The Botkeeper Blog

Ah, nuts. You realize you've written a check in the wrong amount, or you've sent it to the wrong vendor because you have so many to keep track of and sometimes things get mixed up. #smbproblems 

Nobody likes going it alone, especially if whatever you’re trying to do leaves you feeling overwhelmed and incapable. But that’s why it’s good to ask for help from someone who knows what’s up, like inviting your accountant to your QuickBooks Online account so they can help with your bookkeeping.

A fundamental piece of good bookkeeping is routine account reconciliation, the process in which you match up your transactions in QuickBooks Online (QBO) with your bank statement and credit card statements. In addition to being every amount of fun as it sounds, it’s a really helpful process to make sure that your bank accounts match up with your accounting system, and you’re not at risk of overspending based on what’s actually in the bank. It’s a similar process to balancing your checkbook.

We're here with another tutorial on how to best use Quickbooks for your business

This post quickly outlines how to manage your Chart of Accounts in QB Online!

What is a Chart of Accounts?

A chart of accounts (COA) is a financial organizational tool that provides a complete listing of every account in an accounting system. An account is a unique record for each type of asset, liability, equity, revenue, and expense.