Create Default Accounts in QuickBooks

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.

In your QuickBooks financial software, select Preferences Company from the Edit menu.
Select Items and Inventory (may be called Purchases & Vendors in older versions) from the left-side preferences menu.
Make sure the check box labeled Inventory and Purchase Orders are Active is checked.
Select OK to save.

Make sure inventory is turned on as described above.
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 Enter 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