The Chart of Accounts is the complete list of all the company's accounts and balances. In QuickBooks Online, it represents and organizes the company's assets, liabilities, income, and expenses.

Accounts that have an opening balance feed into the Balance Sheet report. These include accounts payable and receivable, asset accounts, liability accounts, equity accounts, and credit card and bank accounts.

To make a chart of accounts, you'll need to first create account categories relevant to your business, and then assign a four-digit numbering system to the accounts you create. While making a chart of accounts can be time-consuming, it's an important tool for understanding the financial health of your business.