If QuickBooks Displays the Error Message, here is what you need to do:
The Chart of Accounts is the most important segment of any business accounting and bookkeeping system. Chart of Accounts provides the complete list of the company’s balances and accounts. In QuickBooks, it represents and manages the company’s liabilities, assets, expense, and income. With the help of Chart of Accounts you can stay updated about your expenses and be aware of your company’s bank balance, amount it owes, and future payment to be received.
QuickBooks helps you create a chart of accounts list when setting up the account depending on the type of industry you own. Here is a list of accounts which QuickBooks automatically creates for you:
- Accounts payable
- Accounts receivable
- Sales tax payable
- Inventory asset
- Retained earnings
- Review QuickBooks Chart of Accounts Lists
- If you wish to stay on track of those that aren’t included on the default chart of accounts list, created by QuickBooks, you will have to generate a fresh account. After this, add the created account to the chart of accounts.
You can perform the steps to view available detail types for account type, and add a new account:
- Open to Toolbar and click on the Gear icon.
- Under the Company, look for Chart of Accounts and click on it.
- Next, click on New.
- On the Account dialogue box, drop-down the list and choose the suitable Account Type.
- Next, drop-down the list and choose the related Detail Type.
- Now, type in a name of your choice for the new account.
- Next, click on SAVE then close.
- Once you have successfully created a new account to be added in the Chart of Accounts, you will be able to review and make necessary changes in your QuickBooks account.
Learn steps to:
- Delete an Account from the Chart of Accounts List
- Modify an Account from the Chart of Accounts List
Read More: You may also face QuickBooks Update Error 15106
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