Quickbooks Sample Chart Of Accounts With Account Numbers
Quickbooks is an accounting software developed by Intuit. It is used by small and medium-sized businesses for managing their finances. One of the important features of Quickbooks is its chart of accounts. In this article, we will discuss the Quickbooks sample chart of accounts with account numbers.
What is a chart of accounts?
A chart of accounts is a list of all the accounts used by a business to record its financial transactions. It is a systematic way of organizing and classifying financial transactions in order to prepare financial statements. Each account is assigned a unique account number to facilitate easy identification and tracking of transactions.
Quickbooks sample chart of accounts
Quickbooks provides a sample chart of accounts that can be used by businesses as a starting point for creating their own chart of accounts. The sample chart of accounts includes a variety of accounts such as assets, liabilities, equity, income, and expenses.
Here is a sample of some of the accounts included in Quickbooks sample chart of accounts:
Assets
- 1000 - Cash
- 1010 - Petty Cash
- 1020 - Accounts Receivable
- 1030 - Inventory
- 1040 - Prepaid Expenses
Liabilities
- 2000 - Accounts Payable
- 2010 - Credit Card Payable
- 2020 - Payroll Liabilities
- 2030 - Sales Tax Payable
- 2040 - Loans Payable
Equity
- 3000 - Owner's Equity
- 3100 - Retained Earnings
Income
- 4000 - Sales
- 4010 - Services
- 4020 - Interest Income
- 4030 - Other Income
Expenses
- 5000 - Cost of Goods Sold
- 5010 - Rent
- 5020 - Utilities
- 5030 - Salaries and Wages
- 5040 - Supplies
Customizing the chart of accounts
While the Quickbooks sample chart of accounts can be used as a starting point, most businesses will need to customize their chart of accounts to suit their specific needs. This may involve adding or deleting accounts, or changing the account numbers to better reflect the business's financial transactions.
Before making any changes to the chart of accounts, it is important to understand the impact that these changes will have on the financial statements. It is recommended that businesses consult with a financial professional before making any significant changes to their chart of accounts.
Conclusion
The Quickbooks sample chart of accounts provides a useful starting point for businesses that are setting up their accounting system. However, it is important to customize the chart of accounts to suit the specific needs of the business. By organizing financial transactions in a systematic way, businesses can prepare accurate financial statements that can be used to make informed decisions about the future of the business.