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Re: Real World - Accounting: What Should You Name Your Accounts?

Hey @JD in Maine,

 

Are the four digits sequential? Generally, I recommend doing a pattern with 5 digits so it's complicated enough to be unique but not too much to handle. Let the first two digits represent the school/location (you'll have 99 options) and the last three designate what the account is for (you'll have 999 options, and you can space them by 10s so you have plenty of room if you want to add more between specific categories/account types down the road). Adding a letter to the end would enhance this even further if you wanted to into even further detail. 

 

Example: 

01200a

01 (Location/Segment) - 200 (the product/account category) - a (the specific type of sub category within said group)

 

There is no concrete rule on this, just do whatever is easiest and makes sense for your bookkeeper.