Some companies prefer to view account numbers with the Chart of Accounts. This video helps you understand what the numbers mean, and how to add them.
- [Instructor] Many companies choose to use … account numbers with the Chart of Accounts. … To turn them on, click edit and choose preferences. … Click accounting on the left … and then change to the company preferences tab. … Place a checkmark next to use account numbers, … then click OK. … When you go back into the Chart of Accounts, … you'll see the numbers. … The number system is based on a standard called the … Generally Accepted Accounting Principles or GAAP. … The 10,000's is for assets. … The 20,000's are for liability accounts. … The 30,000's are for equity. … The 40's are for income accounts. … The 50's belong with the cost of goods sold. … The 60's range is for expense accounts, … and the 70's and 80's are for other income … or other expense accounts. … When you add new accounts, … you can choose the number system based on that GAAP system. … …
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