Monday, January 2, 2012

QuickBooks: Are There "Others"?

As you look at the informaiton posted during the past year, I hope you are not surprised to see "OTHER" as an account.

The reason is that when a chart of account has subaccounts, posting should only be made to the subaccount. You can always tell which accounts are sub accounts, because they are located under the Parent account, and are always indented.

Fix the entry:
When you see the "- Other" on a report, double click on the amount until you trace it back to the original transaction. Reclassify it to a correct sub account.

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