Chart of Accounts - Account Number Arbitrary?

Apr 17, 2008 2 Replies
R

Are the label Numbers for each account arbitrary in the Chart of Accounts? For example, QB provides these by default...


15000 - Furniture and Equipment
17000 - Accumulated Depreciation
24000 - Payroll Liabilities
25500 - Sales Tax Payable
30000 - Opening Balance Equity ...
47900 - Sales ...
51100 - Freight and Shipping Costs ...
66000 - Payroll Expenses ...
68100 - Telephone Expenses
68400 - Travel Expenses
68600 - Utilities
80000 - Ask My Accountant
90000 - Estimates

Is this a known CPA labeling/numbering convention? Or are these numbers completely arbitrary?



Thanks!



Rob


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Q

100 assets 200 liabilities 300 equity 400 income 500 cogs 600 expenses etc.

Shhhhhhhh! It is part of the accountant's secret code!

Michelle L. Long, CPA, MBA Author of: Successful QuickBooks Consulting: The Complete Guide to Starting and Growing a QuickBooks Consulting Business

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R

Thanks Michelle... your secret is safe with me.... :D

I just want to set up my accounting so that our CPA will be familiar with the numbering scheme. It sounds like I'm on the right track... :)

QBC> >> Are the label Numbers for each account arbitrary in the Chart of

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