Accounting Related Preferences in QuickBooks Online

by jonathan

Accounting Related Preferences in QuickBooks Online

by jonathan

by jonathan

This article discusses the Accounting preferences in QuickBooks and how they can be set up. Accounting preferences can be considered to be rules for QuickBooks that are related to a company’s particular way of using QuickBooks.

Accounting Related Preferences in QuickBooks

QuickBooks users can switch the accounting number feature on/off and can also use features such as class tracking and automatic assignment of numbers to journal entries. Besides, there’s also the option that requires users to enter account numbers in QB forms.

Accessing Accounting Preferences

  • To access the Accounting Preferences, users have to open the Preferences window. They can do so by choosing Edit-> Preferences. Then, users must select the Accounting icon located on the left-hand side of the window.
  • Next, users must select the Company Preferences tab that’s located at the top of the window.
  • Then, the Use Account Numbers box must be selected for switching on the Account Numbers feature.
  • Now, the Show Lowest Subaccount Only box must be selected if account numbers are used; this allows users to show subaccounts without their parent accounts in reports.
  • Next, the Require Accounts box must be selected for preventing any user from leaving a form without providing the necessary account information. If this box is not selected, transaction data that is not assigned to accounts are placed in Uncategorized Income or Uncategorized Expense accounts.

NOTE: If account numbers are turned off, the numbers are not removed. If the account numbers options is turned off (let’s say the user has to print a report where the account numbers aren’t displayed), the numbers that were assigned to accounts remain where they were. When account numbers are turned on later, the numbers are shown again.

  • Next, the Use Class Tracking box must be selected for enabling the Class feature in QB. When this feature is selected, users are given the option of making a request that they are provided prompts for assigning classes.
  • Then, the Automatically Assign General Journal Entry Number box must be selected if users want QuickBooks to track the last journal entry number that was used and also make automatic increments to the number when the next journal entry is made.
  • Next, the Warn When Posting A Transaction To Retained Earnings box must be selected if users want QuickBooks to display a pop-up warning when changes are being made to Retained Earnings.
  • The Date Warnings options must be selected and a range of dates can be set for the past or the future if users wish that a warning box appears that alerts them to transactions that contain dates that are outside the predetermined range.
  • Next, Set Date/Password option must be selected for creating a closing date and password protection for all entries that were made prior to the closing date.
  • Then, in the Closing Date section, a date must be provided to ensure that after this date no entries can be made in the company file without entering a password.
  • A password must be provided for protecting entries that were made before the closing date. The password must then be re-entered and then users must select OK.
  • Next, users must select OK again to exit the Preferences window.

QuickbooksSetting up Reminders

  • Reminders in Accounting Preferences help keep track of pending bills and overdue invoices.
  • To access this feature, users must select Reminders from the vertical tab on the left of the window. Under My Preferences, users will see this option: “Do You Want QuickBooks To Show Reminders List When Opening A Company File?”
  • If users want to select this option, they must select the box next to this line if it isn’t already selected.
  • Next, users must select Company Preferences. This will allow users to instruct QuickBooks if they wish to see summaries or lists for every reminder; they can also choose to not see either.
  • Users can also specify the advance notice for particular tasks by providing the number of days. Although there are default settings for these preferences, they can be changed easily by customizing the Preferences.

Specifying Company Preferences

  • For specifying Company Preferences, users must select the required buttons under Show Summary, Show List or Don’t Remind Me.
  • If users have requested any reminder, they must delete the number that’s shown in the box in front of Days Before or Days After and provide their own numbers.

For further information on this topic, please call our Accountingissue QuickBooks Tech Support Team at the toll-free helpline +1800-797-5219 anytime of the day or night.

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