boxes are checked. So now we just go ahead and we click on next. Okay, so this is a lot off the data that is coming from the spreadsheet. Everything looks fine. Oh, with the exception is a matter of fact. With the exception off that this detail type, for some reason, is telling me that there is a problem here. So that means that I need to. So if I try to import, all of the fields are going to go through with the exception of this one. So let's just go before I make the correction. Let's go ahead and import. So we've imported it and there, actually to have two errors. One ERA is other primary income. So I'm not quite sure why this is a problem but we can click on there when we can see that . See detail type. Let's look for other primary income. Oh, the reason why it's a problem is because current assets is a balance sheet account and it is not on a M. Profit and loss accounts or other primary income is going to ordinarily go on. Your profit and loss statement were other current assets, and petty cash is a balance sheet accounts. That's the reason why we have this error for. What we need to do is we need to find a balance sheet account for this particular transaction, so we're gonna put it in other current assets. So here's current other current assets. We just click on that so you should go through and then the account name. There is a problem with the accounting, and I'm not sure what the problem is. But as I clicks in it, it turned green. So let's go ahead and try to import these two and see what happens. Okay, we're still having a problem with commissions. Let's try removing the S and see if that works. Okay, so that worked. So what that tells me is that there's another account in QuickBooks online with the name commissions. And that's the reason why it wasn't coming through because it will not bring in the name often account that already exists. So let's look for commission and see what happened. Okay, so here is commissions already existed. So when I remove the S, it went ahead and came through. So basically, that's how you import a chart of accounts from a spreadsheet into QuickBooks online. And let me just say this before I go. Now I know I explain to you that the detail part off QuickBooks self employed doesn't really mean much of anything. But let me let me go ahead and and backtrack with that. Even though it's not really necessary, you can actually just rely on account name. I will say that with the detail accounts, sometimes there is information within the detail type that does properly represent the type of accounts that you are trying to create. So under those circumstances, if you if you flip through detail type and you see an account that you would like to use as part of your chart of accounts, you could include the name under detailed type, and that you can include the exact same name under account name. So I'm going to do when you download this spreadsheet. I am going to go into QuickBooks online, and I'm going to look for a while of the accounts on the detail type that correspond with anything over here under account name so that instead of having everything to represent other business accounts, I am going to change that from other business accounts to something that's a little bit more representative. For example, as you can see, I already changed the information up here. It waas other business income, but instead I changed it to service fee income. Now, even though I changed it to service fee income, it doesn't really make that much of a difference, because on your financial statement, you're still only going to see what's under the account name. But I just wanted to let you know that detail type isn't necessarily a complete, thorough away. It does serve its purpose, but you just have to know when to use it. Okay, if you have any questions, feel free to reach out to me on social media, or you can send me an email