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How to Set QuickBooks 2014 Accounting Preferences

The My Preferences tab of the Accounting Preferences dialog box provides a single option: You can tell QuickBooks you want it to autofill information when recording a general journal entry.

Don’t get irritated with the lack of personalization, however. This almost total lack of individually personalized preferences makes sense, if you think about it. Accounting for a business needs to work the same way for Jane as it does for Joe and for Susan.

However, you do have the option to set several company preferences for accounting. Again, this makes sense if you think about it. Different companies run their accounting systems in different ways.

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By default, QuickBooks lets you use names to identify accounts on the Chart of Accounts or in the accounts list. For example, the account that you use to track wages expense may be known as “wages.” However, you can select the Use Account Numbers check box to tell QuickBooks that you want to use account numbers rather than account names for identifying accounts.

Larger businesses and businesses with very lengthy lists of accounts often use account numbers. You can more easily control both the ordering of accounts on a financial statement and the insertion of new accounts into the Chart of Accounts if you’re using numbers.

The Show Lowest Subaccount Only check box lets you tell QuickBooks that it should display the lowest subaccount rather than the higher parent account on financial statements. QuickBooks allows you to create subaccounts, which are accounts within accounts. You can also create sub-subaccounts, which are accounts within subaccounts. You use subaccounts to more finely track assets, liabilities, equity amounts, revenues, and expenses.

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