Dear all, can you just help me little bit - how to set up Control Accounts in QuickBooks COA? (debtors control account, creditors control accounts , VAT control accounts ... )
I am just playing with QB Trial version and I did find possibility to set,edit,delete,create new accounts, But I am not sure how to set control accounts. (In Sage automatically created accounts as 1100, 2100,2201...)
Thank you very much for any help and explanation.
Rastislav
Quickbooks automatically creates Accounts Receivable and Accounts Payable accounts when you set it up. I think it also automatically creates a VAT Liability account to which it posts purchase and sales tax entries (i.e. there aren't separate purchase and sales tax control accounts).
Stardoe is correct, QB doesn't work with the control accounts in the same way that Sage does, which saves a lot of hassle. When opening a new company file these accounts are created automatically, if you go into the 'Accounts' window, you will see them there. You can organise them in any order as well.
I was forever correct my clients who messed up the control accounts, one of the reasons I changed to QuickBooks.
