When you set up your company file, QuickBooks sets up certain accounts for you automatically. As your business grows or changes, you can add new accounts to your Chart of Accounts to better organize your finances. For example you might want to create expense accounts to track office supply purchases separately from advertising costs.
A complete list of a business's accounts. The accounts that appear on the balance sheet are called balance sheet accounts. Other accounts track particular kinds of expenses or income.
Marks the account as one that you use for payroll. Payroll information is very sensitive, so it's important to think about setting payroll accounts if you have more than one user. Only users with access to Payroll will be able to see transactions in these accounts. In addition to marking accounts as payroll accounts in the Edit Account window, you can also choose QuickBooks Preferences, Users and Password, Set Payroll Accounts to mark multiple accounts at once.
If you acquired the account before your QuickBooks start date:
See the QuickBooks User's Guide for details on how to calculate the opening balance.If you acquired the account after your QuickBooks start date:
Leave the opening balance at 0.00 and enter the opening balance as a transaction in QuickBooks. For example, if you open a new savings account using $500 from your checking account, enter a check for $500 and assign the transaction to the new savings account in the detail area of the check.