To complete this exercise, you must be in the Sample company. From your QBOA account, click on the Gear icon on the top right corner of the screen, then select Sample company.
Note that you will be logged out of your current account. If you are sure, click "Continue" to confirm.
Now let's get started with the exercise.
First, we need to go to the Chart of accounts. There are multiple ways to get there, let's look at one.
2
From the left navigation bar, hover over Transactions, then select "Chart of accounts".
3
In the upper right hand corner, click the green "New" button (not the arrow next to it).
First, we will give the account a name to make it easy to identify what is listed in the account.
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In the Account name field, type "Power Tools".
Next, we need to select the type of account. Equipment will be an asset to the business.
5
In the Account type field, select "Fixed Assets".
Next, we need to provide more detail on this fixed asset. This detail field can be helpful for the accountant when he/she fills out the tax forms. If you are ever unsure which one to use, consult the accountant.
6
In the Detail type field, select "Fixed Asset Other Tools Equipment".
7
Click "Save".
The new account has been created and can now be found on the list in the Chart of Accounts.
🎥 Video
Want to follow along? [Click here](https://youtu.be/UeUVfRR78nw) for our video walk-through.
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This exercise comes from our Level 1 ProAdvisor certification course. Do more like it and pass your QuickBooks Level 1 ProAdvisor certification course in one weekend by [clicking here.](https://www.fastandeasyqbo.com/basic)