The suggested "chart of accounts" can easily be "over-ridden" - one can use a completely customized chart of accounts.Not completely true. Believe me, I've tried. There are certain structural items that you are stuck with including the fact that if it is not your first year, you have to open a separate "Retained Earnings"/"Owner's Equity account to record prior earnings. QB will NOT allow you to post anything to retained earnings directly on setup. It reserves it for itself. Additionally, it suggest accrual for most people which is incorrect or even more confusingly allows cash basis taxpayers/businesses to set up accounts receivable and payable thus effectively converting them to accrual. Nor does it do percentage income statements which I find a good management tool.I could rant for quite awhile about QB's shortcomings but will end here unless you want to know more. Peachtree and QB's prices are about the same here.
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