I am Handling US and As well as India accounts (2 companies), now my Manager asked me to set up Master of chart of accounts now my question is what is the difference between normal Chart of accounts and Master of chart of accounts, chart of accounts has been already created.
master of chart of accounts is something which i need to create in the QB
could you please suggest me how to create that Master of COA.
Looking forward to your valuable response at the earliest
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-
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