Accounting Software

Reconciliation Discrepancies – QuickBooks uses this account to track all reconciliation differences.

Inventory Asset – This account tracks the current value of your inventory.

Cost of Goods Sold – QuickBooks uses this account to track how much you paid for goods and materials that were held in inventory and then sold.

Undeposited Funds – QuickBooks uses this account to hold money you’ve collected until you deposit it in a bank account.

Uncategorized Income – An account that QuickBooks automatically adds to your chart of accounts the first time you enter an opening balance for a customer.

Uncategorized Expense – An account that QuickBooks automatically adds to your chart of accounts the first time you enter an opening balance for a vendor.

Retained Earnings – QuickBooks uses this account to track profits from earlier periods that have not yet been distributed to owners.

Purchase Orders – QuickBooks creates this account the first time you create a purchase order. This is a non-posting account that does not affect your balance sheet or income statement.

Payroll Liabilities – The Payroll Liabilities account tracks taxes that you deduct from employees’ paychecks and hold temporarily until you turn them over to the government.

Payroll Expenses – The Payroll Expenses account tracks payroll items that are an expense to your company.