How to configure your Chart of Account in QuickBooks 2017, 2016, 2015

QuickBooks Chart of Account setup can be configured in a number of ways. However, please be aware of the following restrictions in QuickBooks with regards to the COA in the General Ledger.

1. The Account number is ALPHA-NUMERIC but cannot exceed 7 characters

2. The Account TYPES are hard coded and the types cannot be changed

3. Account Number are optional and the Account description cannot be the same for ANY of the account in the COA

4. Account Numbers tracking is turned on in the PREFERENCE section of the QuickBooks company configuration

The account types must be ONE of the following per account:

1. Bank

2. Accounts Receivable

3. Fixed Assets

4. Other Current Asset

5. Other Asset

6. Loan

7. Credit Card

8. Accounts Payable

9. Other Current Liability

10. Other Liability

11. Equity

12. Income

13. Other Income

14. Cost of Goods Sold

15. Expense

16. Other Expense

For more info, please call our Consulting Team at Tel. (855) 227-0700 or visit our websiteCBR Technology

#QuickBooksEnterprise