Surcharge

Hi there Liftco,

Choosing unique names for the accounts that you create in QuickBooks Desktop enables you to customize your Chart of Accounts to suit the needs of your business. I can see how in some situations it might be useful to have two different types of accounts with the same name, so let me give you some guidance on this.

If you attempt to create two accounts with the same name in QuickBooks Desktop you'll get a warning that reads: "This name is already in use. Please use another name." In other words, you won't be able to create both an Income and an Expense account with the same name. You can create slight variations of the same name, by adding Income or Expense to the ends to differentiate between the two. 

Your accountant is a great person to consult with on this, as they'll be able to advise you on the best course of action here. Accountants have a wealth of knowledge and know the naming and numbering systems for a Chart of Accounts better than most. They'll have some suggestions on how you should name and organize your accounts to best meet your business needs. If you don't have one just yet, you can Find an accountant that's QuickBooks-certified and ready to assist you.

I know you'll get this sorted in no time. Take care and enjoy the week ahead!