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Set accounting preferences

Only the QuickBooks Administrator can do this task.

To do this task

  1. Open the accounting preferences.

    Opening accounting preferences
  2. Click the Company Preferences tab and change the following preferences, as needed:

    • Use account numbers

      Gives you the ability to assign numbers to your accounts. When this preference is in effect, a Number field appears in the New Account and Edit Account windows. QuickBooks includes your account numbers in the chart of accounts, in all Account fields, and on reports and graphs.

    • Show lowest subaccount only

      "Show lowest subaccount only" topic goes here
    • Require accounts

      Prevents you from recording a transaction unless you have assigned it to an account.

      When this preference is off, QuickBooks allows you to record transactions that have no assigned accounts. QuickBooks automatically assigns these transactions to Uncategorized Income or Uncategorized Expense.

    • Use class tracking

      Lets you categorize transactions by assigning them to the classes on your Class list.

      In QuickBooks, classes give you a way to classify your transactions. You can use classes to classify your income and expenses by department, business office or location, separate properties you own, or any other meaningful breakdown of the business you do.

      For example, a general contractor might classify all income and expenses as relating to either residential or commercial work. A farmer might create a class for each enterprise—for example, "Corn," "Hogs," and "Soybeans." At the end of an accounting period, the contractor could create separate reports for the residential and commercial parts of the business. Likewise, the farmer could create separate reports for each farm enterprise.

      When this preference is on QuickBooks includes a Class field on all transactions.

    • Automatically assign general journal entry number

      Automatically assigns a number to a general journal entry. The number assigned is the number of the previous entry plus one. No number is assigned, however, if the number of the previous entry is blank.

      When this preference is off, you need to enter the number manually.

    • Warn when posting a transaction to Retained Earnings

      Displays a warning if you are about to post to the Retained Earnings account. In most cases, you should avoid posting directly to this account because it is automatically generated by QuickBooks.

    • Date Warnings

      Specify whether users should be notified if transactions are the specified number of days before or after the current date.

      Note: These warnings will be suppressed in an Accountant's Copy, as accountants frequently and legitimately work on older transactions.

    • Closing date/Set Password

      Set a password-protected closing date for your company file.

      To do this task

      1. Open the accounting preferences.

        Opening accounting preferences
      2. Click the Company Preferences tab.

      3. In the Closing Date section, click the Set Date/Password button.

      4. In the Date section, select the date through which you want your books to be closed.

      5. (Optional, but recommended) Enter a password in both the Password and Confirm Password fields to limit access to the closed accounting period.

      6. Click OK.

      Once you've set a password...

      QuickBooks requires the password to make any changes that would alter balances for the accounting period you have closed. This includes editing or deleting transactions entered on or before the closing date, and entering new transactions dated on or before the closing date.

  3. Click the OK button.

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