Chart of Accounts (Wheel of Rants)

04/10/25 • 49 min

Unofficial QuickBooks Accountants Podcast

Veronica Wasek joins Alicia for "wheel of rants" to dive into QuickBooks Online's chart of accounts transformation. They explore how Intuit's changes to expand the chart have created both opportunities and challenges for accountants and small business owners alike. The hosts discuss common account types including opening balance equity, undeposited funds, and reconciliation discrepancies, while offering insights on modernizing traditional categories to better reflect today's digital business environment..

Sponsors
Rightworks Rightnow 2025 - https://uqb.promo/rightnow2025 (use code UQB15 for 15% OFF)

(00:00) - Welcome to the Show
(00:35) - QuickBooks Online's Chart of Accounts Evolution
(02:18) - Reactions to the New Chart of Accounts
(04:01) - Renaming Classic Categories
(07:33) - GAAP and Custom Chart of Accounts
(12:14) - Detail Types and Tax Preparation
(17:33) - Managing Opening Balance Equity
(21:51) - Undeposited Funds Workflow
(25:20) - Reconciliation Discrepancy
(27:47) - QuickBooks Online Adjustments
(30:32) - The Importance of Numbering Systems
(33:59) - Reclassify Tool and Modern Categories
(37:21) - Meals and Entertainment Changes
(38:52) - Merchant Services and Modern Expenses
(43:47) - Final Thoughts and Upcoming Classes

Send your Questions/Comments (we could read/answer them on air) [email protected]Alicia’s classes:

Chart of Accounts in QBO: http://royl.ws/QBOCOA

Reconciling in QBO, Including troubleshooting: http://royl.ws/Reconciling-In-QBO

Credit Cards in QBO, April 1, 2025: http://royl.ws/QBO-credit-cards

Veronica’s class:

QBO Paid Diagnostic Review System: http://bit.ly/5mb_diagnostic

Sponsors
Rightworks Rightnow 2025 - https://uqb.promo/rightnow2025 (use code UQB15 for 15% OFF)

(00:00) - Welcome to the Show
(00:35) - QuickBooks Online's Chart of Accounts Evolution
(02:18) - Reactions to the New Chart of Accounts
(04:01) - Renaming Classic Categories
(07:33) - GAAP and Custom Chart of Accounts
(12:14) - Detail Types and Tax Preparation
(17:33) - Managing Opening Balance Equity
(21:51) - Undeposited Funds Workflow
(25:20) - Reconciliation Discrepancy
(27:47) - QuickBooks Online Adjustments
(30:32) - The Importance of Numbering Systems
(33:59) - Reclassify Tool and Modern Categories
(37:21) - Meals and Entertainment Changes
(38:52) - Merchant Services and Modern Expenses
(43:47) - Final Thoughts and Upcoming Classes

Send your Questions/Comments (we could read/answer them on air) [email protected]Alicia’s classes:

Chart of Accounts in QBO: http://royl.ws/QBOCOA

Reconciling in QBO, Including troubleshooting: http://royl.ws/Reconciling-In-QBO

Credit Cards in QBO, April 1, 2025: http://royl.ws/QBO-credit-cards

Veronica’s class:

QBO Paid Diagnostic Review System: http://bit.ly/5mb_diagnostic

Previous Episode

Playing Taps for Tags

Alicia and Dan explain the retirement of the Tags feature in QuickBooks Online and outline the critical migration process to Custom Fields before the May 15th deadline. They break down why this change matters, explore the differences between tags and custom fields, and share creative ways businesses utilized tags for tracking everything from weather impacts on sales to customer categories. The hosts detail important limitations of the new system while offering practical workarounds for maintaining your reporting capabilities during and after this significant transition.

Sponsors
Rightworks Rightnow 2025 - https://uqb.promo/rightnow2025 (use code UQB15 for 15% OFF)

(00:00) - Welcome to The Unofficial QuickBooks Accountants Podcast
(00:49) - The End of QuickBooks Tags
(01:48) - Creative Uses of Tags
(04:32) - Migration Timelines and Steps
(08:05) - Changes to Custom Fields
(12:07) - Migration Process Explained
(21:38) - Understanding Tag Association with Customers and Vendors
(22:06) - Testing Tag Visibility in Transactions and Multiple Tags
(23:25) - Running Reports on Tags Before Migration
(25:02) - Limitations of Custom Fields in Profit and Loss Reports
(27:37) - Reports That Support Custom Fields
(30:55) - Custom Fields in API and Spreadsheet Sync
(34:17) - Future Enhancements and Roadmap for Custom Fields
(34:45) - Tags vs. Classes: A Detailed Comparison
(39:40) - Final Thoughts on Tags and Migration Support
(41:32) - Upcoming Classes and Contact Information

Send your Questions/Comments (we could read/answer them on air) [email protected]

Intuit’s Help article: https://quickbooks.intuit.com/learn-support/en-us/help-article/class-list/tag-transactions-quickbooks-online/L7x3G0aLv_US_en_US

Dan’s Links
QB Power Hour Webinar - https://www.qbpowerhour.com/

https://www.schoolofbookkeeping.com/

Schoolofbookkeeping YouTube: https://www.youtube.com/@schoolofbookkeeping?sub_confirmation=1

Alicia’s Links

“Credit Cards in QBO” class: http://royl.ws/QBO-credit-cards?affiliate=5393907

“QuickBooks Payments” class: Live webinar April 22, recording available afterwards

http://royl.ws/QB-Payments-Course

Sign up to Earmark to earn free CPE for listening to this podcast
https://www.earmark.app/onboarding

Next Episode

Intuit Enterprise Suite Updates with Hector Garcia | April 2025

Hector Garcia returns to discuss Intuit Enterprise latest updates, which include a revolutionary multi-entity allocation tool that simplifies expense distribution across companies. The episode explores impressive new features like consolidated dashboards that allow real-time comparisons across entities, enhanced project budgeting capabilities tailored for construction businesses, and early implementations of AI for business insights. Hector also shares his thoughts on the future of IES pricing models and how AI might differentiate QuickBooks Online from Enterprise Suite offerings.

Sponsors
Rightworks Rightnow 2025 - https://uqb.promo/rightnow2025 (use code UQB15 for 15% OFF)