When you create a new company file in QuickBooks, you tell us what type of business you have.
Everyone gets the same set of standards accounts. QuickBooks adds additional accounts automatically based on your industry. You don't see an account you need, you can always create it manually.
|Account||What it is||Automatically added by QuickBooks when you...|
|Accounts Payable (A/P)||Record of the outstanding bills of the business. If your business uses multiple A/P accounts, QuickBooks will let you choose the account you want to use when you enter and pay bills.||Create a bill for the first time.|
|Accounts Receivable (A/R)||List of transactions related to customers who owe you money. If you need to use more than one A/R account, the program will let you choose the A/R account that you want to use when you create an invoice or receive a payment.||Create an invoice for the first time.|
|Opening Balance Equity||Ensures that you get a correct balance sheet for your company, even before you've entered all your company's assets and liabilities.||Enter the opening balance for a balance sheet account.|
|Payroll Expense||Tracks payroll items (expense) for the company, including salaries, wages, bonuses, commissions, company contributions such as company paid health plan and company paid portion of taxes such as Canada Pension Plan and Employment Insurance.||Turn on payroll for the first time.|
|Payroll Liabilities||Tracks taxes you deduct from your employees' salary until you turn them over to the government, including federal and state income withholding taxes, local taxes and the employee paid taxes like Canada Pension Plan and Employment Insurance.||Turn on payroll for the first time.|
|Purchase Orders||Non-posting account that does not affect your balance sheet.||Create a purchase order for the first time.|
|Retained Earnings||Tracks profits from earlier periods that have not yet been distributed to owners. At the beginning of the fiscal year, QuickBooks automatically transfers net income into your retained earnings account.||Set up a new company file.|
|Sales Tax Payable||Tracks all sales tax you collect and pay.||Turn on sales tax.|
|Uncategorized Expense||Enter an opening balance for a supplier.|
|Uncategorized Income||Enter an opening balance for a customer.|
|Undeposited Funds||Holds the payments collected until you deposit them to the bank.|
|Inventory Asset||Tracks the current value of your inventory.||Add an inventory part or assembly for the first time.|
|Reconciliation Discrepancy||Tracks reconciliation adjustments.||Enter an adjustment to reconcile discrepancies.|