QuickBooks accounting software is loaded with features and functionalities. From letting businesses manage their daily accounting activities, to even tracking QuickBooks inventory. Another beneficial feature offered by this accounting software is the QuickBooks Chart of accounts. This is basically a list of accounts that helps in categorizing assets, owner’s equity amount, liabilities, and income. To understand it better, you can say that it is a list of balances and chart of accounts in QuickBooks of the company, which further assists in understanding the amount of money a company has, how much it owns, and the amount it owes. It provides a full-proof financial report. This is an important feature for businesses, as it helps in analyzing the financial aspect of a business and reviewing its financial performance.

Setting up a chart of accounts in QuickBooks is quite easy, as it involves some basic set of steps, which we will be elaborating on later in this segment. So, if you are interested, then make sure to go through the segment carefully.