Next we will guide you through creating the bank accounts, expense accounts and income accounts that make up your chart of accounts.
What is the QuickBooks chart of accounts?
The chart of accounts is the backbone of your accounting system. That's
why it's so important to understand how it works. Think of a chart of
accounts as a file cabinet, with a file for each type of accounting information
you want to track. For example, if you need to know how much money you spend on
postage, you'll set up a file (an account in the chart of accounts) for
How does QuickBooks decide which income and expense 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?
Expense accounts are categories used by QuickBooks to organize the money going out of your business.
What are QuickBooks income accounts?
Income accounts are categories used by QuickBooks to organize the money coming into your business.