How To Create a New Account in QuickBooks Online

This article addresses how to create a new account within your Chart of Accounts in QuickBooks Online.

So, let’s get started:

1. Go to your Chart of Accounts and click on the “New” green button in the upper right-hand corner.
2. At the top, choose the most closely-related type of account you are wishing to create. Examples:
   1. Income
   2. Expenses
   3. Banks
   4. Assets
   5. Credit Cards
   6. Liabilities
   7. Equity
3. Under “Save account under” drop-down list, choose the account category which this new account will fall under.
   1. Please note: This category may or may not be currently seen in your Chart of Accounts, but will ultimately be seen when you process and view a pertinent financial report such as the Income Statement or the Balance Sheet.
4. Under “Tax form section” drop-down list, choose (what I call) a tax description of your new account. I personally would just choose something that resembles what you are trying to create here.
5. Under “Account name”, type in the name of your new account you are wishing to create.
6. Under “Description” field, you can leave this blank or type in a befitting description of this new account (such as its purpose or a description if it’s, let’s say, a bank account).
7. The last thing to review within this pop-out area, is “New Account Review” at the bottom. This just shows how your new account is going to look on a pertinent financial statement.
8. Click on “Save” and review your Chart of Accounts to verify all looks good.

Note: AccuraBooks is a bookkeeping firm only, so please consult with your C.P.A. for verification and clarification about the contents of this article.