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Types of QuickBooks accounts


Types of QuickBooks accounts

There are two main types of accounts in the QuickBooks chart of accounts:

Balance sheet accounts

to,chart accounts:
QuickBooks provides ten types of BS(Balance Sheet) accounts to choose from as you create and add to your chart of accounts. The following table describes each type of BS(Balance Sheet) account and the transactions you can use it for.

Use this account

To track

Bank

also type,type,cash:
Checking, savings, and money market accounts. Add one bank account for every account your company has at a bank or other FI(Financial Institution). (You can also use this type for petty cash.)

Accounts receivable (A/R)

invoices,deposits,payments,Most companies,only one A/R account:
Transactions related to the customers that owe you money, including invoices, payments, deposits of payments, refunds, credit memos, and statements. Most companies have only one A/R account.

Other CA(Current Asset)

Assets that are likely to be converted to cash or used up within one year, such as petty cash, notes receivable due within a year, prepaid expenses, and security deposits.

Fixed asset

Depreciable assets your company owns that aren't likely to be converted into cash within a year, such as equipment or furniture.

Other asset

Any asset that is neither a CA(Current Asset) nor a fixed asset, such as long-term notes receivable.

Accounts payable (A/P)

Transactions related to money you owe, including bills, bill payments, and any credit you have with vendors. See also current and long-term liability accounts.

Credit card

Credit card purchases, bills, and payments.

Current liability

Liabilities that are scheduled to be paid within one year, such as ST(Sales Tax), PT(Payroll Tax)es, accrued or deferred salaries, and short-term loans.

Long-term liability

Liabilities,periods one year,periods longer:
Liabilities such as loans or mortgages scheduled to be paid over periods longer than one year.

Equity

Owner's equity, including capital investment, drawings, and retained earnings.

Income and expense accounts

Income accounts,track,sources income,purpose expense,amount transaction,record transactions,one balance sheet accounts,usually,took money,example,checking account,utilities,perhaps office supplies:
Income and EAs(Expense Accounts) track the sources of your income and the purpose of each expense. When you record transactions in one of your BS(Balance Sheet) accounts, you usually assign the amount of the transaction to one or more income or EAs(Expense Accounts). For example, not only do you record that you took money out of your checking account, but you keep track of what you spent the money on: utilities, perhaps, or office supplies.

balances,loss report options,Company,Financial,income chart accounts,chart accounts,also,expense account,QuickReport:
QuickBooks does not display balances for income and expense accounts in the chart of accounts. To see these balances, go to the RM(Reports Menu), choose Company & Financial, and then click one of the profit and LR(Loss Report) options. You can also select the income or EA(Expense Account) in the chart of accounts and click QuickReport.

Use this account

To track

Income

The main source of money coming into your company.

Other income

Money,something business operations:
Money received for something other than normal business operations, such as interest income.

Expense

Money that's leaving your company.

Other expense

Money,something business operations:
Money spent on something other than normal business operations, such as corporate taxes.

COG(Cost Of Goods) sold

cost,inventory:
The cost of goods and materials held in inventory and then sold.

QuickBooks,sets accounts,features,accounts purchase orders:
QuickBooks sets up nonposting accounts for PO(Purchase Orders) and estimates if you turn on those features.

See also


Source: Types of QuickBooks accounts | Intuit Help | Knowledgebase ID: 157767
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