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This chapter is from the book

This chapter is from the book

Adding Accounts

There are many reasons to add accounts to your existing list of accounts. The standard account list provided by QuickBooks might not be sufficient or your company might have grown to add new types of income and you need accounts to reflect that change. You might have incurred a new expense that doesn’t fit into any of the existing account categories or you might simply want to change the names of the accounts. Whatever the reason, adding or changing account names is a simple process.

  • yellow-circle-1.jpg Open the Chart of Accounts window by selecting Chart of Accounts from the Lists menu or Company menu.
  • yellow-circle-2.jpg Click the Account button at the bottom of the window and select New from the drop-down menu, or press Ctrl+N.
  • yellow-circle-3.jpg In the Add New Account: Choose Account Type window, select the type of account. Cost of Goods Sold has been selected in the figure. The information that appears in the next screen is determined by the type of account you choose.
  • yellow-circle-4.jpg Click Continue.
  • yellow-circle-5.jpg Enter a unique name for this account. The name you enter will appear on company financial statements, so be sure the spelling and capitalization are correct.
  • yellow-circle-6.jpg If this account is to appear on financial statements as a subaccount of another account, check the Subaccount Of check box and select the parent account from the drop-down list.
  • yellow-circle-7.jpg Enter an optional description for this account. The Description field, and, if visible, the Note or Bank account fields are optional fields.
  • yellow-circle-8.jpg Use the Tax-Line Mapping drop-down list to select a tax line for this account if you plan to use QuickBooks to prepare information for your company’s income tax return. Pick the line on which information from this account is to be summarized on your tax return.
  • yellow-circle-9.jpg Your new account window might include an Opening Balance field. If there is a balance in the account when you begin using QuickBooks, enter that balance in this field.
  • yellow-circle-10.jpg Click a save option.
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