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Adding Accounts

During the EasyStep Interview you had the option of accepting a standard chart of accounts for your company. Whether you chose to use the standard accounts or to start from scratch, you always have the option of adding new accounts to your existing list of accounts. There are many reasons to add accounts. The standard list provided by QuickBooks might not be sufficient. 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. You might not like the names of the accounts that were assigned by QuickBooks or by a predecessor. Whatever the reason, adding new account names is a simple process.

Add an Account

Open the Chart of Accounts window by choosing Chart of Accounts from the Lists menu, or by pressing Ctrl+A.

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

In the New Account window, choose 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 choose 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.

If you plan to use QuickBooks to prepare information for your company's income tax return, choose a tax line for this account. 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.



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