The Chart of Accounts shows a complete listing of all the accounts that have been created for your company and their total balances. When you open the Chart of Accounts, you view the active and the inactive accounts in the grid. In addition, you can add a new account from within the Chart of Accounts.
If you have created sub-accounts, they are indented and listed below the parent accounts. The balance of a parent account is the sum of all sub-accounts beneath it. You can choose to view all accounts in an aligned format by collapsing the hierarchy. In this case, a parent account will equal the sum of all postings made directly to it.
BillQuick Online comes with the following system accounts:
Account ID |
Account Name |
Account Description |
Account Type |
11000 |
Accounts Receivable |
Accounts Receivable |
Accounts Receivable |
12000 |
Undeposited Funds |
Undeposited Funds |
Other Current Asset |
12010 |
Legacy Payments |
Legacy Payments |
Other Current Asset |
20000 |
Accounts Payable |
Accounts Payable |
Accounts Payable |
2100 |
Payroll Liabilities |
Payroll Liabilities |
Other Current Liability |
2200 |
Customer Deposits/Retainers |
Customer Deposits/Retainers |
Other Current Liability |
25100 |
Main Service Tax Payable |
Main Service Tax Payable |
Other Current Liability |
25200 |
Main Expense Tax Payable |
Main Expense Tax Payable |
Other Current Liability |
25300 |
Service Tax Payable |
Service Tax Payable |
Other Current Liability |
25400 |
Expense Tax Payable |
Expense Tax Payable |
Other Current Liability |
3000 |
Opening Balance Equity |
Opening Balance Equity |
Equity |
40000 |
Default Item Income Account |
Default Item Income Account |
Income |
40199 |
Default Discount Account |
Default Discount Account |
Income |
60001 |
Default Item Expense Account |
Default Item Expense Account |
Expense |
6560 |
Payroll Expenses |
Payroll Expenses |
Expense |