Create Default Accounts in QuickBooks

Customize Financial Exchange | FAQs

This topic has been hidden; this info dispensed in the QB Connection Wizard

Certain QuickBooks accounts, included in the default chart of accounts used by Point of Sale to send data, are required to establish a connection between the two programs.

Point of Sale cannot automatically create these accounts for you in QuickBooks. These accounts include Undeposited Funds, Accounts Payable, Accounts Receivable, Cost of Goods Sold, Inventory Asset, and Sales Tax Payable.

In addition, inventory must be enabled in QuickBooks. The QuickBooks Connection Wizard will alert you if inventory must be turned on or these accounts do not exist.

What if I already have the same account types with custom names in QuickBooks?

How do I?

Turn on inventory in QuickBooks

1. In your QuickBooks financial software, select P references Company from the E dit menu.

2. Select Items and Inventory (may be called P urchases & Vendors in older versions) from the left-side preferences menu.

3. Make sure the check box labeled I nventory and Purchase Orders are Active is checked.

4. Select OK to save.

Create the necessary default accounts in QuickBooks

1. Make sure inventory is turned on as described above.

2. Create the necessary accounts in your QuickBooks Chart of Accounts. You can do this manually using the information in the chart below, or use the following procedures:

- To create an Undeposited Funds account: Select Enter Sales Receipts from the Customers menu and then close the form.

- To create an Accounts Receivable account: Select Create Invoices from the Customers menu and then close the form.

- To create an Accounts Payable account: Select E nter Bills from the Vendors menu and then close the form.

- To create Cost of Goods Sold and Inventory Asset accounts: From the item list, select New Item from the Edit menu, select Inventory Part in the Item Type field, and then cancel.

- To create a Sales Tax Payable account: From the item list, select New Item from the Edit menu, select Sales Tax Item in the Item Type field, and then cancel.

When done, you should have the following accounts in your QuickBooks Chart of Accounts:

QuickBooks Account | Account Type
Undeposited Funds | Other Current Asset
Accounts Receivable | Accounts Receivable
Accounts Payable* | Other Current Liability
Cost of Goods Sold | Cost of Goods Sold
Inventory Asset | Other Current Asset
Sales Tax Payable | Other Current Liability

Related Topics

Customize account mappings

Review your Point of Sale setup for Financial Exchange