Adding Accounts

There are many reasons to add accounts to your existing list of accounts. The standard 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.

Open the Chart of Accounts window by selecting Chart of Accounts from the Lists menu or Company menu.


You can also open the Chart of Accounts window by clicking on the Chart of Accounts icon on the Banking Navigator, or by pressing Ctrl+A.

Click the Account button at the bottom of the window and select New from the drop-down menu, or press Ctrl+N.

In the New Account window, select the type of account. Cost of Goods Sold has been selected in the figure. If you select a different account type, your screen might look different.

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.

If this account is to appear on financial statements as a subaccount of another account, check the Subaccount check box and select the parent account from the drop-down list.

Enter an optional description for this account. The description field, and, if visible, the note or bank account fields are optional fields.

Use the Tax Line 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.

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.

See Also

See "Assigning Tax Lines" on page 282 for information on the tax lines feature.

See Also

See "Understanding the Opening Balance Equity Account" on page 342 for information on what happens when you enter an opening balance.

Show Me. QuickBooks 2006
Show Me QuickBooks 2006
ISBN: 0789735229
EAN: 2147483647
Year: 2005
Pages: 328
Authors: Gail Perry © 2008-2017.
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