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This chapter is from the book

This chapter is from the book

Setting Accounting Preferences

Accounting preferences are rules for your QuickBooks program that relate to your company’s unique way of using this program. Included in this section are the opportunity to turn on or off the account numbering feature and the opportunity to use other important features such as class tracking and automatically assigning numbers to journal entries. There’s also an option here to require users to enter account numbers on QuickBooks forms.

  • yellow-circle-1.jpg Open the Preferences window by selecting Edit, Preferences. Click the Accounting icon on the left side of the window.
  • yellow-circle-2.jpg Click the Company Preferences tab at the top of the window.
  • yellow-circle-3.jpg Check the Use Account Numbers box to turn on the account numbers feature.
  • yellow-circle-4.jpg Check the Show Lowest Subaccount Only box if you use account numbers and you can display subaccounts independent of their parents on reports.
  • yellow-circle-5.jpg Check the Require Accounts box to prevent a user from exiting a form without entering related account information. When this box is left unchecked, transaction information not assigned to accounts gets placed in the Uncategorized Income or Uncategorized Expense accounts.
  • yellow-circle-6.jpg Check the Use Class Tracking box to enable the Class feature in QuickBooks. If you check this feature, you have an option of requesting that the user be prompted to assign classes.
  • yellow-circle-7.jpg Check the Automatically Assign General Journal Entry Number box if you want QuickBooks to keep track of the last journal entry number you used and automatically increment the number for the next journal entry.
  • yellow-circle-8.jpg Check the Warn When Posting a Transaction to Retained Earnings box if you want QuickBooks to provide a pop-up warning when changes are about to be made to Retained Earnings.
  • yellow-circle-9.jpg Check the Date Warnings options and set a range of days in the past and the future if you want to receive a warning box alerting you to transactions that have dates outside the designated range.
  • yellow-circle-10.jpg Click Set Date/Password to set up a closing date and password protection for entries that occurred before your closing date.
  • yellow-circle-11.jpg Indicate a date in the Closing Date field after which no entries can be made to your company file unless a password is entered.
  • yellow-circle-12.jpg Enter a password to protect entries that occurred before your closing date.
  • yellow-circle-13.jpg Re-enter the password.
  • yellow-circle-14.jpg Click OK.
  • yellow-circle-15.jpg Click OK to close the Preferences window.
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