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Explain how accounting codes are grouped in Quickbooks

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?

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:
Accounts receivable
Other current assets
Fixed assets
Other assets
Accounts payable
Credit card
Other current liability
Long term liability
Cost of goods sold
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 ...

Solution Summary

In a 470 word solution, the response explains how Quickbooks (and Quicken) group accounts including the effects of those groupings.