Was this page helpful?
Thank you!

Comments or suggestions?



Enter Email Address (optional)
email

Add an account

Before you add a new account

  • When should I add a new account?

    You add new accounts as your business grows and changes. For example, you may need to add one or more of the following accounts:

    • Income accounts to track new sources of income

    • Expense accounts to track new types of expenses

    • Bank accounts when you open new checking, savings, or money market accounts at your bank

    • Credit card accounts when you acquire new credit cards

    • Other kinds of balance sheet accounts to track specific assets, liabilities, or equity

      For example, you may need to add a fixed asset account to track the depreciation of a new equipment purchase, a long term liability account to track a business loan, or an equity account to track the investment from a new business partner.

  • What information do I need to add an account?

    When you add a new account, have the following information on hand:

    • All bank statements (checking, savings, credit card, etc.) ending on or shortly before your start date.

    • All transactions for your bank accounts that were not recorded (cleared) as of your start date.

    • Value of your assets, liabilities, credit cards, and other accounts as of your start date. If you have an accountant, he or she can provide you with this information on a balance sheet.

    • Customer names and the amount owed to you as of your start date.

    • Vendor names and the amount you owed to those vendors as of your start date.

    • All historical transactions (checks, invoices, etc.) made since your start date through today.

  • What if I use a credit card account for both business and personal expenses?

    It's recommended that you keep a separate credit card for your business expenses. If you have a business credit card that you occasionally use for personal expenses, set up an account for it in QuickBooks. Do not set up a QuickBooks account for a personal credit card that you sometimes use for business. In either case, you'll need to set up a special account to track your "mixed" purchases.

To do this task

  1. Go to the Lists menu and click Chart of Accounts. Shortcut

  2. Click Account at the bottom of the list and then click New.

  3. Click the type of account you want to add. Information about the account type displays in the right side of the window.

  4. Click More to see more information about the selected account type.

  5. When you are ready to add the new account, click Continue.

  6. (Optional) If QuickBooks can suggest one or more accounts that you might want to add, the Select from Examples button is active. To see the accounts, click Select from Examples.

  7. In the Account Name field, enter the name of the account.

  8. If you use account numbers, enter the account's number in the Number field.

    Example of standard account numbers

    Although you aren't required to use account numbers in your chart of accounts in QuickBooks, your accountant may recommend that you do so. Here are standard chart of accounts number ranges:

    What if there is no Number field?

    Topic goes here
  9. (Optional) Enter a short description of the account in the Description field.

  10. (For bank or credit card accounts) Enter a bank or credit card number for this account.

  11. (Optional) To make this account a subaccount, select the Subaccount of checkbox and then click the drop-down arrow to select the account under which this account will be added.

    Why use subaccounts?

    Why use subaccounts?
  12. (For income and expense accounts) Click the Tax Line drop-down list and choose the appropriate tax line, or choose .

    Why should I select a tax line?

    Topic goes here

    How do I select a tax line?

    If you're a sole proprietor who files a Schedule C, and you have a main revenue or sales account, choose the Sch C: Gross receipts or sales tax line.

    Keep in mind that the business tax lines closely approximate categories that most businesses use.

    To avoid duplication in your income tax reports, don't associate both the parent account and the subaccounts to tax lines. Associate only the subaccounts to tax lines, as this will provide you with more detail in your reports.

    Restriction regarding balance sheet accounts

    Topic goes here

    What if the list of tax lines is missing?

    Topic goes here
  13. If the Enter Opening Balance button displays, you can enter the opening balance for the account.

    Enter the opening balance for the account

    Enter the opening balance for the account
  14. (For balance sheet accounts) Enter an opening balance based on the account's balance as of your QuickBooks start date. If you're not sure of the balance, you can leave the field blank and enter the information later.

    If the account is new

    Important: If the account is new, leave the opening balance at zero. Its opening balance will be created when you transfer funds from the appropriate account to fund this account.

    For example, if you create a new savings account using $500 from your checking account, enter a check for $500 and assign the transaction to the new savings account in the detail area of the check.

    If the account is an A/R or A/P account

    If the account is an Accounts Receivable (A/R) account or an Accounts Payable (A/P) account, QuickBooks does not ask for an opening balance. Instead, you enter an opening balance for each individual customer or vendor when you set up their records in QuickBooks.

    See also

  15. (For expense accounts only) To track reimbursed expenses as income, select the Track reimbursed expenses in: option, click the Income Account drop-down list, and then choose the appropriate income account. If this option is not visible, you must reset your preferences for sales and customers.

    Set preferences for sales and customers

    Topic goes here
  16. Click Next to save the account and enter another one.

    or

    Click OK to save the account and close the window.

See also

KB ID# H_COA_TASK_ACCOUNT_ADD
9/28/2016 6:40:39 AM
QYPPRDQBKSWS03 9138 Pro 2017 52ea41