Chart of Accounts

Jan 23, 2007 2 Replies

Hi -



I am new to QB and am in the process of setting up a chart of Accounts. I would like to do the following, but not sure if QB can do it.. and if so how?



EXAMPLE: For Expenses - Let's say I want the main category to be AUTO EXPENSES -



I would like to assign the main account (Auto Expenses) with an account - let's say: 5000 I then would have several accounts below this account - but linked to it i.e.,



5010 - Gas expenses
5020 - Auto Insurance
5030 - Auto Payment
5040 - Maintenance
5050 - Repairs

Each expense would go in one of the sub accounts; however, all the expenses would roll up up to the main 5000 account. This way, when I print an income statement, expense statement, etc. I would have the option of just printing the Main 5000 Account which would have the totals of all the sub-accounts. If more detail is needed - I could then expand the "tree" and have each Sub- Account print out.



I would think this can be done - but I'm not sure how to link the Sub Accounts to the Main Account so their expenses would all roll up.



Thanks so much in advance...



NC



Create the main account Auto Expenses. Once you have created it, create a new expense account names Gas Expense but check the box that says subaccount and use the drop down box until Auto Expenses appears. This will create the Gas Expense as a subaccount of your main.

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