A list is a group of something that is gathered together in a useful manner. There are many lists created within QuickBooks. These lists help QuickBooks users to view and compare items quickly. This section will focus on four main types of lists. There are other lists that we will refer to later as we discuss customers and vendors. The four lists are the Chart of Accounts, Item List, Fixed Asset Item List, and the Memorized Transaction List.
The Chart of Accounts is essential to good reporting. If there are mislabeled or misclassified accounts, this could make the financial reports less useful to the financial statement users. The Chart of Accounts in QuickBooks helps keep track of account names, descriptions, and a history of the use.
The Item List is essential to maintain, if you are using the inventory function in QuickBooks. This helps you to keep track of the amount on hand, price, cost, and other inventory details. As the balance sheet includes the inventory value, it is important to understand the nature of the item list.
The Fixed Asset Item List keeps track of any purchase that is considered a fixed asset. This list helps with understanding the capitalization process and depreciation.
In the regular course of business, you may have transactions that repeat often. The Memorized Transaction List helps you to identify and manage transactions that occur regularly. It’s always nice to be able to spend time on more meaningful work.