QuickBooks Chart Of Accounts Overview

QuickBooks Chart Of Accounts Overview
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QuickBooks Chart Of Accounts Overview
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Video Tutorial Over QuickBooks Chart Of Accounts

Understand your chart of accounts

 The chart of accounts is the backbone of your accounting system. That's why it's so important to understand how it works.

 Think of a chart of accounts as a file cabinet, with a file for each type of accounting information you want to track. For example, if you need to know how much money you spend on postage, you'll set up a file (an account in the chart of accounts) for Postage Expense.

  What are standard chart of accounts number ranges?

  Standard chart of accounts number ranges

 Although you aren't required to use account numbers in your chart of accounts in QuickBooks, your accountant may recommend that you do so. Here are standard chart of accounts number ranges:

 10000 - 19999 Assets

 20000 - 29999 Liabilities

 30000 - 39999 Equity

 40000 - 49999 Income or Revenue

 50000 - 59999 Job Costs/Cost of Goods Sold

 60000 - 69999 Overhead Costs or Expenses

 70000 - 79999 Other Income

 80000 - 89999 Other Expense

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