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Home   Help with Intuit Products   International   QuickBooks Canada   General Discussion (Canada)  
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04/19/2013 at 09:23AM PDT
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01/26/10 6:20pm PST
Viewed by asker 01/29/10 5:45am PST

Chart of Accounts - Numbering Standard

Is there a "standard" numbering sequence for accounts

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01/26/10 6:50pm PST

There are many.

CRA requires the GIFI for filing tax returns.  There is a long version and a short version.  You can download them from the CRA website.

In addition, every accounting firm has its own standard, every bookkeeping textbook has its own standard, every stock exchange has its own standard, every bookkeeping program has its own standard, and every franchisor has its own standards.  Moreover, many of these standards have variations for specific industries.  I've probably missed some.

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01/27/10 4:21pm PST

To comment on the answer provided to me:  There is a GAAP standard numbering system within Quick Books and is applied when you select "Use Account Numbers" in preferences.  I appreciate each industry has their own "standard" - the answer to provide me with should have been as stated above - Yes - Go to [Edit] -[Company Preferences], very simple.  The answer was found using the Overview & Setup I skipped initially.  But, thank you anyway.

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01/28/10 8:12am PST

Here is an example of a numbering scheme for your chart of accounts.  Like Safari mentioned above, there are many out there.

1000 - 1999: Asset Accounts
2000 - 2999: Liability Accounts
3000 - 3999: Equity Accounts
4000 - 4999: Revenue Accounts
5000 - 5999: COGS (Cost of Goods Sold)
6000 - 6999: Expense Accounts
7000 - 7999: Other Reveue
8000 - 8999: Other Expense

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01/28/10 9:12am PST

Are you working with an accountant?

If so, ask them for there numbering sequence.

As mentioned, there are many "standard" numbering sequences.

I deal with several accountants and the each have their own numbering sequence.

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01/28/10 9:24pm PST

And despite the numerous "standard" numbering systems, there is NOT one called "GAAP standard numbering".

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01/29/10 5:45am PST

GAAP - Generally Accepted Accounting Practices - as quoted from the Quick Books Learning Centre "Default account numbers are assigned to accounts based on account type and within ranges based on generally accepted accounting principles (GAAP). You can change an account number at any time. "

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