Assets Accounts

[bartsamberle]

Setting up inventory and need to choose an assets account for each material. What kind of effect does the assets account have on accounting and Quickbooks? Does it matter which account I choose? What are the repercussions if I choose the wrong one? Can I just put everything under the "materials" account? Thanks

[MadisonPCG]

@bartsamberle It does matter and can make for an accounting nightmare for your accounting team. Please be sure to loop them in to be sure you're mapping your materials to the accounts they need them to export into in QuickBooks.

[LBabayan]

Hi @bartsamberle, 

Thank you for posting this question. Please review this article and pay attention to the Default GL Accounts section, you will find a description of each GL account type. 

Hope this is helpful.