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Paolo_S
January 18, 2021
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Replacing old Chart of Account

  • January 18, 2021
  • 1 reply
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Good morning, following issues talking through the help chat, I am writing for an issue concerning the chart of accounts import.
I am currently subscribed to Quickbooks online for two companies I manage.
Pursuant to an acquisition I must now use my parent company’s CoA for reporting purposes.
I have to bulk import the CoA as I have approximately 4000 accounts in the new CoA, thus manual input is not an option (although I know I may have to manually input balance sheet opening amounts).
I have formatted the new CoA in excel to what I presume should be Quickbook format and have it ready to be imported.
Once I bulk import, the old CoA should be erased so that it won’t appear on any reports. However I don’t want to lose my historical data just in case I need something in the future.
Also, before adopting the new COA I have to be absolutely sure that the format I have ready in excel will work.
How do you think I can achieve these results?
What could be the correct workflow to achieve my results (besides from opening two new accounts and closing the old ones)?

1. checking my new CoA will be accepted by Quickbooks before bulk importing

2. bulk importing new CoA over the old CoA so that no old account will crop up in my subsequent reports

3. not losing old data (accounts+account values) in case I may need it for any future issue
Let me know if someone can help me out

Kind regards

Paolo

Best answer by Rasa-LilaM

Thanks for coming back to the Community, 123145827583957.


I appreciate adding more details about your concern, especially the screenshot. It gives me a clearer view of how the chart of accounts is set up in your company.


Yes, the chart of account format created should work. I imported it, and the new information is already in my register.


Here’s how:

 

  1. Go to the Gear icon at the top to choose Import data under Tools.
  2. Then, tap the Chart of Accounts icon to open the Import accounts page.
  3. From there, hit the Browse button and find the previously saved file.
  4. Click Open and press the Next button to continue.
  5. Next, map the information and click Next to proceed.
  6. Review the setup and choose Import when you’re ready.

In QBO, you’ll have to manually inactive each account. Also, you can only import the Account number, Account Name, Type, and Detail Type except for the opening balance. That's why you'll have to enter the amounts on the register.


To seamlessly transfer your chart account to the new company, I recommend following the suggestion shared by @MadelynC. For more insights into the process, check out the Import your chart of accounts to QuickBooks Online guide.


I’m also adding a link to help you efficiently organize your transactions. These resources outline the complete steps on how to inactivate the online banking feature and instructions to classify downloaded entries.

 

 

Please let me know if I can be of further assistance. I’ll jump right back in to help and make sure you’re taken care of. Enjoy the rest of the day.

1 reply

M
MadelynC
January 18, 2021

Look no further, I’m here to ensure you can achieve them all, @Paolo.


I’d be glad to share information on how to replace old accounts in QuickBooks Online.


QuickBooks uses your Chart of accounts to organize all your accounting. If you want to remove the old ones, you can make them inactive. This basically deletes it. QuickBooks hides inactive accounts from lists and menus but keeps past transactions on your reports.


Here’s how:

  1. Go to the Gear icon and choose the Chart of accounts.
  2. Locate the accounts you want to delete.
  3. Select the Action ▼ dropdown and select Make inactive.


Here’s an article on how to delete and restore an account for more detailed information. This provides directions to access the accounts if you need them for any future concerns. 


When it comes to importing accounts, you’ll want to format it using a spreadsheet in Excel, Google Sheets, or a CSV file so you can import it to QuickBooks. Let me show you the steps:

 

  1. Open your existing spreadsheet of accounts or create a new one.
  2. Make sure you have these columns in your spreadsheet:
    • Account Name
    • Type
    • Detail Type
  3. If you organize your accounts by number, add an Account Number column. Or skip this if you don’t use account numbers.
  4. If you have a subaccount, add it in the Account Name column. Main account: subaccount. For example, Utilities: Gas. 
  5. Save it.


I have here a sample spreadsheet for your reference. You can also use this article for complete steps to successfully import them. 


By following these instructions, you can have your new Chart of Accounts without losing the old data. Let me know if you have questions or account concerns. I’ll be here to help you further. Take care.

    P
    Paolo_SAuthor
    January 19, 2021

    Madlyn, thank you so much for your help it was greatly appreciated.

    I was wondering whether I could follow up and ask you some more details.

    a) I am attaching a sample of the new CoA and was wondering if in your opinion it is going to work (the issue is with the numbering, but having used sub-accounts as you suggested, I believe it should).

    b) is there a way to "bulk" make the old CoA accounts inactive or do I have to manually select "make inactive" through the gear menu for each old account ?

    c) is there a way to add opening balances to the new CoA accounts via Excel or do I have to edit each new account through the gear icon?

    d) in order to get the old accounts out of the way I was thinking of exporting the old CoA (ca. 400 accounts), numbering each account with a very long number (that way they will not overlap with the new CoA numbering), reimporting the old CoA and only then making the Old Accounts inactive, does this make sense ?

    Thanks again for your input, I can't express how helpful this is!

    Regards

    Paolo

    R
    Rasa-LilaMAnswer
    January 19, 2021

    Thanks for coming back to the Community, 123145827583957.


    I appreciate adding more details about your concern, especially the screenshot. It gives me a clearer view of how the chart of accounts is set up in your company.


    Yes, the chart of account format created should work. I imported it, and the new information is already in my register.


    Here’s how:

     

    1. Go to the Gear icon at the top to choose Import data under Tools.
    2. Then, tap the Chart of Accounts icon to open the Import accounts page.
    3. From there, hit the Browse button and find the previously saved file.
    4. Click Open and press the Next button to continue.
    5. Next, map the information and click Next to proceed.
    6. Review the setup and choose Import when you’re ready.

    In QBO, you’ll have to manually inactive each account. Also, you can only import the Account number, Account Name, Type, and Detail Type except for the opening balance. That's why you'll have to enter the amounts on the register.


    To seamlessly transfer your chart account to the new company, I recommend following the suggestion shared by @MadelynC. For more insights into the process, check out the Import your chart of accounts to QuickBooks Online guide.


    I’m also adding a link to help you efficiently organize your transactions. These resources outline the complete steps on how to inactivate the online banking feature and instructions to classify downloaded entries.

     

     

    Please let me know if I can be of further assistance. I’ll jump right back in to help and make sure you’re taken care of. Enjoy the rest of the day.

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