QuickBooks 2005: The Missing Manual

Income & Expenses

Perhaps you remember that several dozens of screens ago, QuickBooks created a Chart of Accounts. That Chart of Accounts is a framework based on the type of industry you chose. In this section of the EasyStep Interview, you can review the accounts that QuickBooks created for you and add more accounts if you need them. However, if you want to add more accounts—and you probably will—it's much easier to create accounts in the Chart of Accounts window, as you'll learn in Chapter 2.

In the Income & Expenses section, shown in Figure 1-8, you can type a name and choose a tax line, but you can't enter an account number. Creating accounts is much faster and more thorough in the Chart of Accounts window, as explained on page 31.

Tip

If you do decide to create accounts during the Interview, when you get to expense accounts, consider bypassing the More Details options and choosing the No Thank You option. If you choose More Details, QuickBooks displays several screens of information about expense accounts. Unfortunately, these screens waste your time if you know what you're doing and don't tell you enough if you're lost.

Figure 1-8. The EasyStep Interview asks you for an account name and a tax line. If you create accounts in the New Account dialog box as described on page 37, you can also enter a description, a note, a QuickBooks account number, a bank account number, and more.