Transactions preferences set up how transactions are used in the current company file. These preferences affect account numbering, reimbursable expenses, your QuickBooks Class list, the audit trail report, and bills from vendors.
Require accounts. Record transactions that have no assigned accounts. QuickBooks automatically assigns these transactions to Uncategorized Income or Uncategorized Expense.
Use account numbers. Assign numbers to your accounts. A Number field appears in the New Account and Edit Account windows. QuickBooks includes your account numbers in the chart of accounts, in all Account fields, and on reports and graphs. Click
Show lowest subaccount only to display only the lowest subaccount.
For example, if the account you select is:
5400-Rent:5410-Office:5411-Main
QuickBooks displays:
5411-Main
When
Show lowest subaccount only is off, QuickBooks displays the parent accounts along with the subaccount.
Use class tracking. Categorize transactions by assigning them to the classes on your Class list. QuickBooks includes a Class field for all transactions.
Use audit trail. Automatically log all transaction changes in the audit trail report. This gives you a running account of how each transaction has changed. When this setting is off: QuickBooks logs only the most recent version of each transaction in the audit trail report.
Warn about duplicate bill numbers. Cause QuickBooks to warn you when you try to record a bill that has the same number as an existing bill. The bills do not have to be from the same vendor for the warning to occur. The warning causes QuickBooks to take more time to record a bill. If you are not concerned about duplicate numbers, do not select this preference.
Bills are due __ days after receipt. Enter the number of days you want QuickBooks to use when it calculates the due date of your bills. QuickBooks initially assumes that bills are due 10 days after receipt. This means that if you enter a bill dated January 1, QuickBooks will show January 11th as the due date. QuickBooks uses the due date to determine when to add the bill to the âBills to payâ section of your Reminders list.
Enable AutoImport folder. Used for third-party applications (such as
Xsilva's Lightspeed Point of Sale). If you need this, the third-party application's set up information will tell you.
Automatically assign general journal entry number. Have QuickBooks assign the next number when you make a new general journal entry. For example, if your last general journal entry was ABC11, with this preference selected, the next general journal entry will be ABC12. Note: You can change this entry number. Don’t confuse it with the transaction number, which you cannot change. Both numbers appear in journal and audit reports.
Use current date as default for new transactions. Have QuickBooks automatically enter today’s date for new transactions. The default (unchecked) is for QuickBooks to enter the same date as for the previous transaction.