Hi,
thanks for your email.
However, my questions remain unanswered:
- what is the best business model to suggest to prompt QB to create as many COA accounts as possible? QB only created approx 15 COA accounts for me, even though I uploaded hundreds of vendors which included lots of details about what they do.
- if I import my own COA before I import vendors/transactions, does this stop QB from imposing its own COA system on me automatically?
Thank you.
Allow me to join the conversation and answer your questions about COA in QBO, Duilleog
The initial list of accounts in your Chart of Accounts depends on the type of industry you selected when you first set up your QBO account. The details that you associated with your vendors do not impact how many or what accounts are created.
We are also not able to provide suggestions on what model to select since we don't have the information related to the type of business that you have. Instead, follow these steps on how to select the industry in QBO:
- Go to the Gear icon and select Account and settings.
- Proceed to the Company tab and look for Company type.
- Click the drop-down list for Tax form and select the right category.
- Type in the industry that you belong in the Industry field.
- Choose Save, then click Done.
With your second question, QBO has default and special accounts. This includes the Undeposited Funds, Retained Earnings, Stock Assets, and Sales of Product Income. Please note that these accounts can not be deleted or made inactive regardless of the industry selected. They will not be affected as well even if you import your own list of accounts.
On another note, the account numbers are not automatically populated. This is the reason why there are no details when you followed the steps for COA account numbers. You will need to manually assign them using the Batch Edit feature that's indicated in the screenshot that you shared.
I'll be sharing these articles with you for additional references and guidance:
Let me know if that answers your questions about managing the list of accounts. I'd be glad to offer my help again if you need it.
