The new experience for customizing the Chart of Accounts for Schedule C service-based businesses has been overhauled!
QuickBooks Online is most often misused by new users. A new custom Chart-of-Accounts is designed to improve the data input which is later used for reporting.
The new custom chart-of-accounts is designed with guard rails to help Schedule C 'Sole Proprietors' of a service-based businesses.
QBO Self-Employed offers new Chart-of-Accounts
The new default chart-of accounts-experience for 'Sole Proprietors' includes:
- An enhanced search tool, so that users can use their own words to find accounts (category drop-down).
- Accounts organized in high-level buckets that make more sense to small businesses (category drawer).
Enhanced search feature in new Chart-of-accounts for Schedule C small businesses.
These improvements are designed to help new users enter data for better insights.
As additional information becomes available related to these changes, including the ability to migrate to the new chart-of-accounts from the old chart-of-accounts (tax categories), Insightful Accountant will bring you that information.