Now we are ready to look at the Accounting Preferences. Under the Company Preference tab, you can turn on account numbers, use class tracking, automatically assign general journal numbers, set warnings, and closing date.
As accountants and bookkeepers, we like to use account numbers. When you turn on account numbers, QuickBooks will automatically assign account numbers to the accounts that QuickBooks automatically sets up. If you’ve added accounts to the Chart of Accounts, then you’ll need to also add those account numbers.
Class tracking is another handy tool. If you need to track income expenses by certain groups then class tracking is a great tool. Once you turn this on, you’ll need to enter classes on your transactions. Then you can run reports by class to show the classes by groups.
There are several warnings that you should make sure you have turned on. These are another internal control that can keep you from making too many mistakes!