Chart of Account Mapping
Mapping your accounts is a crucial step when integrating with QuickBooks Online.
Map items to your financial general ledger's chart of accounts using the Edit Item screen or Bulk Update Item feature.
A chart of accounts is a list of financial accounts used to map transactions to a company's general ledger. An item should be mapped to up to three of these.
Account | What is it used for? |
Expense Account | This account is used to record and track purchases an expenses of an item. A suggested default is: Cost of Goods Sold Examples: Packaging Costs, Raw Materials Costs |
Income Account | This is the account is used to book revenue when an item is sold. A suggested default is: Sales Examples: Flower Sales, Concentrate Sales, Branded Sales |
Inventory Asset Account | This account is used to book the value of inventory on the company's balance sheet. A suggested default is: Current Assets Examples: Raw Materials Inventory, WIP Inventory, Finished Goods Inventory |
Steps to map an item or set of items to your company's chart of accounts:
- Go to Settings.
- Select to "Inventory"
- Select an Item and map the account (don't forget to save changes!)
- Alternatively, go to the Bulk Update Items screen to import an update. Use the last three columns, which correspond to the three accounts.
