QBO Monday Minute: QuickBooks Online Chart of Accounts Templates

The Chart of Accounts Templating is BACK!!!! I’m sharing how this comeback in QuickBooks Online should be setup and used for the Chart of Accounts. Establishing the Chart of Accounts each time from scratch is time-consuming. The Chart of Accounts Templating is great for those of us who have recurring industry clients. Check out this video to learn more!

Where to Find the Templates

First things first, you'll need to log in to QuickBooks Online Accountant. Once you're in, go to "Accountant Tools," then look for "COA templates" under the "Tools" section.

Create Your Own Templates

This is a great feature that allows you to create custom templates tailored to your clients' needs. Once you select a new template, you can choose from a product-based business, a service-based business, or create from scratch for something entirely unique.

Once you've perfected your Chart of Accounts setup, give your template a name and hit "Save." Your new template will be stored for future use.

Applying a Template

Now, here's where the real time-saving magic happens. Once your template is set up, you can apply it to any of your clients.

  1. Find the template you want to use from your list of Chart of Accounts templates.
  2. Click "Apply template."
  1. Select the client you want to apply to.
  2. Click "Save," and voilà, you'll get a message confirming that the template has been successfully applied to your client.

Even if you have multiple instances or firms within QuickBooks Online Accountant, you can access and apply the same set of templates within the same firm instance.

Will Applying a Template Duplicate Any Accounts?

The great news is that applying a template won't duplicate existing accounts, including default accounts like "Accounts Receivable (A/R)" and "Accounts Payable (A/P)." However, if you need a duplicate account, you can add default accounts to your template.

Editing Your Templates

Sometimes, you may need to make changes, duplicate a template, or even delete one.

  1. Find the template you want to edit in your list of Chart of Accounts templates.
  2. Click on the dropdown next to "Apply template" and select "Edit."
  3. Make any necessary changes.
  4. Click "Save" when you're finished.

You can also choose to delete a template entirely or duplicate it to create a similar one. Just keep in mind that once you delete a template, it's gone for good and can't be reactivated.

This new feature in QuickBooks Online Accountant not only saves you time but also ensures consistency and accuracy across your clients' Chart of Accounts.  Happy templating!