6. Clean up your Chart of Accounts.
As you go through QuickBooks setup wizard, you'll indicate what kind of business you have. QuickBooks then assigns a Chart of Accounts (income, expense, and other accounts that serve as the backbone of your bookkeeping) that best matches your needs.
This Chart of Accounts may be overkill for you, or it may not have enough entries for your specific business. Clean it up; it'll help neaten some reports and make life easier for you.
Click Lists | Chart of Accounts to see what you've got, then right-click to customize. Be sure to assign the correct account type—this is critical to the accuracy of your books.
The Pathways Team