QuickBooks Chart of Accounts Naming Conventions

FinancialSoft’s software used in its Financial Analysis reports organizes your QuickBooks data to generate all the metrics. QuickBooks summarizes many of the accounts we need, but some just are not narrow enough so our software needs to look at the name of each account to determine whether or not they fit into specific account categories that the software requires. The software is dependent upon logical account names. These accounts are:

  1. Balance Sheet – Inventory: Current Assets
  2. P&L – Income Tax: Expense
  3. P&L – Interest:  Expense
  4. P&L – Amortization: Expense
  5. P&L – Depreciation: Expense

We have created a table for you to see what names within the QuickBooks account names can be identified by our software.

Statement Account Category

Account Naming*

{word(s) contained within account name}

QuickBooks Account Type
Balance Sheet Inventory Inventory Current Asset Other Current Asset
Income Statement (P&L) Income Taxes Income Taxes Expense Other Expense
Income Tax
Depreciation Depreciation
Amortization Amortization
Interest Interest
*Note: The Account Naming show the word(s) that must appear in the Account Name that FinancialSoft’s Financial Analysis Reports can identify for use in the mathematics to generate the report metrics. It is also important that the full account name must also be in the company’s Chart of Accounts (Account Listing). See the following examples:
Statement Account Category Account Naming* Actual Account Name (example)
Balance Sheet Inventory Inventory Warehouse Inventory
Stock Room Inventory
WIP Inventory
Parts Inventory
Inv Piece Part Inv
Income Statement (P&L) Income Taxes Income Taxes State Income Tax
Income Tax Federal Income Taxes
Depreciation Depreciation Fixed Asset Depreciation
Office Equipment Deprecation
Amortization Amortization Computer System Amortization
Factory Equipment Amortization
Interest Interest Interest Expense
Bank Loan Interest
Credit Card Interest

Special Note: When accountants talk about “before tax” or “pre-tax” i.e. Earning Before Taxes, the tax they are talking about is always Income Taxes from State or Federal. Accounts like “Payroll Tax”, “Sales Tax”, “FICA” are taxes but are not included in accounting terms as “before tax”.