Quick Books Chart of Accounts
February 24th, 2008 Filed Under "How to", Free resources, Resources, Tips
Quickbook Chart of Accounts
Now that you have completed your quickbooks easy interview process, you will find that quickbooks has automatically set up certain accounts based on the information you provided when completing quickbooks easy interview process.
Chart of Accounts
Let’s look at the chart of accounts, that was automatically set up by quickbooks. To locate your chart of accounts, click the list menu and then click on chart of accounts. This will open your windows showing your chart of accounts created by quickbooks.
Numbering of Quickbook Accounts
Notice the number of your various accounts and then decide if your company would like to organize your different accounts in a numbering sequence. For example your accounts payable numbering category could look something like the below:
2000-2999 = Accounts Payable
3000-3999 = Accounts Receivable
4000-4900 = Equity
5000-5999 = Income
6000-6999 = Expense
Notice that each chart of accounts has its own numbering. If you choose to implement this type of numbering system for your accounts, you will need to choose the correct preferences in quickbooks.
Go to preferences and click on accounting from the list of choices. Next you will click company preferences and then select the box for using account numbers and then click okay.
Historical Transactions
In the article titled “Setting up your company using Quickbooks” we gave you information on how your starting date relates to the amount of historical data you will have to enter. If you entered a start date earlier then today’s date, you will need to enter all past transactions from the starting date you entered.
When you begin entering historical transactions, it is best to use the account register. Listing historical transactions in your account register will allow quickbooks to credit a customers payment. It is also very important to list your historical transactions in chronological order.
Some historical transactions to list would be bills you’ve received since your start date, bills you’ve paid, cash or checks you’ve received, purchase orders, statements and invoices, bank deposits made, payroll data and employee year-to-date accrued.
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