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..

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• (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

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