Hi:
I am new to QB and am trying to enter COA into the Canadian version QA Pro 2019 from a MS Word file from a previous accountant. I have the following questions:
1.
In the Word file, it starts with:
25201,1,Accounts
1000,"Current Assets",H,"","CAD",,
1050,"Petty Cash",G,"Asset","CAD",,
1090,"Royal Bank",G,"Bank","CAD",,
1230,"Accrued Receivables",G,"Accounts Receivable","CAD",,
1320,"Inventory - Supplies",G,"Asset","CAD",,
1400,"Prepaid Expenses",G,"Asset","CAD",,
1498,"Total Current Assets",T,"","CAD",,
My question is: What do the "H" , "T" and "G' mean? Does H mean this account is the header account and the G accounts under it are the subaccounts of the header account? I know how to create a new account and make other accounts as a subaccount of it. Do I need to do anything special for account 1498 which has a 'T"? How do I create account 1498?
2. In another section in the same file, it contains:
2000,"Current Liabilities",H,"","CAD",,
2120,"Credit Card Payable - Credit Card 1",G,"Credit Card Payable","CAD",,
2300,"GST Collected",G,"Sales Tax Payable","CAD",,
2310,"HST Collected",G,"Sales Tax Payable","CAD",,
2410,"HST Paid on Purchases",G,"Sales Tax Payable","CAD",,
2450,"HST Owing (Refund)",G,"Sales Tax Payable","CAD",,
Is'GST collected' a subaccount of "Sales Tax Payable"? If yes, I don't see the entry to create "Sales Tax Payable" anywhere in the file.
3. Then it contains:
5099,"Store Wages & benefits",H,"","CAD",,
5100,"Wages - Manager",G,"Operating Expense","CAD",,
5120,"Casual Labour",G,"Operating Expense","CAD",,
5150,"EI Expense",G,"Operating Expense","CAD",,
5155,"CPP Expense",G,"Operating Expense","CAD",,
5157,"WSIB Expense",G,"Operating Expense","CAD",,
5160,"Employee Benefits",G,"Operating Expense","CAD",,
5198,"Total Store Wages & Benefits",T,"","CAD",,
Again I do not see where "Operating Expense" was created and it is not a prepopulated drop down selection in QB desktop. All those expenses accounts should be subaccounts of '"Operating Expense", correct?
Thank you for the help.
Best Regards
PD.
