Archived
05-03-2008, 08:12 PM
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(2/15/2004 7:17:56 PM) JR wrote:
I would like to add intermediate asset and liability to my chart of accounts.
Would someone instruct me as to how to do it?
New to QB, as I understand it is adding a parent account.
Thanks for the help.
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Well, you can add an account to QuickBooks in the Chart of Accounts window, but QuickBooks does not honor the concept of "intermediate" accounts. Regardless of what you do, QuickBooks' Balance Sheet reports won't contain a separate section for Intermediate assets or liabilities.
(It turns out that intermediate assets & liabilities are peculiar to use in agriculture & some other industries--they aren't necessarily part of generally accepted accounting practice.)
What to do? Just add a new account named "Intermediate Assets" using the Other Asset account type. Add another named "Intermediate Liabilities" using the Long Term Liability account type. But don't post directly to those accounts; instead, add sub accounts to each of them for specific assets or liabilities and post to those sub accounts.
Mark Wilsdorf
Flagship Technologies, Inc.
http://www.goflagship.com
(2/15/2004 7:17:56 PM) JR wrote:
I would like to add intermediate asset and liability to my chart of accounts.
Would someone instruct me as to how to do it?
New to QB, as I understand it is adding a parent account.
Thanks for the help.
====================================
Well, you can add an account to QuickBooks in the Chart of Accounts window, but QuickBooks does not honor the concept of "intermediate" accounts. Regardless of what you do, QuickBooks' Balance Sheet reports won't contain a separate section for Intermediate assets or liabilities.
(It turns out that intermediate assets & liabilities are peculiar to use in agriculture & some other industries--they aren't necessarily part of generally accepted accounting practice.)
What to do? Just add a new account named "Intermediate Assets" using the Other Asset account type. Add another named "Intermediate Liabilities" using the Long Term Liability account type. But don't post directly to those accounts; instead, add sub accounts to each of them for specific assets or liabilities and post to those sub accounts.
Mark Wilsdorf
Flagship Technologies, Inc.
http://www.goflagship.com