You’ll then give the option to make this account either a sub-account or the main narrative. Choose the “Expense” account option and then click on the button labeled “Continue.” You’ll prompt to enter the name that You will use to identify your new account. You will now open a menu where you can choose between multiple account types. To do so, first, open the menu called “Chart of Accounts” and then click on the button labeled “Account.” After that, click on the “New” button. In QuickBooks, if you want an expense account to assign to a tax line, you will have to create a new account. Similarly, when you need to report financial information on a tax return, you must create an account to collect and report the required data.Īccount creation: How to create a new account? Coming across a situation when you’d like to investigate the information regarding a line item in QuickBooks, you will have to set up a separate account for that line item. ![]() In QuickBooks, accounts can list into different categories according to their nature, i.e., assets, liabilities, income, and expenses. QuickBooks is accounting software that allows you to manage and organize a wide range of accounting activities such as bookkeeping, creating financial statements, and much more.
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