This portion of the EasyStep Interview will guide you through creating
income and expense accounts. Based on your industry selection, QuickBooks will recommend a set of income and expense accounts to use. You can start with these accounts or create new ones later. You can also delete or rename these accounts later.
How will QuickBooks decide which accounts to set up for my company?
QuickBooks will recommend a set of accounts for
the industry that you selected, based on the expenses and sources of income common to those companies. You can choose to use
these recommended accounts, or create your own accounts after you have completed the EasyStep Interview.
What are QuickBooks expense accounts?
How can I change my expense accounts later?
Why should I use expense accounts?
To see whether you're making or losing money, you compare income with expenses. Expense accounts help you categorize and track what your company spends.
Tax returns usually ask for detail about expenses, so you should have
at least one expense account for each type of expense you must report on your
You can create expense accounts at whatever level of detail you like. For example, one company might identify copier and
fax costs as "Office Expenses" while another might prefer to track them individually as "Copier Expenses" and
"Fax Expenses." It all depends on how much information you want to see on income and expense reports.
What are QuickBooks income accounts?
How can I change my income accounts later?