Chart of Accounts

1. How does an account in QBO relate to the financial statements? In QBO each account is assigned an account type and detail type. This helps to determine if this is an asset, liability, equity, income or expense account and where on the financial statements the account should be included.

2. Account Types and the Financial Reports For each financial accounting classification below identify the QBO Account Types:

Asset	Liability	Equity	Revenue	Expense
QBO Account Type
1. 2. 3 4. 5.	1. 2. 3. 4.	1.	1. 2.	1. 2. 3.

3. When setting up a new account what are the required fields?

4. What is a sub-account -

1. When you make an account inactive what happens?