QuickBooks Online is generally used by small or medium business owners to manage and keep their accounts and financial information. There are a number of functions of the software, includes preparation of invoice transferring lists and log files and accounts and much more. The application also uses a number of file extension names that are unique for each of the file types. In spite of its many applications and uses many people to fail to take its benefit as they don’t know its use. In this article, we will navigate you through a number of steps for using QuickBooks account numbers and how to enable them in the software and along with that numbering the chart of accounts.
Enabling Account Numbers:
In order to enable your account numbers, perform the following steps sequentially:
- You need to select the Gear icon at the top of the page and then from there select Account and Settings (or Company Settings).
- Select the Advanced from the menu provided in the left.
- In the Chart present in the Accounts section, you need to select the edit icon which is pictured by a pencil icon.
- Select the Enable account numbers and Show account numbers options present.
Note: If you ever decide to disable the account numbers, simply uncheck Enable account numbers options.
You have to keep in mind that Enabling account numbers will affect all users in your company who are logged in at that time. Only the users who aren’t logged in won’t see anything.
Assigning Account Numbers:
The next process which you need to pick up is assigning the account numbers. You have to remember that QuickBooks Online doesn’t assign any account numbers because of the difference in the numbering systems followed by the organizations. Assigning of the account numbers involves the following steps:
- The first step remains the same in both the cases which is selecting the Gear icon at the top of the page.
- Next, select the edit icon similarly which is present above the action column.
- Next, under the Number column, enter your account numbers. The account numbers can be up to seven digits long.
- Finally, select the Save option present on the upper right after you have finished entering all of your account numbers.
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QuickBooks Online assigns certain numbers to each existing account; it is based on a standard system of numbering which goes the same for all the accounts. The numbers and their designations are provided below for your quick referral:
- Numbers in the 1000s are for Asset Accounts
- Numbers in the 2000s are for Liability Accounts
- No in the 3000s are for Equity Accounts
- Numbers in the 4000s are for Income Accounts
- Numbers in the 5000s are for Cost of Sales Accounts
- No in the 6000s and 7000s are for Other Operating Expense Accounts
- Numbers in the 8000s are for Other Income Accounts
- Numbers in the 9000s are for Other Expense Accounts
Thus, with this, we come to the end of discussing the QuickBooks account numbers. We hope it will be truly useful for your business in QuickBooks Online. If you are seeking professional help, then please get in touch with our QuickBooks Online Support Number.(toll-free) and speak to Certified QuickBooks ProAdvisor.
If you ever feel the need of taking advice from your fellow business owners that happened to be our existing subscribers, you can visit our thriving QuickBooks Community Forum. Still, if you do not find an answer for your specific question within the community. In that case, you can also post your question in the community to get the requisite answer from the contributing members.