Countless ProAdvisors and other users of QuickBooks Online Accountant have made it known that having to set up similar or the same Chart-of-Accounts time and time again for every new client they support. This, they say, is not only time demanding, but time they could better use performing other less tedious tasks.
Intuit QuickBooks has heard the plight of these advisors and has now created a new Chart-of-Accounts template feature in QBO Accountant.
“No, this is not a trick; it’s a treat.”
This new feature will make it easier to set up your clients with the most common Chart-of-Accounts (COA) you use and save tremendous time for you and your client. Your client benefits from finding out you can give them a COA that matches your and their needs in record time.
But you don’t even have to do all the work from scratch. You can build a template and make it yours by customizing one of the product-based or service-based templates that are part of this new functionality.
Let’s take a look at this new functionality a little closer:
Finding the Templates
You will find these new templates in your QuickBooks Online Accountant by selecting Accountant Tools and then choosing COA templates.
- There, you will find the pre-made Product-based and Service-based templates.
- You can choose to either use one of those or modify one or the other to make your own.
Set up a Template
When you select the + option to Add a new template, you can create a new template by customizing either a product-based template or a service-based template. You also have the option of creating a template from scratch.
- To summarize, +Add new template > select Template type (Product, Service, Scratch) > Next.
Modify a sample Template
Even though the sample product and service COA templates are complete, you may want to modify or supplement (or even delete) some accounts specific to your client’s needs.
- You can easily add new parent accounts, add new sub-accounts or remove any existing account from the template.
Applying a Template
If you have finished setting up your COA templates and you are ready to apply one of them to a client’s QuickBooks, follow these steps:
- In your QuickBooks Online Accountant, select Accountant Tools, then COA templates
- Find the specific template you want to use in the COA template list
- Select Apply templates from the drop-down menu available for the template
- Use Select a client to locate and choose the client you want to use the COA template.
- Click Save, and QuickBooks will display Template successfully applied to the Client.
- Accounts already existing in your client’s QuickBooks will remain in their COA even after you apply a template including default accounts (A/R and A/P). You can duplicate these accounts in your client’s file by adding the defaults to your template(s).
Finally, QBO Accountant users can configure different COA templates for different types of businesses. This means standardization between your clients, which makes life so much easier.
Some portions of this feature (including content graphics) were adapted from QuickBooks Help content, and QuickBooks Online Accountant media source content. All such source materials used in the preparation of this content were adapted by Insightful Accountant solely for educational purposes.
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