Last Updated on November 7, 2020 by Editor Team
Do you know, how to move chart of accounts in QuickBooks Online? If your answer is yes, and you want to know the procedure to move the chart of accounts to QuickBooks Online then you are on the right platform. Here, you can easily get the idea to move the chart of accounts. Let’s read the blog:
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Steps to Move Chart of Accounts in QuickBooks Online
Here you can go through a few simple steps so that you can use your spreadsheet to import your chart of accounts by skipping the manual entry, you just need to follow these steps:-
Step 1: Get your Spreadsheet Ready
You can easily import the accounts in your chart using a spreadsheet in Excel or CSV file format. Here are the details of how to prepare it before uploading it to QuickBooks. You just follow these given steps:-
- Firstly, you need to open your current spreadsheet of accounts or create a new one if you do not already have an account on it. Or instead, you need to export your chart of accounts from another QuickBooks company.
- Then, you need to make sure you have these columns in your spreadsheet:-
- Account Name
- Account Type
- Detail Type
- Tip:- If you are new to types and detail types in QuickBooks, then you can add them later and after that press, it’s OK to leave these fields blank for now.
- If you organize your accounts by numbers, then you need to add an Account Number column into this. Then, skip this process if you do not use the account numbers for doing this process.
- If you have a sub-account, then you need to add it in the Account Name column in this format: Main account: subaccount. For example, Utilities: Gas.
- Note: You need to check out our sample spreadsheet below to see other examples related to this process of how to format the subaccounts.
- Once everything seems good, then at the last you can save your spreadsheet in Excel or CSV format.
Here’s how your spreadsheet should look like:-
|Account Number||Account Name||Type||Detail Type|
|112720||Checking Account – Bank of America||Bank||Checking|
|Money Market – First National Bank||Bank||Money Market|
Step 2: Upload your Spreadsheet
- First, you need to sign in to QuickBooks Online company.
- Go to the Settings menu and then click on the option of Import Data.
- After that, you need to click on the option of the Chart of Accounts.
- Click on the option of Browse.
- Then, you need to find, and when you find then select the spreadsheet you saved.
- And, at the last click on the Next option.
Step 3: Match your Fields to QuickBooks Fields
In this step, once you upload your spreadsheet, and then make sure your accounts get imported correctly.
- First, you need to select each small arrow icon in your Field column. And then, need to match the columns in your spreadsheet to these QuickBooks fields, and the details are given below:-
- Detail Type
- Account Name
- Account number
Tip:- Click on the No Match option if you have any field (except Account Name) that does not have a matching column in your spreadsheet. Such as, if you don’t have a column for account numbers.
- And at the last, you need to click on the option of Next.
Step 4: Import your Chart of Accounts
When you are almost finished. Then, before you save your accounts and just look over everything one last time.
- First, you need to be sure to add types and detail types if you have not yet.
Tip:- Focus on getting the account types right first. Then, click on the option of detail types that fit the transactions that you want to track.
- And when you can see any field highlighted in red, that means you need to fix that bit of info. And you can also move your pointer over a highlighted field to see what you need to fix.
- Then, you need to uncheck any account that you do not want to save.
- And when everything seems good, then click on the option of Import.
QuickBooks provides you the information that you know how many of your accounts it successfully imported. If there are accounts QuickBooks can’t import, then you will see a message that explains what you can do. To see your imported accounts, go to the Settings menu and then click on the Chart of Accounts.
Step 5: Enter Opening Balances for Accounts
Once all your accounts are in QuickBooks, enter your opening balances for the bank, credit card, and other accounts.
Tip:- An opening balance is the starting point for the account you create in QuickBooks. Also, provide that it summarizes all past transactions in your real-life account up to the opening balance date. Think of it as a snapshot of the account’s history.
- First, you need to go to Settings and then click on the option of the Chart of Accounts.
- Then, you need to find your bank or credit card account.
- Click on the small arrow in the Action column, then click on the option of Edit.
- For the as of the given or provided date, you can tell QuickBooks when you want your account to start. This sets the starting point.
- For the Balance, enter the amount in the account as of the date you choose. If you need help, you can learn more about opening balances.
- Once you are done with all the above processes, then you need to click on the option of Save and Close.
Note: If a transaction has already been allocated to the account, you will need to record a journal entry for the opening balance.
Next steps: Download your Transactions to QuickBooks
You need to connect your bank or credit card to bring in your transactions. And when once you can connect with it, then the QuickBooks automatically downloads and categorizes your transactions for you. All you have to do is review and approve the transactions.
At last, we hope now you are able to move the chart of accounts in QuickBooks Online. Just follow the steps carefully, and do accounting without facing any problem. Further if in case, you have any doubts regarding this article, or have any problem during following this procedure then, you can get our ProAdvisor support for an instant solution.