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Rcti template for Planning

on today's special episode of in the no we'll be diving deep into chart of accounts templates with proadvisor trainer Carla calwell Carlo will walk you through creating a template applying a template and editing a template so that you can get the most out of this feature hey BR advisors I'm Jaclyn and you're watching in the know it's the show designed to keep you in the know on the most exciting updates to QuickBooks online so here's the Scoop Pro advisers want to work a efficiently especially when it comes to client setup and chart of accounts templates help you do exactly that this feature was launched in November of 2023 to all QuickBooks Online accountant users so that you can build and save templates by creating them from scratch customize select ready-made templates or even importing pre-existing templates and once the template is made you can apply it to New and existing clients if you find this update helpful remember remember to like comment and subscribe so we'll turn now to Carla Caldwell for a deep dive Carla welcome thanks for having me it's so exciting to talk about this it is something that we are using in my firm and so I know that a lot of people are really excited about this so I want to Dive Right In and go straight into the product itself because that's really what we want to see so I'm going to be inside of QuickBooks Online accountant now you're going to notice over here on the left that I am actually in a a QuickBooks Online accountant because it even says accountant in the top left corner I just kind of hid that little bar for a minute so that we could just look at this now you might be wondering how I got here you just go up to your accountant tools at the very top and go to the chart of account COA templates now if you're wondering why you don't see accounting tools it means you're not logged in as an accounting professional which means you're using QuickBooks with your hands tied behind your back as an accounting professional so make sure you're in have accountant tools and then you can get to Q COA templates so these are the chart of account templates now QuickBooks ships this or if you will ships uh this with two templates already there one for product-based uh businesses and one for service-based businesses and so if you just go ahead and take a look at either one of those just go over to the far right action column and select edit you're familiar with that it's the same way that we go in the action Colum throughout the product um and then we can edit this and go into it now what you're going to notice is that there's obviously a balance sheet it's mostly for the p&l accounts that we're talking about that we use in our chart of accounts templates and so here they are here and you can see that you'll notice it's pretty much income and then expenses but this is our service-based template and so of course in the product based you're going to see cost of goods sold and things like that so the whole idea around these chart of accounts templates is that we all have certain types of businesses that have a pretty standard chart of accounts you may even have certain Niche businesses for example a nonprofit that has specific chart of accounts that they need or in our case we actually have a real estate industry that we work with and we have a very specific chart of accounts we use with every one of those and it is very prescribed of exactly what we want to see so we have those chart of accounts templates set up inside of QuickBooks Online accountant qboa and then we get to use those with any new clients that we bring on we can bring in that chart of accounts directly in there you can have as many as you need you just simply can add new templates in there you can always get rid of any of the ones like if you don't like the ones they gave you put your own in and get rid of those and so you can really set that up exactly the way that you need it so let's talk about a couple things in here first of all just simply going in and editing this template it tells you that if you edit this it's not going to update the chart of accounts where you've already applied it boy is that good news right because if you were to go change the chart of accounts here and it went and updated all the clients that this had been set up for that would have been a little crazy um so that is not happening and so I like to get this message to remind myself because if I don't do this often I start to panic a little bit so I kind of like the reassurance that I'm not about to mess up in actual client's books I'm just affecting the template which is really important uh for us to remember you can give that template name whatever you like and oh good news for a lot of us we want to have those account numbers in there you simply add that in and you're able to um have account numbers in there as well so that's totally fine you'll notice the actual real name here of what that fi of that account is going to be the type the detail type all the things you guys know how to do all of those things so I won't belabor all of that but if you wanted to you could add a new sub account and so of course it has that little indent just like you would expect so all that works out just fine and if you hit that button by accident don't want it you hit the little trash can of course we all know what these little buttons are that's going to make a copy of it so you need to have checking and then you can put in savings things like that and then just simply save that and remember the template's not going to affect clients it's already connected or it's already created for you um you also have the ability to add a new template just start from scratch nobody wants to do that but you can if you need to um you also can just import that in so you can actually bring in a CSV or Excel file to import those accounts in and so you could take one out of Qbo that you've been using for years been waiting for this template uh area to be created for you export it out of that client tweak it and then bring it on over here by just simply importing that in so super simple to do now what we want to make sure that we talk about is how do do we apply this template and why would we do this would we do this to a client that already exists in QuickBooks well it just depends you know your clients best about when you might want to do this and when you wouldn't want to do this we brought on a client just literally earlier today I was just talking with him and his CPA we were talking about um their business and he's about to start over again in in this year because his books were needing a little love and attention let's just say it that way so why would you put a template on an account that already exists well our client already had their QuickBooks file but now it needs to comply with how we need it to run so we're actually going to go ahead and have their QuickBooks file give it the TLC clean it up and then we're going to apply a chart of chart of account templates to it so that it now complies with what we need to do so it's just a little easier than having to manually add them and we can always still tweak that once we get back into Qbo so I could literally go in and say okay I'm going to take this one and apply the template and then I would be able to select which client that I would apply this to and it shows me all the accounts that are here so what's going to happen what if they already have opening balance equity in their system or whatever the case is well the cool thing is is that when you apply a chart of account templates to one of your client's accounts they already have Qbo it's already set up might already be functioning if you apply the template to that any accounts that already existed in their chart of accounts remains they don't get changed this will include things like opening balance equity and accounts payable accounts receivable any of those default accounts so what's going to happen as far as a duplicate is concerned well let's say that they already had security deposit in their books and it was set up exactly like this well it would actually go in and create a second one and it would just put a dash one at the end of the account name because remember the account names always have to be unique so if this already existed set up just like this it would just add another one and just put a-h one in there so that is what happens if it's exactly the same so what happens if security deposit was set up as a other um asset or my brain just went completely dead it wasn't a current asset it was a long-term asset or whatever the case is or a fixed asset they put it in as whatever the detail types are different if an account in the template matches the name name and number of an existing account then it would um put the dash one otherwise it would create another account for them so if this one was different then it would add that one obviously still has to have a-h one because they can't have the same account names so those are the things that it's going to do um the whole idea is the accounts that exist already are not going to go away you're not going to all of a sudden mess up their whole financial statements and all that that's not going to happen now I know you're probably like me and you're like well I don't know so test it out if you're like me you need to have your own sample company that you Tinker around with that is part of your subscriptions in Qbo I have one of those because I like testing out stuff like this and just needing to see it a little bit before I use it on a real client do that that is a great way to learn so I would encourage you uh to have a a company that you Tinker around with and check Integrations and all that and check it out with this chart of accounts templates as well so here's the deal you're going to be able to create as many of these templates as you want you can apply them without completely going scared that it's going to mess up everything it's not worst case you have a couple duplicate accounts in there if they were the same otherwise it'll just add new accounts for you um and the great thing is is that these templates are now available for your whole team so even if you're not the exact person that's going to set up a new client and apply the template your team members will be able to use these as they start setting up or updating other clients so I think I've covered everything that I can think of right now but if I talk too fast or they want to know more information there's also a guided tour up here as well Jacqueline so if uh they want to go check that one out they can also Carla thank you so much this is phenomenal I think you did the perfect job of giving the proadvisor community a look and the voiceover of the functionality they can expect with chart of accounts templates and also the benefit of tapping into this feature so thank you so much my pleasure thanks for having we'll catch you next time Carla thank you bye bye and thank you for watching this episode I'm jacqulyn the host of in the know and leader of pro advisor training and certification be sure to like comment and subscribe so that you don't miss a single episode we'll catch you next time nah