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Kass_B - Product Champion
Content Creator

Account and Detail Types

Is there an index or glossary of the different account and detail types in the Chart of Accounts?

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Best answer July 14, 2020

Best Answers
Kass_B - Product Champion
Content Creator

Account and Detail Types

Category Type

Detail Type

Description

Accounts Receivable (A/R)

Accounts Receivable (A/R)

Accounts receivable (also called A/R, Debtors, or Trade and other receivables) tracks money that customers owe you for products or services, and payments customers make.
QuickBooks Online Plus automatically creates one Accounts receivable account for you. Most businesses need only one. Each customer has a register, which functions like an Accounts receivable account for each customer.

 

Current Assets

Accounts Receivable

Use Accounts Receivable (A/R) to track monies to the company by their customers. This is also known as Debtors or Trade and other receivables.

 

Current Assets

Allowance for bad debts

Use Allowance for bad debts to estimate the part of Accounts Receivable that you think you might not collect.
Use this only if you are keeping your books on the accrual basis.

 

Current Assets

Assets available for sale

Use Assets available for sale to track assets that are available for sale that are not expected to be held for a long period of time.

 

Current Assets

Development Costs

Use Development costs to track amounts you deposit or set aside to arrange for financing, such as an SBA loan, or for deposits in anticipation of the purchase of property or other assets.
When the deposit is refunded, or the purchase takes place, remove the amount from this account.

 

Current Assets

Employee Cash Advances

Use Employee cash advances to track employee wages and salary you issue to an employee early, or other non-salary money given to employees.
If you make a loan to an employee, use the Current asset account type called Loans to others, instead.

 

Current Assets

Inventory

Use Inventory to track the cost of goods your business purchases for resale.
When the goods are sold, assign the sale to a Cost of sales account.

Current Assets

Investments - Other

Use Investments - Other to track the value of investments not covered by other investment account types. Examples include publicly-traded shares, coins, or gold.

 

Current Assets

Loans To Officers

If you operate your business as a Corporation, use Loans to officers to track money loaned to officers of your business.

Current Assets

Loans to Others

Use Loans to others to track money your business loans to other people or businesses.
This type of account is also referred to as Notes Receivable. For early salary payments to employees, use Employee cash advances, instead.

Current Assets

Loans to Shareholders

If you operate your business as a Corporation, use Loans to Shareholders to track money your business loans to its shareholders.

 

Current Assets

Other current assets

Use Other current assets for current assets not covered by the other types. Current assets are likely to be converted to cash or used up in a year.

 

Current Assets

Prepaid Expenses

Use Prepaid expenses to track payments for expenses that you won’t recognise until your next accounting period.
When you recognise the expense, make a journal entry to transfer money from this account to the expense account.

 

Current Assets

Retainage

Use Retainage if your customers regularly hold back a portion of a contract amount until you have completed a project.
This type of account is often used in the construction industry, and only if you record income on an accrual basis.

 

Current Assets

Undeposited Funds

Use Undeposited funds for cash or cheques from sales that haven’t been deposited yet.
For petty cash, use Cash on hand, instead.

 

Cash and cash equivalents

Cash and cash equivalents

Use Cash and Cash Equivalents to track cash or assets that can be converted into cash immediately. For example, marketable securities and Treasury bills.

 

 

 

Cash and cash equivalents

Cash on hand

Use a Cash on hand account to track cash your company keeps for occasional expenses, also called petty cash.
To track cash from sales that have not been deposited yet, use a pre-created account called Undeposited funds, instead.

 

Cash and cash equivalents

Client trust account

Use Client trust accounts for money held by you for the benefit of someone else.
For example, trust accounts are often used by attorneys to keep track of expense money their customers have given them. Often, to keep the amount in a trust account from looking like it’s yours, the amount is offset in a "contra" liability account (a Current Liability).

 

Cash and cash equivalents

Money Market

Use Money market to track amounts in money market accounts.
For investments, see Current Assets, instead.

 

Cash and cash equivalents

Rents Held in Trust

Use Rents held in trust to track deposits and rent held on behalf of the property owners.
Typically only property managers use this type of account.

Cash and cash equivalents

Savings

Use Savings accounts to track your savings and CD activity.
Each savings account your company has at a bank or other financial institution should have its own Savings type account. For investments, see Current Assets, instead.

Cash and cash equivalents

Transaction

Use Transaction accounts to track all your transaction activity, including debit card transactions.
Each transaction account your company has at a bank or other financial institution should have its own Transaction type account in QuickBooks Online Plus.

 

Fixed Assets

Accumulated depletion

Use Accumulated depletion to track how much you deplete a natural resource.

Fixed Assets

Accumulated depreciation on property, plant and equipment

Use Accumulated depreciation on property, plant and equipment to track how much you depreciate a fixed asset (a physical asset you do not expect to convert to cash during one year of normal operations).

Fixed Assets

Buildings

Use Buildings to track the cost of structures you own and use for your business. If you have a business in your home, consult your accountant.
Use a Land account for the land portion of any real property you own, splitting the cost of the property between land and building in a logical method. A common method is to mimic the land-to-building ratio on the property tax statement.

 

Fixed Assets

Depletable Assets

Use Depletable assets to track natural resources, such as timberlands, oil wells, and mineral deposits.

 

Fixed Assets

Furniture and Fixtures

Use Furniture and fixtures to track any furniture and fixtures your business owns and uses, like a dental chair or sales booth.

 

Fixed Assets

Intangible Assets

Use Intangible assets to track intangible assets that you plan to amortise. Examples include franchises, customer lists, copyrights, and patents.

 

Fixed Assets

Land

Use Land to track assets that are not easily convertible to cash or not expected to become cash within the next year. For example, leasehold improvements.

 

Fixed Assets

Leasehold Improvements

Use Leasehold improvements to track improvements to a leased asset that increases the asset’s value. For example, if you carpet a leased office space and are not reimbursed, that’s a leasehold improvement.

 

Fixed Assets

Machinery and equipment

Use Machinery and equipment to track computer hardware, as well as any other non-furniture fixtures or devices owned and used for your business.
This includes equipment that you ride, like tractors and lawn mowers. Cars and trucks, however, should be tracked with Vehicle accounts, instead.

Fixed Assets

Other fixed assets

Use Other fixed asset for fixed assets that are not covered by other asset types.
Fixed assets are physical property that you use in your business and that you do not expect to convert to cash or be used up during one year of normal operations.

 

Fixed Assets

Vehicles

Use Vehicles to track the value of vehicles your business owns and uses for business. This includes off-road vehicles, air planes, helicopters, and boats.
If you use a vehicle for both business and personal use, consult your accountant to see how you should track its value.

Non-current Assets

Accumulated amortisation of non-current assets

Use Accumulated amortisation of non-current assets to track how much you’ve amortised an asset whose type is Non-Current Asset.

Non-current Assets

Assets held for sale

Use Assets held for sale to track assets of a company that are available for sale that are not expected to be held for a long period of time.

 

Non-current Assets

Deferred tax

Use Deferred tax for tax liabilities or assets that are to be used in future accounting periods.

 

Non-current Assets

Goodwill

Use Goodwill only if you have acquired another company. It represents the intangible assets of the acquired company which gave it an advantage, such as favourable government relations, business name, outstanding credit ratings, location, superior management, customer lists, product quality, or good labour relations.

 

Non-current Assets

Intangible Assets

Use Intangible assets to track intangible assets that you plan to amortise. Examples include franchises, customer lists, copyrights, and patents.

 

Non-current Assets

Investments

Use Investments to track the amounts received from individuals or other organisations

Non-current Assets

Lease Buyout

Use Lease buyout to track lease payments to be applied toward the purchase of a leased asset. You don’t track the leased asset itself until you purchase it.

Non-current Assets

Licences

Use Licences to track non-professional licences for permission to engage in an activity, like selling alcohol or radio broadcasting. For fees associated with professional licences granted to individuals, use a Legal and professional fees expense account, instead.

Non-current Assets

Long-term investments

Use Long-term investments to track investments that have a maturity date of longer than one year.

 

Non-current Assets

Organisational Costs

Use Organisational costs to track costs incurred when forming a partnership or corporation. The costs include the legal and accounting costs necessary to organise the company, facilitate the filings of the legal documents, and other paperwork.

Non-current Assets

Other non-current assets

Use Other non-current assets to track assets not covered by other types. Non-current assets are long-term assets that are expected to provide value for more than one year.

Non-current Assets

Security Deposits

Use Security deposits to track funds you’ve paid to cover any potential costs incurred by damage, loss, or theft. The funds should be returned to you at the end of the contract. If you collect deposits, use an Other current liabilities account (a Current liability account).

Accounts Payable (A/P)

Accounts Payable (A/P)

Accounts payable (also called A/P, Trade and other payables, or Creditors) tracks amounts you owe to your suppliers. QuickBooks Online Plus automatically creates one Accounts Payable account for you. Most businesses need only one.

Credit Card

Credit Card

Credit card accounts track the balance due on your business credit cards. Create one Credit card account for each credit card account your business uses.

 

Current liabilities

Accrued liabilities

Use Accrued Liabilities to track expenses that a business has incurred but has not yet paid. For example, pensions for companies that contribute to a pension fund for their employees for their retirement.

 

Current liabilities

BAS Payable

Use BAS payable to track GST or other tax you have collected, but not yet remitted to ATO.

 

Current liabilities

Client Trust Accounts - Liabilities

Use Client Trust accounts - liabilities to offset Client Trust accounts in assets. Amounts in these accounts are held by your business on behalf of others. They do not belong to your business, so should not appear to be yours on your balance sheet. This "contra" account takes care of that, as long as the two balances match.

 

Current liabilities

Current Liabilities

Use Current liabilities to track liabilities due within the next twelve months that do not fit the Current liability account types.

 

Current liabilities

Current Tax Liability

Use Current tax liability to track the total amount of taxes collected but not yet paid to the government.

Current liabilities

Current portion of employee benefits obligations

Use Current portion of employee benefits obligations to track the current amount due of employee benefits

Current liabilities

Current portion of obligations under finance leases

Use Current portion of obligations under finance leases to track the value of lease payments due within the next 12 months.

Current liabilities

Dividends payable

Use Dividends payable to track dividends that are owed to shareholders but have not yet been paid.

 

Current liabilities

Federal Income Tax Payable

Use Federal income tax payable if your business keeps records on an accrual basis. This account tracks income tax liabilities in the year the income is earned.

 

Current liabilities

Income tax payable

Use Income tax payable to track monies that are due to pay the company’s income tax liabilities.

Current liabilities

Insurance payable

 

Use Insurance payable to keep track of insurance amounts due. This account is most useful for businesses with monthly recurring insurance expenses.

 

Current liabilities

Line of Credit

Use Line of credit to track the balance due on any lines of credit your business has. Each line of credit your business has should have its own Line of credit account.

 

Current liabilities

Loan Payable

Use Loan payable to track loans your business owes which are payable within the next twelve months. For longer-term loans, use the Long-term liability called Notes payable, instead.

 

Current liabilities

Other current liabilities

Use Other current liabilities to track monies owed by the company and due within one year.

 

Current liabilities

Payroll Clearing

Use Payroll clearing to keep track of any non-tax amounts that you have deducted from employee payroll payments or that you owe as a result of doing payroll. When you forward money to the appropriate suppliers, deduct the amount from the balance of this account. Do not use this account for tax amounts you have withheld or owe from paying employee wages. For those amounts, use the Payroll tax payable account instead.

Current liabilities

Payroll liabilities

Use Payroll liabilities to keep track of tax amounts that you owe to government agencies as a result of paying wages. This includes taxes withheld, health care premiums, employment insurance, government pensions, etc. When you forward the money to the government agency, deduct the amount from the balance of this account.

 

Current liabilities

Prepaid Expenses Payable

Use Prepaid expenses payable to track items such as property taxes that are due, but not yet deductible as an expense because the period they cover has not yet passed.

 

Current liabilities

Rents in trust - Liability

Use Rents in trust - liability to offset the Rents in trust amount in assets. Amounts in these accounts are held by your business on behalf of others. They do not belong to your business, so should not appear to be yours on your balance sheet. This "contra" account takes care of that, as long as the two balances match.

Current liabilities

Short term borrowings from related parties

Use Short term borrowings to track loans that need to be paid back within 12 months.

Current liabilities

Sundry debtors and creditors

Use Sundry debtors and creditors to track miscellaneous amounts owed by customers and to suppliers that are not assigned their own account, and that are due within a year.

 

Non-current liabilities

Accrued holiday payable

Use Accrued holiday payable to track holiday earned but that has not been paid out to employees.

 

Non-current liabilities

Accrued non-current liabilities

Use Accrued Non-current liabilities to track expenses that a business has incurred but has not yet paid. For example, pensions for companies that contribute to a pension fund for their employees for their retirement.

 

Non-current liabilities

Bank loans

Use Bank loans to track the amount due on bank loans.

Non-current liabilities

Debts related to participating interests

Use Debts related to participating interests to track amounts owed to employees (or on their behalf) that are not due within a year.

Non-current liabilities

Liabilities related to assets held for sale

Use Liabilities related to assets held for sale to track any liabilities that are directly related to assets being sold or written off.

 

Non-current liabilities

Long term borrowings

Use Long term borrowings to track the amount due on long term borrowing

 

 

 

Non-current liabilities

Long-term debt

Use Long-term debt to track loans and obligations with a maturity of longer than one year. For example, mortgages.

 

Non-current liabilities

Notes Payable

Use Notes payable to track the amounts your business owes in long-term (over twelve months) loans. For shorter loans, use the Current liability account type called Loan payable, instead.

Non-current liabilities

Other non-current liabilities

Use Other non-current liabilities to track liabilities due in more than twelve months that don’t fit the other Non-Current liability account types.

 

Non-current liabilities

Shareholder Notes Payable

Use Shareholder notes payable to track long-term loan balances your business owes its shareholders.

 

Non-current liabilities

Staff and related accounts

Use Staff and related accounts to track miscellaneous amounts owed by customers and to suppliers that are not assigned their own account, and that are not due within a year.

 

Owner's equity

Accumulated adjustment

Some corporations use this account to track adjustments to owner’s equity that are not attributable to net income.

 

Owner's equity

Dividend disbursed

Use Dividend disbursed to track a payment given to its shareholders out of the company’s retained earnings.

 

Owner's equity

Equity in earnings of subsidiaries

Use Equity in earnings of subsidiaries to track the original investment in shares of subsidiaries plus the share of earnings or losses from the operations of the subsidiary.

Owner's equity

Opening Balance Equity

QuickBooks Online Plus creates this account the first time you enter an opening balance for a balance sheet account. As you enter opening balances, QuickBooks Online Plus records the amounts in Opening balance equity. This ensures that you have a correct balance sheet for your company, even before you’ve finished entering all your company’s assets and liabilities.

 

Owner's equity

Ordinary shares

Corporations use Ordinary shares to track its ordinary shares in the hands of shareholders. The amount in this account should be the stated (or par) value of the inventory.

Owner's equity

Other comprehensive income

Use Other comprehensive income to track the increases or decreases in income from various businesses that is not yet absorbed by the company.

Owner's equity

Owner's Equity

Corporations use Owner’s equity to show the cumulative net income or loss of their business as of the beginning of the financial year.

 

Owner's equity

Paid-in capital or surplus

Corporations use Paid-in capital to track amounts received from shareholders in exchange for shares that are over and above the shares’ stated (or par) value.

 

Owner's equity

Partner Contributions

Partnerships use Partner contributions to track amounts partners contribute to the partnership during the year.

 

Owner's equity

Partner Distributions

Partnerships use Partner distributions to track amounts distributed by the partnership to its partners during the year. Don’t use this for regular payments to partners for interest or service. For regular payments, use a Guaranteed payments account (a Expense account in Payroll expenses), instead.

Owner's equity

Partner's Equity

Partnerships use Partner’s equity to show the income remaining in the partnership for each partner as of the end of the prior year.

 

Owner's equity

Preferred shares

Corporations use this account to track its preferred shares in the hands of shareholders. The amount in this account should be the stated (or par) value of the shares.

Owner's equity

Retained Earnings

QuickBooks Online Plus adds this account when you create your company.

Retained earnings tracks net income from previous financial years. QuickBooks Online Plus automatically transfers your profit (or loss) to Retained earnings at the end of each financial year.

Owner's equity

Share capital

Use Share capital to track the funds raised by issuing shares.

 

Owner's equity

Treasury Shares

Corporations use Treasury shares to track amounts paid by the corporation to buy its own shares back from shareholders.

 

Income

Discounts/Refunds Given

Use Discounts/refunds given to track discounts you give to customers. This account typically has a negative balance so it offsets other income.

For discounts from suppliers, use an expense account, instead.

Income

Non-Profit Income

Use Non-profit income to track money coming in if you are a non-profit organization

 

Income

Operating grants

Use Operating grants to track capital transfers in cash or in kind made by governments or by the rest of the world for regular operating purposes.

 

Income

Other Primary Income

Use Other primary income to track income from normal business operations that doesn’t fall into another Income type.

 

Income

Other current operating income

Use Other current operating income to track income arising from operations of the company that do not fit under any other category and that are not tracked in individual accounts.

 

Income

Own work capitalised

Use Own work capitalised to track the value of work performed for one’s own purposes and capitalised as part of fixed assets.

Income

Revenue - General

Use Revenue - General to track income from normal business operations that do not fit under any other category.

 

Income

Sales - retail

Use Sales - retail to track sales of goods/services that have a mark-up cost to consumers.

 

Income

Sales - wholesale

Use Sales - wholesale to track the sale of goods in quantity for resale purposes.

 

Income

Sales of Product Income

Use Sales of product income to track income from selling products. This can include all kinds of products, like crops and livestock, rental fees, performances, and food served.

 

Income

Service/Fee Income

Use Service/fee income to track income from services you perform or ordinary usage fees you charge. For fees customers pay you for late payments or other uncommon situations, use an Other Income account type called Other miscellaneous income, instead.

 

Income

Unapplied Cash Payment Income

Unapplied Cash Payment Income reports the Cash Basis income from customers payments you’ve received but not applied to invoices or charges. In general, you would never use this directly on a purchase or sale transaction.

 

Other income

Dividend income

Use Dividend income to track taxable dividends from investments.

 

Other income

Interest earned

Use Interest earned to track interest from bank or savings accounts, investments, or interest payments to you on loans your business made.

 

Other income

Loss on disposal of assets

Use Loss on disposal of assets to track losses realised on the disposal of assets.

 

Other income

Other Investment Income

Use Other investment income to track other types of investment income that isn’t from dividends or interest.

Other income

Other Miscellaneous Income

Use Other miscellaneous income to track income that isn’t from normal business operations, and doesn’t fall into another Other Income type.

 

Other income

Other operating income

Use Other operating income to track income from activities other than normal business operations. For example, Investment interest, foreign exchange gains, and rent income.

 

Other income

Tax-Exempt Interest

Use Tax-exempt interest to record interest that isn’t taxable, such as interest on money in tax-exempt retirement accounts, or interest from tax-exempt bonds.

 

Other income

Unrealised loss on securities, net of tax

Use Unrealised loss on securities, net of tax to track losses on securities that have occurred but are yet been realised through a transaction. For example, shares whose value has fallen but that are still being held.

Cost of Sales

Cost of Sales

 

Cost of Sales

Cost of labour - COS

 

Use Cost of labour - COS to track the cost of paying employees to produce products or supply services. It includes all employment costs, including food and transportation, if applicable.

 

Cost of Sales

Equipment rental - COS

Use Equipment rental - COS to track the cost of renting equipment to produce products or services. If you purchase equipment, use a Fixed Asset account type called Machinery and equipment.

 

Cost of Sales

Freight and delivery - COS

Use Freight and delivery - COS to track the cost of shipping/delivery of obtaining raw materials and producing finished goods for resale.

 

Cost of Sales

Other costs of sales - COS

Use Other costs of sales - COS to track costs related to services or sales that you provide that don’t fall into another Cost of Sales type.

 

Cost of Sales

Shipping, Freight and Delivery - COS

Use Shipping, freight and delivery - COS to track the cost of shipping products to customers or distributors.

Cost of Sales

Supplies and materials - COS

Use Supplies and materials - COS to track the cost of raw goods and parts used or consumed when producing a product or providing a service.

 

Expenses

Advertising/Promotional

Use Advertising/promotional to track money spent promoting your company. You may want different accounts of this type to track different promotional efforts (Yellow Pages, newspaper, radio, flyers, events, and so on).

If the promotion effort is a meal, use Promotional meals instead.

Expenses

Amortisation expense

Use Amortisation expense to track writing off of assets (such as intangible assets or investments) over the projected life of the assets.

Expenses

Auto

Use Auto to track costs associated with vehicles.

You may want different accounts of this type to track petrol, repairs, and maintenance. If your business owns a car or lorry, you may want to track its value as a Fixed Asset, in addition to tracking its expenses.

 

Expenses

Bad debts

Use Bad debt to track debt you have written off.

 

Expenses

Bank charges

Use Bank charges for any fees you pay to financial institutions.

 

Expenses

Charitable Contributions

Use Charitable contributions to track gifts to charity.

Expenses

Commissions and fees

Use Commissions and fees to track amounts paid to agents (such as brokers) in order for them to execute a trade.

Expenses

Cost of Labour

 

Use Cost of labour to track the cost of paying employees to produce products or supply services. It includes all employment costs, including food and transportation, if applicable.

This account is also available as a Cost of Sales (COS) account.

Expenses

Distribution costs

Use Distribution costs to track the cost of shipping goods to customers or distributors.

 

Expenses

Dues and Subscriptions

Use Dues and subscriptions to track dues and subscriptions related to running your business. You may want different accounts of this type for professional dues, fees for licences that can’t be transferred, magazines, newspapers, industry publications, or service subscriptions.

 

Expenses

Entertainment

Use Entertainment to track events to entertain employees. If the event is a meal, use Entertainment meals, instead.

 

Expenses

Equipment rental

Use Equipment rental to track the cost of renting equipment to produce products or services. This account is also available as a Cost of Sales account. If you purchase equipment, use a Fixed asset account type called Machinery and equipment.

 

Expenses

External services

Use External services to track expenses paid for services provided by other companies that you are tracking in Supplier-specific accounts. If you need to track expenses paid to other companies that do not have their own accounts, use Other external services instead.

 

Expenses

Finance costs

Use Finance costs to track the costs of obtaining loans or credit. Examples of finance costs would be credit card fees, interest and mortgage costs.

 

Expenses

Income tax expense

Use Income tax expense to track income taxes that the company has paid to meet their tax obligations.

 

Expenses

Insurance

Use Insurance to track insurance payments. You may want different accounts of this type for different types of insurance (auto, general liability, and so on).

 

Expenses

Interest paid

Use Interest paid for all types of interest you pay, including mortgage interest, finance charges on credit cards, or interest on loans.

 

Expenses

Legal and professional fees

Use Legal and professional fees to track money to pay to professionals to help you run your business. You may want different accounts of this type for payments to your accountant, attorney, or other consultants.

 

Expenses

Loss on discontinued operations, net of tax

Use Loss on discontinued operations, net of tax to track the loss realised when a part of the business ceases to operate or when a product line is discontinued.

 

Expenses

Management compensation

Use Management compensation to track remuneration paid to Management, Executives and non-Executives. For example, salary, fees, and benefits.

 

Expenses

Meals and entertainment

Use Meals and entertainment to track how much you spend on dining with your employees to promote morale. Be sure to include who you ate with and the purpose of the meal when you enter the transaction.

 

Expenses

Office/General Administrative Expenses

Use Office/general administrative expenses to track all types of general or office-related expenses.

 

Expenses

Other Miscellaneous Service Cost

Use Other miscellaneous service cost to track costs related to providing services that don’t fall into another Expense type. This account is also available as a Cost of Sales (COS) account.

 

Expenses

Other current operating charge

Use Other current operating charges to track operating expenses that do not fall under any other category.

 

Expenses

Other external services

Use Other external services to track expenses paid for services provided by other companies that you are not tracking in Supplier-specific accounts. If you need to track expenses paid to other companies that do have their own accounts, use External services instead.

 

Expenses

Other selling expenses

Use Other selling expenses to track selling expenses incurred that do not fall under any other category.

Expenses

Payroll Expenses

Use Payroll expenses to track payroll expenses. You may want different accounts of this type for things like: Compensation of officers, Guaranteed payments, Workers compensation, Salaries and wages, Payroll taxes

 

Expenses

Project studies, surveys, assessments

Use Project studies, surveys, assessments to track expenses relating to studies, surveys, and assessments.

 

Expenses

Promotional Meals

Use Promotional meals to track how much you spend dining with a customer to promote your business. Be sure to include who you ate with and the purpose of the meal when you enter the transaction.

 

Expenses

Rent or Lease of Buildings

Use Rent or lease of buildings to track rent payments you make.

 

Expenses

Repair and maintenance

Use Repair and maintenance to track any repairs and periodic maintenance fees. You may want different accounts of this type to track different types repair & maintenance expenses (auto, equipment, landscape, and so on).

 

Expenses

Shipping and delivery expense

Use Shipping and delivery expense to track the cost of shipping and delivery of goods to customers.

 

Expenses

Shipping, Freight, and Delivery

Use Shipping, Freight and Delivery to track the cost of shipping products to customers or distributors. You might use this type of account for incidental shipping expenses, and the COS type of Shipping, freight & delivery account for direct costs.

This account is also available as a Cost of Sales (COS) account.

Expenses

Staff costs

Use Staff costs to track costs that can be associated with employees, such as benefits or parties.

 

Expenses

Sundry

Use Sundry to track miscellaneous expenses that do not fit under any other category.

 

Expenses

Supplies and materials

Use Supplies & materials to track the cost of raw goods and parts used or consumed when producing a product or providing a service. This account is also available as a Cost of Sales account.

 

Expenses

Taxes Paid

Use Taxes paid to track taxes you pay. You may want different accounts of this type for payments to different tax agencies.

 

Expenses

Travel

Use Travel to track travel costs. For food you eat while travelling, use Travel meals, instead.

 

Expenses

Travel expenses - general and admin expenses

Use Travel expenses - general and admin expenses to track travelling costs incurred that are not directly related to the revenue-generating operation of the company. For example, flight tickets and hotel costs when performing job interviews.

 

Expenses

Travel expenses - selling expense

Use Travel expenses - selling expense to track travelling costs incurred that are directly related to the revenue-generating operation of the company. For example, flight tickets and hotel costs when selling products and services.

 

Expenses

Travel meals

Use Travel meals to track how much you spend on food while travelling. If you dine with a customer to promote your business, use a Promotional meals account, instead. If you dine with your employees to promote morale, use Entertainment meals, instead.

 

Expenses

Unapplied Cash Bill Payment Expense

Unapplied Cash Bill Payment Expense reports the Cash Basis expense from supplier payment cheques you’ve sent but not yet applied to supplier bills. In general, you would never use this directly on a purchase or sale transaction.

 

Expenses

Utilities

Use Utilities to track utility payments. You may want different accounts of this type to track different types of utility payments (gas and electric, telephone, water, and so on).

Other Expense

Amortisation

Use Amortisation to track amortisation of intangible assets. Amortisation is spreading the cost of an intangible asset over its useful life, like depreciation of fixed assets.

You may want an amortisation account for each intangible asset you have.

Other Expense

BAS Roundoff Gain or Loss

Use BAS Roundoff Gain or Loss to track gains or losses that occur as a result of BAS lodgement roundoff.

 

Other Expense

Depreciation

Use Depreciation to track how much you depreciate fixed assets. You may want a depreciation account for each fixed asset you have.

Other Expense

Exchange Gain or Loss

Use Exchange Gain or Loss to track gains or losses that occur as a result of exchange rate fluctuations.

 

Other Expense

Other Expense

Use Other expense to track unusual or infrequent expenses that don’t fall into another Other Expense type.

 

Other Expense

Penalties and settlements

Use Penalties and settlements to track money you pay for violating laws or regulations, settling lawsuits, or other penalties.

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Account and Detail Types

Category Type

Detail Type

Description

Accounts Receivable (A/R)

Accounts Receivable (A/R)

Accounts receivable (also called A/R, Debtors, or Trade and other receivables) tracks money that customers owe you for products or services, and payments customers make.
QuickBooks Online Plus automatically creates one Accounts receivable account for you. Most businesses need only one. Each customer has a register, which functions like an Accounts receivable account for each customer.

 

Current Assets

Accounts Receivable

Use Accounts Receivable (A/R) to track monies to the company by their customers. This is also known as Debtors or Trade and other receivables.

 

Current Assets

Allowance for bad debts

Use Allowance for bad debts to estimate the part of Accounts Receivable that you think you might not collect.
Use this only if you are keeping your books on the accrual basis.

 

Current Assets

Assets available for sale

Use Assets available for sale to track assets that are available for sale that are not expected to be held for a long period of time.

 

Current Assets

Development Costs

Use Development costs to track amounts you deposit or set aside to arrange for financing, such as an SBA loan, or for deposits in anticipation of the purchase of property or other assets.
When the deposit is refunded, or the purchase takes place, remove the amount from this account.

 

Current Assets

Employee Cash Advances

Use Employee cash advances to track employee wages and salary you issue to an employee early, or other non-salary money given to employees.
If you make a loan to an employee, use the Current asset account type called Loans to others, instead.

 

Current Assets

Inventory

Use Inventory to track the cost of goods your business purchases for resale.
When the goods are sold, assign the sale to a Cost of sales account.

Current Assets

Investments - Other

Use Investments - Other to track the value of investments not covered by other investment account types. Examples include publicly-traded shares, coins, or gold.

 

Current Assets

Loans To Officers

If you operate your business as a Corporation, use Loans to officers to track money loaned to officers of your business.

Current Assets

Loans to Others

Use Loans to others to track money your business loans to other people or businesses.
This type of account is also referred to as Notes Receivable. For early salary payments to employees, use Employee cash advances, instead.

Current Assets

Loans to Shareholders

If you operate your business as a Corporation, use Loans to Shareholders to track money your business loans to its shareholders.

 

Current Assets

Other current assets

Use Other current assets for current assets not covered by the other types. Current assets are likely to be converted to cash or used up in a year.

 

Current Assets

Prepaid Expenses

Use Prepaid expenses to track payments for expenses that you won’t recognise until your next accounting period.
When you recognise the expense, make a journal entry to transfer money from this account to the expense account.

 

Current Assets

Retainage

Use Retainage if your customers regularly hold back a portion of a contract amount until you have completed a project.
This type of account is often used in the construction industry, and only if you record income on an accrual basis.

 

Current Assets

Undeposited Funds

Use Undeposited funds for cash or cheques from sales that haven’t been deposited yet.
For petty cash, use Cash on hand, instead.

 

Cash and cash equivalents

Cash and cash equivalents

Use Cash and Cash Equivalents to track cash or assets that can be converted into cash immediately. For example, marketable securities and Treasury bills.

 

 

 

Cash and cash equivalents

Cash on hand

Use a Cash on hand account to track cash your company keeps for occasional expenses, also called petty cash.
To track cash from sales that have not been deposited yet, use a pre-created account called Undeposited funds, instead.

 

Cash and cash equivalents

Client trust account

Use Client trust accounts for money held by you for the benefit of someone else.
For example, trust accounts are often used by attorneys to keep track of expense money their customers have given them. Often, to keep the amount in a trust account from looking like it’s yours, the amount is offset in a "contra" liability account (a Current Liability).

 

Cash and cash equivalents

Money Market

Use Money market to track amounts in money market accounts.
For investments, see Current Assets, instead.

 

Cash and cash equivalents

Rents Held in Trust

Use Rents held in trust to track deposits and rent held on behalf of the property owners.
Typically only property managers use this type of account.

Cash and cash equivalents

Savings

Use Savings accounts to track your savings and CD activity.
Each savings account your company has at a bank or other financial institution should have its own Savings type account. For investments, see Current Assets, instead.

Cash and cash equivalents

Transaction

Use Transaction accounts to track all your transaction activity, including debit card transactions.
Each transaction account your company has at a bank or other financial institution should have its own Transaction type account in QuickBooks Online Plus.

 

Fixed Assets

Accumulated depletion

Use Accumulated depletion to track how much you deplete a natural resource.

Fixed Assets

Accumulated depreciation on property, plant and equipment

Use Accumulated depreciation on property, plant and equipment to track how much you depreciate a fixed asset (a physical asset you do not expect to convert to cash during one year of normal operations).

Fixed Assets

Buildings

Use Buildings to track the cost of structures you own and use for your business. If you have a business in your home, consult your accountant.
Use a Land account for the land portion of any real property you own, splitting the cost of the property between land and building in a logical method. A common method is to mimic the land-to-building ratio on the property tax statement.

 

Fixed Assets

Depletable Assets

Use Depletable assets to track natural resources, such as timberlands, oil wells, and mineral deposits.

 

Fixed Assets

Furniture and Fixtures

Use Furniture and fixtures to track any furniture and fixtures your business owns and uses, like a dental chair or sales booth.

 

Fixed Assets

Intangible Assets

Use Intangible assets to track intangible assets that you plan to amortise. Examples include franchises, customer lists, copyrights, and patents.

 

Fixed Assets

Land

Use Land to track assets that are not easily convertible to cash or not expected to become cash within the next year. For example, leasehold improvements.

 

Fixed Assets

Leasehold Improvements

Use Leasehold improvements to track improvements to a leased asset that increases the asset’s value. For example, if you carpet a leased office space and are not reimbursed, that’s a leasehold improvement.

 

Fixed Assets

Machinery and equipment

Use Machinery and equipment to track computer hardware, as well as any other non-furniture fixtures or devices owned and used for your business.
This includes equipment that you ride, like tractors and lawn mowers. Cars and trucks, however, should be tracked with Vehicle accounts, instead.

Fixed Assets

Other fixed assets

Use Other fixed asset for fixed assets that are not covered by other asset types.
Fixed assets are physical property that you use in your business and that you do not expect to convert to cash or be used up during one year of normal operations.

 

Fixed Assets

Vehicles

Use Vehicles to track the value of vehicles your business owns and uses for business. This includes off-road vehicles, air planes, helicopters, and boats.
If you use a vehicle for both business and personal use, consult your accountant to see how you should track its value.

Non-current Assets

Accumulated amortisation of non-current assets

Use Accumulated amortisation of non-current assets to track how much you’ve amortised an asset whose type is Non-Current Asset.

Non-current Assets

Assets held for sale

Use Assets held for sale to track assets of a company that are available for sale that are not expected to be held for a long period of time.

 

Non-current Assets

Deferred tax

Use Deferred tax for tax liabilities or assets that are to be used in future accounting periods.

 

Non-current Assets

Goodwill

Use Goodwill only if you have acquired another company. It represents the intangible assets of the acquired company which gave it an advantage, such as favourable government relations, business name, outstanding credit ratings, location, superior management, customer lists, product quality, or good labour relations.

 

Non-current Assets

Intangible Assets

Use Intangible assets to track intangible assets that you plan to amortise. Examples include franchises, customer lists, copyrights, and patents.

 

Non-current Assets

Investments

Use Investments to track the amounts received from individuals or other organisations

Non-current Assets

Lease Buyout

Use Lease buyout to track lease payments to be applied toward the purchase of a leased asset. You don’t track the leased asset itself until you purchase it.

Non-current Assets

Licences

Use Licences to track non-professional licences for permission to engage in an activity, like selling alcohol or radio broadcasting. For fees associated with professional licences granted to individuals, use a Legal and professional fees expense account, instead.

Non-current Assets

Long-term investments

Use Long-term investments to track investments that have a maturity date of longer than one year.

 

Non-current Assets

Organisational Costs

Use Organisational costs to track costs incurred when forming a partnership or corporation. The costs include the legal and accounting costs necessary to organise the company, facilitate the filings of the legal documents, and other paperwork.

Non-current Assets

Other non-current assets

Use Other non-current assets to track assets not covered by other types. Non-current assets are long-term assets that are expected to provide value for more than one year.

Non-current Assets

Security Deposits

Use Security deposits to track funds you’ve paid to cover any potential costs incurred by damage, loss, or theft. The funds should be returned to you at the end of the contract. If you collect deposits, use an Other current liabilities account (a Current liability account).

Accounts Payable (A/P)

Accounts Payable (A/P)

Accounts payable (also called A/P, Trade and other payables, or Creditors) tracks amounts you owe to your suppliers. QuickBooks Online Plus automatically creates one Accounts Payable account for you. Most businesses need only one.

Credit Card

Credit Card

Credit card accounts track the balance due on your business credit cards. Create one Credit card account for each credit card account your business uses.

 

Current liabilities

Accrued liabilities

Use Accrued Liabilities to track expenses that a business has incurred but has not yet paid. For example, pensions for companies that contribute to a pension fund for their employees for their retirement.

 

Current liabilities

BAS Payable

Use BAS payable to track GST or other tax you have collected, but not yet remitted to ATO.

 

Current liabilities

Client Trust Accounts - Liabilities

Use Client Trust accounts - liabilities to offset Client Trust accounts in assets. Amounts in these accounts are held by your business on behalf of others. They do not belong to your business, so should not appear to be yours on your balance sheet. This "contra" account takes care of that, as long as the two balances match.

 

Current liabilities

Current Liabilities

Use Current liabilities to track liabilities due within the next twelve months that do not fit the Current liability account types.

 

Current liabilities

Current Tax Liability

Use Current tax liability to track the total amount of taxes collected but not yet paid to the government.

Current liabilities

Current portion of employee benefits obligations

Use Current portion of employee benefits obligations to track the current amount due of employee benefits

Current liabilities

Current portion of obligations under finance leases

Use Current portion of obligations under finance leases to track the value of lease payments due within the next 12 months.

Current liabilities

Dividends payable

Use Dividends payable to track dividends that are owed to shareholders but have not yet been paid.

 

Current liabilities

Federal Income Tax Payable

Use Federal income tax payable if your business keeps records on an accrual basis. This account tracks income tax liabilities in the year the income is earned.

 

Current liabilities

Income tax payable

Use Income tax payable to track monies that are due to pay the company’s income tax liabilities.

Current liabilities

Insurance payable

 

Use Insurance payable to keep track of insurance amounts due. This account is most useful for businesses with monthly recurring insurance expenses.

 

Current liabilities

Line of Credit

Use Line of credit to track the balance due on any lines of credit your business has. Each line of credit your business has should have its own Line of credit account.

 

Current liabilities

Loan Payable

Use Loan payable to track loans your business owes which are payable within the next twelve months. For longer-term loans, use the Long-term liability called Notes payable, instead.

 

Current liabilities

Other current liabilities

Use Other current liabilities to track monies owed by the company and due within one year.

 

Current liabilities

Payroll Clearing

Use Payroll clearing to keep track of any non-tax amounts that you have deducted from employee payroll payments or that you owe as a result of doing payroll. When you forward money to the appropriate suppliers, deduct the amount from the balance of this account. Do not use this account for tax amounts you have withheld or owe from paying employee wages. For those amounts, use the Payroll tax payable account instead.

Current liabilities

Payroll liabilities

Use Payroll liabilities to keep track of tax amounts that you owe to government agencies as a result of paying wages. This includes taxes withheld, health care premiums, employment insurance, government pensions, etc. When you forward the money to the government agency, deduct the amount from the balance of this account.

 

Current liabilities

Prepaid Expenses Payable

Use Prepaid expenses payable to track items such as property taxes that are due, but not yet deductible as an expense because the period they cover has not yet passed.

 

Current liabilities

Rents in trust - Liability

Use Rents in trust - liability to offset the Rents in trust amount in assets. Amounts in these accounts are held by your business on behalf of others. They do not belong to your business, so should not appear to be yours on your balance sheet. This "contra" account takes care of that, as long as the two balances match.

Current liabilities

Short term borrowings from related parties

Use Short term borrowings to track loans that need to be paid back within 12 months.

Current liabilities

Sundry debtors and creditors

Use Sundry debtors and creditors to track miscellaneous amounts owed by customers and to suppliers that are not assigned their own account, and that are due within a year.

 

Non-current liabilities

Accrued holiday payable

Use Accrued holiday payable to track holiday earned but that has not been paid out to employees.

 

Non-current liabilities

Accrued non-current liabilities

Use Accrued Non-current liabilities to track expenses that a business has incurred but has not yet paid. For example, pensions for companies that contribute to a pension fund for their employees for their retirement.

 

Non-current liabilities

Bank loans

Use Bank loans to track the amount due on bank loans.

Non-current liabilities

Debts related to participating interests

Use Debts related to participating interests to track amounts owed to employees (or on their behalf) that are not due within a year.

Non-current liabilities

Liabilities related to assets held for sale

Use Liabilities related to assets held for sale to track any liabilities that are directly related to assets being sold or written off.

 

Non-current liabilities

Long term borrowings

Use Long term borrowings to track the amount due on long term borrowing

 

 

 

Non-current liabilities

Long-term debt

Use Long-term debt to track loans and obligations with a maturity of longer than one year. For example, mortgages.

 

Non-current liabilities

Notes Payable

Use Notes payable to track the amounts your business owes in long-term (over twelve months) loans. For shorter loans, use the Current liability account type called Loan payable, instead.

Non-current liabilities

Other non-current liabilities

Use Other non-current liabilities to track liabilities due in more than twelve months that don’t fit the other Non-Current liability account types.

 

Non-current liabilities

Shareholder Notes Payable

Use Shareholder notes payable to track long-term loan balances your business owes its shareholders.

 

Non-current liabilities

Staff and related accounts

Use Staff and related accounts to track miscellaneous amounts owed by customers and to suppliers that are not assigned their own account, and that are not due within a year.

 

Owner's equity

Accumulated adjustment

Some corporations use this account to track adjustments to owner’s equity that are not attributable to net income.

 

Owner's equity

Dividend disbursed

Use Dividend disbursed to track a payment given to its shareholders out of the company’s retained earnings.

 

Owner's equity

Equity in earnings of subsidiaries

Use Equity in earnings of subsidiaries to track the original investment in shares of subsidiaries plus the share of earnings or losses from the operations of the subsidiary.

Owner's equity

Opening Balance Equity

QuickBooks Online Plus creates this account the first time you enter an opening balance for a balance sheet account. As you enter opening balances, QuickBooks Online Plus records the amounts in Opening balance equity. This ensures that you have a correct balance sheet for your company, even before you’ve finished entering all your company’s assets and liabilities.

 

Owner's equity

Ordinary shares

Corporations use Ordinary shares to track its ordinary shares in the hands of shareholders. The amount in this account should be the stated (or par) value of the inventory.

Owner's equity

Other comprehensive income

Use Other comprehensive income to track the increases or decreases in income from various businesses that is not yet absorbed by the company.

Owner's equity

Owner's Equity

Corporations use Owner’s equity to show the cumulative net income or loss of their business as of the beginning of the financial year.

 

Owner's equity

Paid-in capital or surplus

Corporations use Paid-in capital to track amounts received from shareholders in exchange for shares that are over and above the shares’ stated (or par) value.

 

Owner's equity

Partner Contributions

Partnerships use Partner contributions to track amounts partners contribute to the partnership during the year.

 

Owner's equity

Partner Distributions

Partnerships use Partner distributions to track amounts distributed by the partnership to its partners during the year. Don’t use this for regular payments to partners for interest or service. For regular payments, use a Guaranteed payments account (a Expense account in Payroll expenses), instead.

Owner's equity

Partner's Equity

Partnerships use Partner’s equity to show the income remaining in the partnership for each partner as of the end of the prior year.

 

Owner's equity

Preferred shares

Corporations use this account to track its preferred shares in the hands of shareholders. The amount in this account should be the stated (or par) value of the shares.

Owner's equity

Retained Earnings

QuickBooks Online Plus adds this account when you create your company.

Retained earnings tracks net income from previous financial years. QuickBooks Online Plus automatically transfers your profit (or loss) to Retained earnings at the end of each financial year.

Owner's equity

Share capital

Use Share capital to track the funds raised by issuing shares.

 

Owner's equity

Treasury Shares

Corporations use Treasury shares to track amounts paid by the corporation to buy its own shares back from shareholders.

 

Income

Discounts/Refunds Given

Use Discounts/refunds given to track discounts you give to customers. This account typically has a negative balance so it offsets other income.

For discounts from suppliers, use an expense account, instead.

Income

Non-Profit Income

Use Non-profit income to track money coming in if you are a non-profit organization

 

Income

Operating grants

Use Operating grants to track capital transfers in cash or in kind made by governments or by the rest of the world for regular operating purposes.

 

Income

Other Primary Income

Use Other primary income to track income from normal business operations that doesn’t fall into another Income type.

 

Income

Other current operating income

Use Other current operating income to track income arising from operations of the company that do not fit under any other category and that are not tracked in individual accounts.

 

Income

Own work capitalised

Use Own work capitalised to track the value of work performed for one’s own purposes and capitalised as part of fixed assets.

Income

Revenue - General

Use Revenue - General to track income from normal business operations that do not fit under any other category.

 

Income

Sales - retail

Use Sales - retail to track sales of goods/services that have a mark-up cost to consumers.

 

Income

Sales - wholesale

Use Sales - wholesale to track the sale of goods in quantity for resale purposes.

 

Income

Sales of Product Income

Use Sales of product income to track income from selling products. This can include all kinds of products, like crops and livestock, rental fees, performances, and food served.

 

Income

Service/Fee Income

Use Service/fee income to track income from services you perform or ordinary usage fees you charge. For fees customers pay you for late payments or other uncommon situations, use an Other Income account type called Other miscellaneous income, instead.

 

Income

Unapplied Cash Payment Income

Unapplied Cash Payment Income reports the Cash Basis income from customers payments you’ve received but not applied to invoices or charges. In general, you would never use this directly on a purchase or sale transaction.

 

Other income

Dividend income

Use Dividend income to track taxable dividends from investments.

 

Other income

Interest earned

Use Interest earned to track interest from bank or savings accounts, investments, or interest payments to you on loans your business made.

 

Other income

Loss on disposal of assets

Use Loss on disposal of assets to track losses realised on the disposal of assets.

 

Other income

Other Investment Income

Use Other investment income to track other types of investment income that isn’t from dividends or interest.

Other income

Other Miscellaneous Income

Use Other miscellaneous income to track income that isn’t from normal business operations, and doesn’t fall into another Other Income type.

 

Other income

Other operating income

Use Other operating income to track income from activities other than normal business operations. For example, Investment interest, foreign exchange gains, and rent income.

 

Other income

Tax-Exempt Interest

Use Tax-exempt interest to record interest that isn’t taxable, such as interest on money in tax-exempt retirement accounts, or interest from tax-exempt bonds.

 

Other income

Unrealised loss on securities, net of tax

Use Unrealised loss on securities, net of tax to track losses on securities that have occurred but are yet been realised through a transaction. For example, shares whose value has fallen but that are still being held.

Cost of Sales

Cost of Sales

 

Cost of Sales

Cost of labour - COS

 

Use Cost of labour - COS to track the cost of paying employees to produce products or supply services. It includes all employment costs, including food and transportation, if applicable.

 

Cost of Sales

Equipment rental - COS

Use Equipment rental - COS to track the cost of renting equipment to produce products or services. If you purchase equipment, use a Fixed Asset account type called Machinery and equipment.

 

Cost of Sales

Freight and delivery - COS

Use Freight and delivery - COS to track the cost of shipping/delivery of obtaining raw materials and producing finished goods for resale.

 

Cost of Sales

Other costs of sales - COS

Use Other costs of sales - COS to track costs related to services or sales that you provide that don’t fall into another Cost of Sales type.

 

Cost of Sales

Shipping, Freight and Delivery - COS

Use Shipping, freight and delivery - COS to track the cost of shipping products to customers or distributors.

Cost of Sales

Supplies and materials - COS

Use Supplies and materials - COS to track the cost of raw goods and parts used or consumed when producing a product or providing a service.

 

Expenses

Advertising/Promotional

Use Advertising/promotional to track money spent promoting your company. You may want different accounts of this type to track different promotional efforts (Yellow Pages, newspaper, radio, flyers, events, and so on).

If the promotion effort is a meal, use Promotional meals instead.

Expenses

Amortisation expense

Use Amortisation expense to track writing off of assets (such as intangible assets or investments) over the projected life of the assets.

Expenses

Auto

Use Auto to track costs associated with vehicles.

You may want different accounts of this type to track petrol, repairs, and maintenance. If your business owns a car or lorry, you may want to track its value as a Fixed Asset, in addition to tracking its expenses.

 

Expenses

Bad debts

Use Bad debt to track debt you have written off.

 

Expenses

Bank charges

Use Bank charges for any fees you pay to financial institutions.

 

Expenses

Charitable Contributions

Use Charitable contributions to track gifts to charity.

Expenses

Commissions and fees

Use Commissions and fees to track amounts paid to agents (such as brokers) in order for them to execute a trade.

Expenses

Cost of Labour

 

Use Cost of labour to track the cost of paying employees to produce products or supply services. It includes all employment costs, including food and transportation, if applicable.

This account is also available as a Cost of Sales (COS) account.

Expenses

Distribution costs

Use Distribution costs to track the cost of shipping goods to customers or distributors.

 

Expenses

Dues and Subscriptions

Use Dues and subscriptions to track dues and subscriptions related to running your business. You may want different accounts of this type for professional dues, fees for licences that can’t be transferred, magazines, newspapers, industry publications, or service subscriptions.

 

Expenses

Entertainment

Use Entertainment to track events to entertain employees. If the event is a meal, use Entertainment meals, instead.

 

Expenses

Equipment rental

Use Equipment rental to track the cost of renting equipment to produce products or services. This account is also available as a Cost of Sales account. If you purchase equipment, use a Fixed asset account type called Machinery and equipment.

 

Expenses

External services

Use External services to track expenses paid for services provided by other companies that you are tracking in Supplier-specific accounts. If you need to track expenses paid to other companies that do not have their own accounts, use Other external services instead.

 

Expenses

Finance costs

Use Finance costs to track the costs of obtaining loans or credit. Examples of finance costs would be credit card fees, interest and mortgage costs.

 

Expenses

Income tax expense

Use Income tax expense to track income taxes that the company has paid to meet their tax obligations.

 

Expenses

Insurance

Use Insurance to track insurance payments. You may want different accounts of this type for different types of insurance (auto, general liability, and so on).

 

Expenses

Interest paid

Use Interest paid for all types of interest you pay, including mortgage interest, finance charges on credit cards, or interest on loans.

 

Expenses

Legal and professional fees

Use Legal and professional fees to track money to pay to professionals to help you run your business. You may want different accounts of this type for payments to your accountant, attorney, or other consultants.

 

Expenses

Loss on discontinued operations, net of tax

Use Loss on discontinued operations, net of tax to track the loss realised when a part of the business ceases to operate or when a product line is discontinued.

 

Expenses

Management compensation

Use Management compensation to track remuneration paid to Management, Executives and non-Executives. For example, salary, fees, and benefits.

 

Expenses

Meals and entertainment

Use Meals and entertainment to track how much you spend on dining with your employees to promote morale. Be sure to include who you ate with and the purpose of the meal when you enter the transaction.

 

Expenses

Office/General Administrative Expenses

Use Office/general administrative expenses to track all types of general or office-related expenses.

 

Expenses

Other Miscellaneous Service Cost

Use Other miscellaneous service cost to track costs related to providing services that don’t fall into another Expense type. This account is also available as a Cost of Sales (COS) account.

 

Expenses

Other current operating charge

Use Other current operating charges to track operating expenses that do not fall under any other category.

 

Expenses

Other external services

Use Other external services to track expenses paid for services provided by other companies that you are not tracking in Supplier-specific accounts. If you need to track expenses paid to other companies that do have their own accounts, use External services instead.

 

Expenses

Other selling expenses

Use Other selling expenses to track selling expenses incurred that do not fall under any other category.

Expenses

Payroll Expenses

Use Payroll expenses to track payroll expenses. You may want different accounts of this type for things like: Compensation of officers, Guaranteed payments, Workers compensation, Salaries and wages, Payroll taxes

 

Expenses

Project studies, surveys, assessments

Use Project studies, surveys, assessments to track expenses relating to studies, surveys, and assessments.

 

Expenses

Promotional Meals

Use Promotional meals to track how much you spend dining with a customer to promote your business. Be sure to include who you ate with and the purpose of the meal when you enter the transaction.

 

Expenses

Rent or Lease of Buildings

Use Rent or lease of buildings to track rent payments you make.

 

Expenses

Repair and maintenance

Use Repair and maintenance to track any repairs and periodic maintenance fees. You may want different accounts of this type to track different types repair & maintenance expenses (auto, equipment, landscape, and so on).

 

Expenses

Shipping and delivery expense

Use Shipping and delivery expense to track the cost of shipping and delivery of goods to customers.

 

Expenses

Shipping, Freight, and Delivery

Use Shipping, Freight and Delivery to track the cost of shipping products to customers or distributors. You might use this type of account for incidental shipping expenses, and the COS type of Shipping, freight & delivery account for direct costs.

This account is also available as a Cost of Sales (COS) account.

Expenses

Staff costs

Use Staff costs to track costs that can be associated with employees, such as benefits or parties.

 

Expenses

Sundry

Use Sundry to track miscellaneous expenses that do not fit under any other category.

 

Expenses

Supplies and materials

Use Supplies & materials to track the cost of raw goods and parts used or consumed when producing a product or providing a service. This account is also available as a Cost of Sales account.

 

Expenses

Taxes Paid

Use Taxes paid to track taxes you pay. You may want different accounts of this type for payments to different tax agencies.

 

Expenses

Travel

Use Travel to track travel costs. For food you eat while travelling, use Travel meals, instead.

 

Expenses

Travel expenses - general and admin expenses

Use Travel expenses - general and admin expenses to track travelling costs incurred that are not directly related to the revenue-generating operation of the company. For example, flight tickets and hotel costs when performing job interviews.

 

Expenses

Travel expenses - selling expense

Use Travel expenses - selling expense to track travelling costs incurred that are directly related to the revenue-generating operation of the company. For example, flight tickets and hotel costs when selling products and services.

 

Expenses

Travel meals

Use Travel meals to track how much you spend on food while travelling. If you dine with a customer to promote your business, use a Promotional meals account, instead. If you dine with your employees to promote morale, use Entertainment meals, instead.

 

Expenses

Unapplied Cash Bill Payment Expense

Unapplied Cash Bill Payment Expense reports the Cash Basis expense from supplier payment cheques you’ve sent but not yet applied to supplier bills. In general, you would never use this directly on a purchase or sale transaction.

 

Expenses

Utilities

Use Utilities to track utility payments. You may want different accounts of this type to track different types of utility payments (gas and electric, telephone, water, and so on).

Other Expense

Amortisation

Use Amortisation to track amortisation of intangible assets. Amortisation is spreading the cost of an intangible asset over its useful life, like depreciation of fixed assets.

You may want an amortisation account for each intangible asset you have.

Other Expense

BAS Roundoff Gain or Loss

Use BAS Roundoff Gain or Loss to track gains or losses that occur as a result of BAS lodgement roundoff.

 

Other Expense

Depreciation

Use Depreciation to track how much you depreciate fixed assets. You may want a depreciation account for each fixed asset you have.

Other Expense

Exchange Gain or Loss

Use Exchange Gain or Loss to track gains or losses that occur as a result of exchange rate fluctuations.

 

Other Expense

Other Expense

Use Other expense to track unusual or infrequent expenses that don’t fall into another Other Expense type.

 

Other Expense

Penalties and settlements

Use Penalties and settlements to track money you pay for violating laws or regulations, settling lawsuits, or other penalties.

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Wani54
Level 1

Account and Detail Types

Hi I would love to print this out but it is 34 pages long - do you have a format which is printer friendly by any chance? 
by the way this is GREAT - just what i was looking for :) 

cheers

Wanasai 

Steven_Product Champion
QuickBooks Team

Account and Detail Types

Hi Wani54,

 

Currently with the length and trying to copy it all to Microsoft Word, it appears to be at 15 pages of length. I think with the amount of content Kass has put together, without minimising the font or putting it within graphs (which would still require reducing font), I think you still have a substantial amount of pages in the end. But I agree! It is extremely useful article, I will see what else we can try but it may require a number of pages to print. 

 

Thanks,

 

-Steven

ASAP ACCOUNTING
Level 1

Account and Detail Types

UNDER WHAT  ACCOUNT SHOULD I OUT COUNTY BUS TRANSPORTATION