In QuickBooks, you can create a new subaccount for each of your different business locations. For example, if you have multiple offices in the same state and one office is more specialized than the other, it’s possible to create an account that tracks information specific to that location only. In order to do this, follow these steps: Create a new company file by going into File>New Company Setup
In the New Company Setup window click on Sub-Accounts tab
Select Add from drop down menu under “Create New” section
Enter name and description then click Next button
Under Saved Locations enter desired location as seen below
Click Save when finished
To create a sub account in QuickBooks, you will need to open the “QuickBooks Desktop” application. Once there, click on the “File” menu and then select “New”. From there, you can add your new account by clicking on “Accounts”, selecting the type of account you want to make (e.g., Sub Account), and following the prompts. Read more in detail here: how to make a sub account in quickbooks desktop.
Make a new subaccount on your account.
- Select Chart of Accounts from the Settings menu.
- Make a new selection. Choose an account and a detail type.
- Enter the parent account after selecting Is sub-account.
- Assign a name to your new subaccount.
- Tell QuickBooks when you want your account to start for the as of date.
- Choose Save and Exit.
Also, do you know what a QuickBooks sub account is?
Subaccounts may be created in QuickBooks Online to further split down your spending, income, and other financial data. You may separate your utilities account into subaccounts, for example, to keep track of various sorts of utility payments, such as gas, telephone, and water.
Also, in QuickBooks, how can I create a Subcontractor? Sub-customers may be added.
- Select Customers from the Sales menu.
- Choose the New Customer option.
- Fill in the information about your client.
- Select the Is sub-customer checkbox.
- Find the parent customer in the Parent?drop-down menu, then choose Bill with parent or Bill this customer.
- Select the Save option.
In addition, how can I set up a Subcontractor in QuickBooks desktop?
- Go to the Customers tab by selecting Sales from the left menu.
- To create a new client, click the New Customer button.
- In the Customer information box, fill in the required information.
- Enter the parent customer and check the Is sub-customer box.
- Save the file.
What is the difference between a sub account and a regular account?
A sub account is a separate account or connection that is nested inside a bigger account or relationship. These distinct accounts may hold data, communication, and other important information, as well as monies held in a bank’s custody.
Answers to Related Questions
In QuickBooks, how many sub accounts can you have?
What are the different kinds of accounts in QuickBooks?
In QuickBooks, there are two sorts of accounts: balance sheet accounts and income and spending accounts. Accounts on the balance sheet
- Bank accounts and equipment are examples of assets.
- Credit cards and bank loans are examples of liabilities.
- Retained profits and opening balances are examples of equity.
In QuickBooks, how can I update accounts with sub accounts?
Account types may be changed
- Go to the Settings menu.
- Select the Chart of Accounts option.
- Change the first sub-account you find.
- Select Edit from the Action column drop-down menu.
- Clear the Is subaccount checkbox in the Account dialog.
- From the drop-down menu, choose a new Account Type.
In QuickBooks Online, how can I establish a sub account?
Sub-Accounts: How to Create Them
Choose your sub-account type from the “Type” drop-down list: “Income,” “Expense,” “Liability,” “Asset,” or “Bank.” Sub-account types must match the parent account type; for example, an Income account cannot be used as a sub-account for an Expense account.
In QuickBooks, how can I consolidate sub accounts?
- Choose Accountant from the drop-down box, then Chart of Accounts.
- Make a mental note of or copy the name of the account you want to preserve.
- Select Edit Account from the context menu when you right-click the name of the account you want to combine.
- Replace the account name with the one you took note of or copied, then select Save & Close.
Is it possible to use QuickBooks to manage several bank accounts?
If you create a new bank account, QuickBooks will be able to handle it using its Bank component. Multiple bank accounts, as well as credit card accounts, may be added to QuickBooks without any issues.
In QuickBooks, how can I remove a sub account?
Here’s what you’ll need to do to remove an account:
- At the top, choose the gear symbol.
- Select Chart of Accounts from the Your Company area (COA).
- Look for the account you wish to get rid of.
- Select the drop-down menu in the Action column, then click Delete.
- When prompted whether you wish to remove anything, choose Yes.
What is a QuickBooks chart of accounts?
Accounts Chart of Accounts Your daily transactions are assigned to the chart of accounts, which is a list of asset, liability, equity, income, and cost accounts. This is one of the most significant lists in QuickBooks since it aids in the organization of your financial data.
In QuickBooks, how can I transfer transactions across accounts?
Find Transactions is the option to choose.
For each transaction you wish to alter, check the box. Then choose Reclassify from the drop-down menu. Choose a new account or a new class from the drop-down menus to transfer the transactions to. Select Apply when you’re finished.
Is it necessary to utilize account numbers in QuickBooks?
Unlike other accounting software, QuickBooks does not need you to give numbers to your chart of accounts and does not do it automatically. I have no opinion on whether or not your contracting company should utilize QuickBooks account numbers. Check with your CPA to see whether she or he is concerned.
In QuickBooks, how can I create a detail type?
Here’s how to do it:
- On the left side, choose Accounting.
- At the upper right, click the New button.
- Choose a Category Type (Expenses or Other Expenses).
- Choose a Detail Type (see the description below to help you select the right type).
- Fill in the Name field.
- It is not necessary to provide a description.
- Save and close the window.
What is a Subcontractor?
Sub-customers – In the database, anybody designated as a sub-customer is treated as an individual customer. They have their own contact information on file and are just connected to the “parent” consumer. A classic example of a sub-customer is a renter who phones to schedule a work, but the cost will be paid by the homeowner.
What is the purpose of QuickBooks software?
QuickBooks is a small company accounting software tool that allows firms to monitor daily transactions and manage sales and costs. It may be used to bill consumers, pay invoices, and produce reports for planning and tax filing, among other things.
How many hierarchical levels deep can you have Subcontractors?
You can have as many sub-customers as you like. Your sub-customers may have their own sub-customers (up to four levels deep).
Is job costing available in QuickBooks Online?
While QuickBooks Online does not have a built-in Job Costing system, it may be used to cost jobs and analyze their performance in a variety of ways.
What is the procedure for adding a new client to QuickBooks desktop?
In QuickBooks, create or add a new customer.
- Customers can be accessed by clicking the Customers icon on the icon bar, or by clicking Customers on the menu bar, then Customer Center.
- Select “New Customer and Job” from the drop-down menu.
- On the left, choose “Address Info.”
In QuickBooks, how can I create a customer list?
Using QuickBooks to Create a Customer List
- Choose the Lists –> Customer Job List command.
- Click the Customer:Job button and then the New command to add a new customer.
- Give the client a brief name in the Customer Name field.
- Ignore the As Of and Opening Balance boxes.
- Fill in the Address Info tab’s fields.
To create a sub account in QuickBooks, follow these steps: 1. Create the chart of accounts. 2. Add the new sub account to the chart of accounts. 3. Open the Chart of Accounts window and select “Add Sub Account”. 4. Select “New” from the drop-down menu for “Sub Account Type.” 5. Enter a name for your new sub account and click “OK.” Reference: sample chart of accounts with sub accounts.