Hi Raj, thank you for the great question. In my experience, a master chart of accounts is just a standard list of accounts that you use across multiple companies. The benefit of this is you can easily export the chart of accounts from one company and import it into a new company file.
While I don’t know if this is what your manager is referring to as a master chart of accounts, that would be my definition. Basically you take the existing chart of accounts and customize it by adding or deleting accounts that you do not need. Once you are satisfied with the final list, you can use it as I mentioned for all of your QuickBooks company files.
All the Best-