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The chart of accounts is a list of all your companys accounts and balances. QuickBooks uses this list to organize your transactions on your reports and tax forms. Your Chart of Accounts also organizes your transactions so you know how much money you have and owe in each account. Much like your financial statements, your chart of accounts is divided up into different sections. Lets take a look at the chart of accounts by clicking on accounting and Chart of Accounts. The order of accounts that appear on the chart of accounts is determined by the account type. The account type also determines which financial statement it appears on and how you use it on transactions. The chart of accounts displays the type of each account here in the type column. In the first section of the chart of accounts, you see asset accounts just as they appear on the balance sheet. Scrolling down, there are also liability accounts and equity accounts. These accounts are organized in the same order as the balance
