<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=3547343991946305&amp;ev=PageView&amp;noscript=1">
Skip to content
English
Go to advanceprotech.com
  • There are no suggestions because the search field is empty.

Please can you explain the role of the different accounts specified in the QuickBooks Settings screen?

The following account is used when invoices and bills are exported to QuickBooks:

Accounts Receivable: This account is a record of money owed to a business, that is, invoices for which a business has not received payment.

Accounts Payable: Transactions related to money you owe, including bills, bill payments, and any credit you have with vendors.

The following accounts are used when Products are exported to QuickBooks:

Income Account: Quickbooks uses this account to track the income you earn from sales of this item.

COGS Account: QuickBooks uses this account to track how much you paid for goods and materials held in inventory that you eventually sold.

Asset Account: Refers to the account QuickBooks uses to track the current value of the company’s inventory.

The following accounts are used for Inventory Adjustments:

Negative Adjustment: Manual Inventory Adjustments made by changing stock in the Warehouse screen in AP which result in a decrease in stock will be recorded against this account in QuickBooks.

Positive Adjustment: Manual Inventory Adjustments made by changing stock in the Warehouse screen in AP which result in a decrease in stock will be recorded against this account in QuickBooks.