The Chart of Accounts is the foundation of all QuickBooks® products and if you do not understand this, you will not understand reports or even how data is coded – this applies to every single business industry. Even if you are not doing any of the inputting into your QuickBooks® product, it is still fundamental you understand your Chart of Accounts.
How do you plan to use your QuickBooks® product? What features do you plan on using? How often do you plan to update your QuickBooks® product? Will you do the inputting or will you have someone else do it?
One of the top questions I get is about features. It is vital to understand the features before you start using your QuickBooks® product. Why is this vital? If you do not understand the features and how to use them, then you could easily overstate your income, your expenses or both.