QuickBooks 2005: The Missing Manual

Account Naming and Numbering

Accountants and bookkeepers tend to refer to accounts by both numbers andnames. This section explains why you should set up naming and numbering standards—and suggests some rules you can follow—but it won't explain the meaning of all the different names you'll find in your Chart of Accounts. If you accept the accounts that QuickBooks recommends in the EasyStep Interview, your accounts already have assigned account numbers, as shown in Figure 2-1. You might think that lets you off the hook. By taking the time to learn standard account numbers and names, you'll find working with accounts more logical and you'll understand more of what your accountant and bookkeeper say.

Figure 2-1. Accounts that QuickBooks adds to your Chart of Accounts during the Ea-syStep Interview come with account numbers assigned. Accounts that you add to the Chart of Accounts during the interview, such as the Fuel and Maintenance accounts under Automobile Expense, don't have account numbers assigned. For this reason, you're better off adding the accounts you want from the Chart of Accounts window, described on page 37.

Setting Up Account Numbers

Companies reserve ranges of numbers for different types of accounts, the benefit being that you can identify the type of account by its account number alone. Business models vary, so you'll find account numbers carved up in different ways depending ...