QuickBooks is one of the greatest accounting software used by medium and small-size companies. It eases the company’s accounting work by keeping track of income and expenses, generating payrolls, managing bills, creating invoices, keeping track of inventories, budgeting, and much more. The software is easy to use. Anyone having a little accounting knowledge can use the software. With a little bit of practice, you can become a pro at using the software. The software is a genie that can handle multiple accounting tasks without any problem. Reliable software comes with multiple features that are necessary for accounting purposes. One such feature is Charts of Accounts. It is the backbone of QuickBooks.

The charts of accounts show the data in the report format. The data plays a crucial role in creating invoices or reports. However, the reports may be lengthy and complex. Recreating the reports again may be a complex and tedious task. Instead of creating the reports again, you can import your charts of accounts QuickBooks Desktop. If you, too, are looking for a blog explaining the concept of importing the charts of accounts into QuickBooks Desktop, then this blog is meant for you.

How to Import Charts of Accounts in QuickBooks Desktop?

The Charts of Accounts manage all the accounting tasks in QuickBooks Desktop. The ultimate software allows you to customize the charts of accounts during the company file setup. You can save your precious time by importing the spreadsheets of all custom accounts from QuickBooks. If you are looking for a detailed explanation of importing Chart of Accounts into QuickBooks Desktop, go through the steps below.

The steps involved in importing the charts of Accounts in QuickBooks Desktop are as follows:

Step 1: Format your Spreadsheet

There are many options available to import the spreadsheet. You can import the chart of accounts either in CSV format, Excel, or Google Sheets. To import the spreadsheet in an easy and hassle-free way, follow the below-mentioned steps.

• Choose the required spreadsheet that already exists in the system and open it.

• You can create a whole new spreadsheet if there is no available spreadsheet. Even you can export your chart of Accounts from another QuickBooks company.

• Before proceeding further, please verify that it contains the account name, type, number, and detail type.

• Simply add an Account Number column if you organize the accounts by the number.

• If you have a sub-account, then simply integrate it in the Account Name column. The format for integration is the Main account: sub-account.

• Check whether all things mentioned are in the correct format.

• If all thing is in the correct format, then save the spreadsheet in the desired format.

Step 2: Upload Your Spread Sheet

Once you save your spreadsheet in the desired format, you can simply upload it. To upload the spreadsheet, please follow the below-mentioned steps.

• First of all, Login into your QuickBooks online.

• After that, select the settings by simply clicking on the gearbox icon.

• Now, pick the “Import Data” option.

• After that, you have to click on the Charts of Accounts.

• Click on the browse button and select the file option if you want to upload the file from your system. Then Select the “Open” option.

• Now, click on the “Next” option available on the screen.

Step 3: Mapping of Spread Sheet Fields to QuickBooks Fields

Once the uploading of the spreadsheet is completed, start mapping the file columns related to the spreadsheet. Go through the below-mentioned steps to map your accounts so they can be imported correctly.

The steps to map the spreadsheet to QuickBooks are as follows:

• Select the small arrow icon located in the Your Field column.

• After that, match the names to the QuickBooks Online field for the account number, account name, type, and detail type.

• If no field is matched with the columns in the spreadsheet, then you can opt for the no-match option.

• After that, click on the “Next” option.

The below-cited table will help you in mapping the QuickBooks Fields.

Step 4: Import Your Chart of Accounts

You are almost at the final step to import the charts of accounts. Before importing your charts of accounts, you are advised to double-check everything done previously at the last time. Add the account type and the detail type if you have not added them yet. It is advisable that you need to concentrate on the right account type, followed by the detail types that best suit the transaction.

If the field is marked in red color, you are advised to rectify that field first before importing the sheet. If you do not want any of the accounts to save, please uncheck them. If all the things are correct, click on the “Import” button to import the sheet.

Step 5: Enter Opening Balances for Accounts

An opening balance is the starting point of the accounts that you create in QuickBooks. Once QuickBooks holds all the accounts you are supposed to enter your opening balances for banks, credit cards, or other accounts.

The below-mentioned steps will help you to enter your opening balances:

• Click on the Charts of Accounts button available in the setting option.

• Find your desired credit card account or bank account.

• Now, select the small arrow icon available in the Action column. After that, select the Edit option.

• Again click on the small icon button under When do you want to start tracking your finances from this account in QuickBooks?

• Pick up the date you want to start tracking your transactions.

• Now, find the Account Balance field and pen down the account balance for the selected date.

• First save the sheet and then close it.

Winding Up

Importing charts of accounts into QuickBooks might be beneficial. Instead of starting things from scratch, you can import the charts of accounts into QuickBooks. It not only saves your precious time but also helps you in performing your task more effectively. We hope that the above steps help you import the charts of Accounts into QuickBooks Desktop. If you are looking for more such info, stay connected to our blogs.