Hello everyone, welcome to another QuickBooks Tutorial. In this article, we are going to discuss how to add the account numbers in QuickBooks. If you accidentally come across this page, I would recommend you to read my previous article: How to Add Bank Account and Credit Card in QuickBooks.
In this article, I am still in the Chart of Account menu. You can add account numbers to your chart of account even after you already created your own items. However, any accounts that QuickBooks creates will have numbers on automatically assigned. But you’ll have add numbers per account you’ve created. For example, our business checking account, our visa card
QuickBooks will assign account number based on a standard called GAAP (Generally Accepted Accounting Principles). This is going to assign number according to the type of the account such as bank account, fixed assets or income and expenses. Your accountant may require you to use account numbers and you can change them from what QuickBooks assigned. You also don’t have to use account numbers at all. It’s absolutely not required to use QuickBooks.
Now let’s practice to use the QuickBooks Account Numbers. We will start with the Preferences. From QuickBooks, go to Edit and then select Preferences. Click Accounting and then the
Now let’s go back to the Chart of Accounts. As you can see, it looks like there are some random numbers assigned to the list. But actually there is a pattern that based on that standard we talked about previously. It is usual because when you add new accounts, knowing the standard will help you to quickly identify what kind of account it is based on that number. The standard start with the number from 1000 to 9999. Or in the case of QuickBooks which started at 10000 is for your asset accounts. The 2000 or 20000 range is for liability accounts. The three or thirty thousand is for equity account, the fourthy thousand is for your income accounts, etc.
If you are going to add a new account, for example, an internet expenses account. Simply click Account and select expenses. Click Continue and then give a new name for this new account, let’s say Internet. And under the account number we can type our new number. Click Save and Close.
You can also edit any existing number by right-clicking on it and select Edit Account. From here, you can go in and change the number manually.
That’s it. I hope you enjoy this tutorial about Account Numbers in QuickBooks. Stay tuned for more QuickBooks Tutorial.