Explain how accounting codes are grouped in Quickbooks
Not what you're looking for?
Do you know how accounts were grouped so financial statements could be generated for Quicken, Quickbooks? Was it based upon some type of code assigned to each account, like a=assets,l=liabilities, etc. Also, do you know if the later versions are now using account codes for grouping?
Purchase this Solution
Solution Summary
In a 470 word solution, the response explains how Quickbooks (and Quicken) group accounts including the effects of those groupings.
Solution Preview
I use QB (Quickbooks) and can give you the account groupings. When I add a new account, the 'new account' screen first asks for the type of account.
The list includes:
Bank
Accounts receivable
Other current assets
Fixed assets
Other assets
Accounts payable
Credit card
Other current liability
Long term liability
Equity
Income
Cost of goods sold
Expense
Other Income
Other Expense
By selecting a category, QB knows where to place the new account in a financial statement.
On the 'new account' screen, the next box asks for the name of the account, and there are no prompts...meaning I can call it whatever I want. The control feature is the type of account, which ...
Purchase this Solution
Free BrainMass Quizzes
Basics of corporate finance
These questions will test you on your knowledge of finance.
Understanding Management
This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.
Change and Resistance within Organizations
This quiz intended to help students understand change and resistance in organizations
Business Processes
This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.
Managing the Older Worker
This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce