QuickBooks 2011: The Missing Manual

Creating Accounts and Subaccounts

Different types of accounts represent dramatically different financial animals, as described in the box on Making Sense of Account Types. The good news is that every type of account in QuickBooks shares most of the same fields, so one procedure is all you have to learn to create accounts.

If you look closely at the chart of accounts list in Figure 3-1, you’ll notice that accounts fall into two main categories: those with balances and those without. If you’re really on your toes, you might also notice that accounts with balances are the ones that appear on the Balance Sheet report. Accounts without balances appear on the Profit & Loss report. (To learn more about financial statements and the accounts they reference, see Chapter 17.)

Viewing Account Names and Numbers

Perhaps it’s the nature of accounting, but financial professionals put great store in account numbers. You can earn the eternal gratitude of your bookkeeper or accountant by assigning and displaying account numbers in QuickBooks. To turn on account numbers, choose Edit→Preferences. On the left side of the Preferences dialog box, click the Accounting icon, and then on the right side, click the Company Preferences tab. Finally, turn on the “Use account numbers” checkbox.

With this setting turned on, account numbers appear in the Chart of Accounts window, account drop-down lists, and account fields. In addition, the Add New Account and Edit Account dialog boxes display the Number box, so you ...