You could manually enter every single one of the 130 categorization accounts for your income and expenses OR you could skip hours of manual entry with this free Excel template based on the 2020 MREA Chart of Accounts. This can be uploaded directly to your new Quickbooks Online Account and with a few additional steps, outlined below, you’ll be up and running in no time!
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Step 1: Download the MREA Chart of Accounts Excel file here.
Step 2: Enable Account Numbers. Click on the Gear Icon in the top right corner of your Quickbooks Online account. Under ‘Your Company’, click on ‘Account and Settings’. Under ‘Advanced’, find the Chart of Accounts section and click the checkboxes for both ‘Enable Account Numbers’ and ‘Show Account Numbers’. Hit the Save button and exit the menu.
Step 3: Import the MREA Chart of Accounts. Navigate to the Chart of Accounts page under the Accounting tab on the left side of your screen. In the top right corner of this page, click on the down arrow next to the green New button, then click ‘Import’. Follow the steps in the import wizard to upload the MREA Chart of Accounts you downloaded in Step 1.
A Note on Sub-Accounts. The new version of this file is formatted so that all sub-accounts will automatically be linked to their parent accounts. You won’t need to create sub-accounts unless you wish to make further customizations. A parent account should show a balance on your reports that totals the balance of all of its sub-accounts. For instance, if a parent account has two sub-accounts, each with a balance of $100, then the parent account will show a balance of $200 on your reports.
Congratulations on getting your Chart of Accounts set up! Now go out there and close some deals so you have something to organize!
Questions about this process? Email me at michael@kilneradvantage.com for help!