Understand QuickBooks Chart of Accounts

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QuickBooks software is one of the most user-friendly accounting solutions ever designed for small industries. It has several improvised features that will increase your business productivity. One such exceptional feature is QuickBooks Chart of Accounts.

QuickBooks Chart of Accounts are basically the detailed list of your company’s accounts and finances. It organizes all your business’s income, liabilities, assets and cost-flow. QuickBooks automatically creates the Chart of Accounts according to your industry type.

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Types of Accounts

You can see two major accounts types in QuickBooks accounting solution that are mentioned below:

  • Accounts with Balance Sheets
  • Accounts with income and expense

Accounts created by QuickBooks

While creating a new company file, the QuickBooks software asks you to choose a type of company file. This will determine the QuickBooks Chart of Accounts your company file will begin with. Along with it, there are accounts which are automatically created by QuickBooks software despite of the type your company will opt for, like:

  • Standard Accounts
  • Industry-specific Accounts

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QuickBooks Account Numbers and Accounts

You will have to turn on the account numbering in the QuickBooks solutions that is a company preference. Here are some steps which are to be followed, if you want to turn on the account numbering for your account.

  • Click on the Edit tab and go to the Preferences
  • Click on the Accounting section and select the Company Preferences.
  • Click on the account numbers.
    • Asset (10000 – 19999)
      • Current Asset (1000-1499)
      • Fixed Asset (1500-1999)
    • Liabilities (20000-29999)
    • Equity (30000-39999)
    • Income/ Revenue (40000-49000)
    • Job Costs/ Cost of Good Sold (50000-59999)
    • Overhead Costs/ Expense (60000-69999)
    • Other Incomes (70000-79999)
    • Other Expenses (80000-89999)

Common Tasks that involves the QuickBooks Chart of Accounts

Here is the list of tasks that involves the Chart of Accounts.

  • Adding an account
  • Editing of the account number
  • Activation and Deactivation of all the online services integrated with the QuickBooks
  • Displaying the balance for a non-balance sheet accounts in the Chart of Accounts in QuickBooks solutions.

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Here is a brief description for the Chart of Accounts feature in the QuickBooks solutions. If you have any query or you are unable to understand this feature and need assistance of an expert, then you should seek help from the technical support of QuickBooks. You can contact “PosTechie”. They are one of the most recognized QuickBooks customer service consultancy who provides round the clock QB assistance. They have hired extremely talented QuickBooks professionals who have years of experience in resolving all kinds of QB issues. To connect with them, you just have to give a call on their toll-free customer support number /. They will immediately get in touch with you and help you with your issue. You can also visit their website and request for Online Chat Support or write an email to the Online Email Support stating your issues.