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QuickBooks Payroll Chart of Accounts

What is Chart Of Accounts In QuickBooks Payroll ?

Intuit Payroll chart of accounts
QuickBooks program exhibits exclusive tracking and reporting methods for your business accounts and finance that will help you to gain insights about financial health of your business. Let us discuss how QuickBooks Chart of Accounts help in business analysis. QuickBooks software helps in business analysis through different lists such as: Chart of Accounts, Items List, Class List and Customer Type List. If having issue while managing accounts , learn how to fix QB Payroll Chart of Accounts Errors easily .

The configuration of QuickBooks Chart of Accounts is simple and easy. Chart of accounts indicates the list of asset, liability, equity, income, and expense accounts that is used to assign the regular business transactions. It is very important list that is used in QB to streamline your financial structure of your business. While preparing this list with the accounts summary, other lists are also used to gain information that helps in better decision making for your business. More information get connect with QuickBooks Payroll Customer Service before starting .

Types of Account In QB Payroll

Different Types of Accounts

Basically there are six different account categories used for tracking the financial position of your business. They are: assets, liabilities, equity, income, cost of goods sold, and expense.

  • Assets:Anything purchased that can be used for economic benefit is termed as asset. Asset that can be quickly liquidified are bank, Accounts Receivable, gold etc. Current Asset comprise of the QuickBooks Inventory Asset and the Undeposited Funds account. The Fixed Asset is used track purchases of tangible property.
  • Liabilities:Liabilities refers to the company debts that are yet to be paid. It comprise of sub sections: Accounts Payable, Long-Term Liability, Credit Cards and other Current Liability
  • Equity:The Equity account category holds left over interest of the business after the liabilities are paid. Accounts in this category comprise of common stock, owner’s investments and draws; retained earnings; and opening balance equity.
  • Income: The earned money from selling the products or services is signified as income.
  • Cost of Goods Sold:The Cost of Goods Sold account is for the costs directly related to giving a service or good for sale. There is a direct relationship between these costs and your revenue. In case your company offers a product, your cost of goods sold (COGS) expenses would include the material, labor, and other costs that is involved in selling the product.
  • Expense:An expense indicates when an asset is used or there is some cash transactions made. The expense accounts were prepared during the Express Start or Advanced Setup and accord you all the general divisions required for tracking your business expenses.

Note : QuickBooks Payroll MAC user also having same features available but in different option .

Get Help Chart Of Accounts QuickBooks Issue Problem

In case you want more detailed information you can approach QuickBooks Payroll Customer Support Number. The team is approachable through email support and online chat. Alternatively, you can choose QBPayroll.help that is a reliable QuickBooks Consulting company that roofs highly qualified QB professionals who help in resolving issue in a very short time. Call to the toll free number ?1844 827 3817 to garner support services.

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