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In QuickBooks Pro 2010 Essential Training, author Bonnie Biafore shows how to most efficiently use this popular business accounting software to manage business finances. The course covers core QuickBooks features that business owners need to know, from recording typical bookkeeping transactions like bills and invoices, to reconciling accounts and managing company files. Exercise files accompany the course.
Although, accounts come in several different flavors, as you learned in previous lesson, the steps for creating an account are almost identical, no matter which type of account you create. To open the Chart of Accounts window, go to the Company section of the homepage, and click the Chart of Accounts link. To open the Add New Account dialog box, click Account at the bottom of the window and then choose New. You can also press Ctrl+N to open it. The Add New Account dialog box displays options for the most commonly used types of accounts.
If you want to create one of the other types, select the Other Types option and then choose the type that you want from the dropdown list. In this case, I'm going to create a bank account, so I select the Bank option. You can see on the right side that when you select an option it shows you what you can use those types for. Click Continue. In the Number box, type the number for the account that you wanted to create. If you keep the Chart of Accounts window visible, you can now see the other account numbers you already have and pick a number that's 5 or 10 different from those.
In this case, I'll type in 1005. Then in the Account Name box, type the name for the account. I'll call this Checking2 for my second checking account. If you want to create an account as a sub-account, turn on the Subaccount of checkbox and then you can choose the parent account in the dropdown list. For example, if you sell different types of services, you might create income accounts for those services under one top-level account for service income.
If QuickBooks doesn't select the tax- line for you, and that happens if you don't choose a tax form, choose the tax form and the tax-line for the account. But you can see in this case, QuickBooks can match up most of the accounts that you create. For a bank account, you can also enter the bank account number, as I'll do here and a routing number for the bank. Then just click Save & Close. As you can see here, the account takes its place in the Chart of Accounts list, ready for you to use in transactions.
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