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?© BrainMass Inc. brainmass.com June 4, 2020, 12:59 am ad1c9bdddf
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:
Other current assets
Other current liability
Long term liability
Cost of goods sold
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 ...
In a 470 word solution, the response explains how Quickbooks (and Quicken) group accounts including the effects of those groupings.