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    Explain how accounting codes are grouped in Quickbooks

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    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?

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    https://brainmass.com/business/accounting/explain-accounting-codes-grouped-quickbooks-371531

    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 ...

    Solution Summary

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

    $2.19

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