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hassaan-shafqat
Level 2

Open new head in Chart of Accouns fro AR and Pay able Dealers and Customer and Vendors Ledgers in Accounts Payable

 
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Best answer November 30, 2019

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Rustler
Level 15

Open new head in Chart of Accouns fro AR and Pay able Dealers and Customer and Vendors Ledgers in Accounts Payable

There is one A/P and one A/R account in QB

QB works on names, think of the vendor name as a sub account of A/P and the customer name as a sub account of A/R

 

While you can make more A/P and A/R accounts, nothing in QBO will allow you to use them, except journal entries of course.  But, Journal entries should be the exception when using QB, they often do not work as you think they should, and  when you use inventory type items they never work for inventory. It is much better to use the forms on the home page the way QB is designed to be used.    Journal entries also bypass accrual/cash reporting, and will not show on many reports.

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3 Comments 3
Rustler
Level 15

Open new head in Chart of Accouns fro AR and Pay able Dealers and Customer and Vendors Ledgers in Accounts Payable

There is one A/P and one A/R account in QB

QB works on names, think of the vendor name as a sub account of A/P and the customer name as a sub account of A/R

 

While you can make more A/P and A/R accounts, nothing in QBO will allow you to use them, except journal entries of course.  But, Journal entries should be the exception when using QB, they often do not work as you think they should, and  when you use inventory type items they never work for inventory. It is much better to use the forms on the home page the way QB is designed to be used.    Journal entries also bypass accrual/cash reporting, and will not show on many reports.

View solution in original post

hassaan-shafqat
Level 2

Open new head in Chart of Accouns fro AR and Pay able Dealers and Customer and Vendors Ledgers in Accounts Payable

Not Understand

IntuitLily
Moderator

Open new head in Chart of Accouns fro AR and Pay able Dealers and Customer and Vendors Ledgers in Accounts Payable

Thank you for getting back in the thread, @hassaan-shafqat.

 

When organizing your books, we recommend using one A/R account and one A/P account. As mentioned by our Community Backer, you can create multiple AR and AP accounts but you can't use them when creating transactions (invoice, sales receipts, bills, expense).

 

To ensure I'm on the same page, can you tell me more about your concern regarding the AR and AP accounts in QuickBooks? Any additional details would be greatly appreciated so I can provide you with the right information.

 

I'll also include this helpful article for more details: How to group Accounts Receivable or Accounts Payable account types.

 

Comment below if you have other questions. I'll be around to help. Have a great day!

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