You asked, and Intuit® listened! A new Chart of Accounts experience is rolling out in QuickBooks® Online. The new experience is designed to help your clients correctly categorize transactions, and provide guardrails to help eliminate clutter and errors from being created in their account.
Accounting professionals and their clients will love this new feature because it reduces the guesswork faced when recording transactions in the Banking Center and Transactions screens in QuickBooks Online. Let’s dig into the details so you can see exactly how this new feature will impact you and your clients.
How will the new Chart of Accounts experience help accountants and their clients?
The new Chart of Accounts experience improves the user experience in a few ways. This new feature was designed with the client in mind. Benefits to help them succeed include the following:
- A standardized chart of accounts that is applied to a new QuickBooks Online company based on the industry and tax entity type selected in the new company setup wizard. This eliminates the guesswork when setting up and structuring the chart of accounts.
- Client users are only able to add a sub-account to the existing pre-defined parent accounts, and will not be able to create new parent accounts unless adding a new bank or credit card account. Note that accountant users will still be able to add parent accounts. This keeps the chart of accounts nice and tidy, while providing the ability to track granular details that clients need to manage their business. The client-created sub accounts can be collapsed into the parent accounts on reports, giving the accountant tidy financials!