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The Bookkeeping Procedure Refined

The Chart of Accounts template numbering scheme now appears to more closely conform to standard account numbering logic. Non-Posting accounts, such as Estimates, Purchase Orders, and Sales Orders, are displayed at the bottom of the Chart of Accounts. QuickBooks templates for the Chart of Accounts primarily include income and expense accounts; balance sheet accounts for banking, notes payable, etc. must be added by the user. Subaccounts will be discussed later. In the past, QuickBooks account numbering logic has needed work.

When users create a new company file, an Express Start window will open, offering to help. The information entered in the Company field will be used as a default for the name of the company file and will be displayed in the title bar of the QuickBooks window. This will be discussed later in the course. Certain accounts, such as “Accounts Payable,” “Accounts Receivable,” “Opening Balance Equity,” and “Retained Earnings,” are included with each template or are set up automatically when the related feature is activated. If they already have a Chart of Accounts, they may select “Other/None.” This will allow them to enter their Chart of Accounts from scratch. In this case, no password will be set. The Express Start button allows you to skip the interview process (older versions of QuickBooks had a Skip Interview button) and enter the minimum necessary to set up the company file.

Once the basic setup work is in place, the next step is to actually begin recording transactions. In some cases, however, use of this feature may not be desirable. Another example would be concerning bulk adjustments when entering the underlying individual transactions is not considered necessary. For instance, the Journal Entry number can now be set using an “auto ¬numbering” feature. Notice the “Name,” “Billable,” and “Class” fields. This window can be accessed by right-clicking from within the Item List window, or by selecting the “Adjust QuickBooks help Quantity/Value on Hand” option from the Inventory Activities submenu of the Vendors menu.

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