Everyone gets the same set of standards accounts. QuickBooks adds accounts based on your industry. If you don't see the account you need, add it manually. You can also edit, delete, or hide an account.
| Account | What it is | Automatically added by QuickBooks when you... |
| Accounts Payable (A/P) | Tracks bills and bill payments for your business. If your business uses multiple A/P accounts, QuickBooks lets you choose one when you enter and pay bills. | Create a bill for the first time. |
| Accounts Receivable (A/R) | Tracks invoices and payments from customers. If you use more than one A/R account, QuickBooks lets you choose one when you invoice or receive payment. | Create an invoice for the first time. |
| Opening Balance Equity | Offsets opening balance transactions to make sure the Balance Sheet remains balanced. | Enter the opening balance for a balance sheet account. |
| Payroll Expense | Tracks payroll items (expense) for the company, including salaries, wages, bonuses, and commissions. This includes company contributions like company paid health plans and company paid portions of taxes like Social Security and Medicare. | Turn on payroll for the first time. |
| Payroll Liabilities | Tracks taxes and deductions from your employees' salaries until you turn them over to the government. This includes federal and state income withholding, local and employee paid taxes like Medicare and Social Security. | Turn on payroll for the first time. |
| Retained Earnings | At the beginning of a new fiscal year, QuickBooks transfers net income into your retained earnings account. | Set up a new company file. |
| Sales Tax Payable | Tracks all sales tax you collect and pay. Amounts not yet paid are a liability payable to the sales tax jurisdictions. | Turn on sales tax. |
| Uncategorized Expense | Expenses not categorized to a specific expense account like an opening vendor balance. | Enter an opening balance for a vendor. |
| Uncategorized Income | Income not categorized to a specific income account like an opening customer balance. | Enter an opening balance for a customer. |
| Undeposited Funds | Tracks customer payments you collect until you deposit them. | |
| Inventory Asset | Tracks the value of your inventory. | Add an inventory part or assembly for the first time. |
| Reconciliation Discrepancy | Tracks previously reconciled transactions changed since the last account reconciliation. | Enter an adjustment to reconcile discrepancies. |
