About this episode
Veronica Wasek joins Alicia for "wheel of rants" to dive into QuickBooks Online's chart of accounts transformation. They explore how Intuit's changes to expand the chart have created both opportunities and challenges for accountants and small business owners alike. The hosts discuss common account types including opening balance equity, undeposited funds, and reconciliation discrepancies, while offering insights on modernizing traditional categories to better reflect today's digital business environment.. Sponsors Rightworks Rightnow 2025 - https://uqb.promo/rightnow2025 (use code UQB15 for 15% OFF) (00:00) - Welcome to the Show (00:35) - QuickBooks Online's Chart of Accounts Evolution (02:18) - Reactions to the New Chart of Accounts (04:01) - Renaming Classic Categories (07:33) - GAAP and Custom Chart of Accounts (12:14) - Detail Types and Tax Preparation (17:33) - Managing Opening Balance Equity (21:51) - Undeposited Funds Workflow (25:20) - Reconciliation Discrepancy (27:47) - QuickBooks Online Adjustments (30:32) - The Importance of Numbering Systems (33:59) - Reclassify Tool and Modern Categories (37:21) - Meals and Entertainment Changes (38:52) - Merchant Services and Modern Expenses (43:47) - Final Thoughts and Upcoming Classes Send your Questions/Comments (we could read/answer them on air) unofficialquickbookspodcast@gmail.com Alicia’s classes: Chart of Accounts in QBO: http://royl.ws/QBOCOA Reconciling in QBO, Including troubleshooting: http://royl.ws/Reconciling-In-QBO Credit Cards in QBO, April 1, 2025: http://royl.ws/QBO-credit-cards Veronica’s class: QBO Paid Diagnostic Review System: http://bit.ly/5mb_diagnostic