![]() The balance of this account should always be zero, amounts in this account are moved to other specific owner Equity accounts and prior year Retained Earnings This dollar amount is typically deleted and replaced with the missing transactions that makeup that dollar amount. The dollar amount in each account on the date you started your file is automatically entered here. Opening Balance Equity – This account is created when you start your QuickBooks Online file and first connect your bank and credit card accounts.Note that all payroll expenses are mapped to this account by default. Payroll Expense – This account is created when the “Payroll” feature is turned on.These can be the cost of goods or labor directly tied to the product or service delivery, also known as the cost of sales Cost of Goods Sold (COGS or COS) – This account tracks the expenses that are required to deliver the products or services you sell.Uncategorized Expenses – This account is automatically setup to track expenses that have not been categorized to a specific “Expense” account.Uncategorized Income – This account is automatically setup to track income that has not been categorized to a specific “Income” account.Sales Tax Payable – This account is created when the “Sales Tax” feature is turned-on.It tracks how much money you owe to your vendors Accounts Payable – This account is automatically setup to track bills. ![]() Think of this as your virtual bank deposit slip that tracks the money you have collected until which time you deposit it into a bank account. Undeposited Funds – This account is created the first time you receive a payment from an “Invoice” or a “Sales Receipt”.It tracks the value of your on-hand inventory with the FIFO (first-in-first-out) method Inventory Asset – This account is created the moment you enter an “Inventory” item.It tracks how much money is owed to you by your customers Accounts Receivable – This account is created the moment you enter your first “Invoice”. ![]()
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