Standard Accounts



Standard accounts are our most common and flexible account types. Learn about the different standard accounts below, then open your account today. Dec 07, 2017 Read more about How to link multiple EPF accounts with UAN? Here is a step-by-step guide on Business Standard. EPFO initiated new facility to help employees consolidate past employee EPF accounts linked with UAN. To help over 4.5 crore EPFO members to merge multiple PF accounts with current UAN number.

  1. The standard account can help protect your computer by preventing users from making changes that effect everyone who uses the computer, such as deleting files that are required for the computer to work. We recommend creating a standard account for each user.
  2. Monthly cost. (United States Dollar) $8.99. Number of screens you can watch on at the same time. Number of phones or tablets you can have downloads on. Unlimited movies and TV shows.
  3. Other accounts should be set up according to vendor. If the business has more than one checking account, for example, the chart of accounts might include an account for each of them. Balance sheet accounts tend to follow a standard that lists the most liquid assets first.

Many clients ask me about how to “standardize” a chart of accounts or make the chart if account comply with generally accepted principles… Well here are standard Chart of Accounts number ranges:

1000 – 1999 Assets
2000 – 2999 Liabilities
3000 – 3999 Equity
4000 – 4999 Income or Revenue
5000 – 5999 Job Costs/Cost of Goods Sold
6000 – 6999 Overhead Costs or Expenses
7000 – 7999 Other Income
8000 – 8999 Other Expense

If you want to download a spreadsheet with the entire chart of accounts for all industries created by QuickBooks, see this post

What is the Chart of accounts?

The chart of accounts is a listing of all accounts used in the general ledger of an organization. The chart is used by the accounting software to aggregate information into an entity’s financial statements. The chart is usually sorted in order by account number, to ease the task of locating specific accounts. The accounts are usually numeric, but can also be alphabetic or alphanumeric.

The Chart of Accounts is the backbone of your accounting system. That’s why it is so important to understand how it works. Think of a chart of accounts as a file cabinet, with a file for each type of accounting information you want to track. For example, if you need to know how much money you spend on postage, you can set up a file (an account in the Chart of Accounts) for Postage Expense

Accounts are usually listed in order of their appearance in the financial statements, starting with the balance sheet and continuing with the income statement. Thus, the chart of accounts begins with cash, proceeds through liabilities and shareholders’ equity, and then continues with accounts for revenues and then expenses. Many organizations structure their chart of accounts so that expense information is separately compiled by department; thus, the sales department, engineering department, and accounting department all have the same set of expense accounts.

Standard Accounts Payable Metrics

Assets are things your company owns. They are usually divided into two groups: current assets and fixed assets. Current Assets are assets that you can easily turn into cash, such as checking accounts, savings accounts, money market and CD accounts, accounts receivable, and inventory. Current assets are normally numbered from 1000 to 1499. So, you might want to use account number 1100 for your company checking account because a checking account is a current asset.

Fixed assets are usually numbered from 1500 to 1999. These are items with a minimum cost (for example, $500) that you would have to sell to generate cash. Automobiles, equipment, and land are examples of fixed assets. For example, suppose last year your company bought a new computer system for $1,100. Since the cost of the system was more than $500, the purchase was entered to an asset account rather than to an expense account. Consult your accountant or tax preparer to determine the actual minimum cost you should use to determine fixed assets.

Liabilities

Liabilities are funds your company owes. For example, say your company borrowed $20,000 from the bank. When the $20,000 loan was deposited to the checking account, the deposit was entered in the liability account Bank Loans, not an income account.

Example, Payroll Liabilities:
The Payroll Liability account is a current liability account that QuickBooks automatically adds to your chart of account when you turn on payroll. The Payroll Liabilities account tracks taxes that you deduct from employee’s paychecks and hold temporarily until you turn them over to the government. These include federal and state income withholding taxes, local taxes, and the employee-paid portion of taxes such as Social Security and Medicare.

Capital/Equity

Your capital account structure depends on whether your company is organized as a sole proprietorship, partnership, or corporation.

If your company is a sole proprietorship, you need a Capital account and an Owner’s Drawing account. Use the Capital account to keep track of the total amount of money you have invested since starting the business, plus or minus the net profit or loss each year since you started the business. Use the Owner’s Drawing account for money you take out of the business for personal use, such as checks to the grocery store or dry cleaners, ATM transactions, your salary, and any money that gets deposited into your personal accounts.

It is important to keep in mind that the owner of a sole proprietorship doesn’t get a regular employee paycheck with money deducted for payroll taxes. Instead you pay quarterly estimated taxes, which you should always allocate to the Owner’s Drawing account.

If your company is a partnership or LLP (Limited Liability Partnership), you need to set up Capital and Drawing accounts for each partner. If your company is an S or C corporation or an LLC corporation, it should have a Common Stock account and sometimes a Preferred Stock account. Common stock and preferred stock represent the total sum of stock the company has issued. An LLC might have Member stock if there is more than one person who owns stock.

Income or Revenue

Income or revenue is the income you get from your normal day-to-day business tasks, such as professional fees, income for services rendered, reimbursable expenses, or products you sell.

Cost of Goods Sold

Cost of Goods Sold includes the cost of raw materials, freight charges for getting raw material to a warehouse, labor for building the finished goods, and freight charges for getting the goods to the customer. For manufacturing businesses, the Cost of Goods Sold includes the costs incurred in producing or building a product. For a wholesale business, Cost of Goods Sold are the costs of the goods you purchase for resale. For a distributor business, Cost of Goods Sold are the costs to purchase and distribute goods to the customer.

Expenses or Overhead Costs

Overhead Costs, or Expenses, are fixed costs you have even if you run out of work. Examples include rent, telephone, insurance, and utilities.

The Payroll Expenses account tracks payroll items that are an expense to your company. These include salaries, wages, bonuses, commissions, company contributions such as a company-paid health plan, and the company-paid portion of taxes such as Social Security and Medicare.

Other Income

Other Income is income you earn outside the normal way you do business, including interest income, gain on the sale of an asset, insurance settlement, a stock sale, or rents from buildings you own.
Other Expense is an expense that is outside of your normal business, such as a loss on the sale of an asset or stockbroker fees.
Here is a SAMPLE chart of accounts for the P&L accounts:
Income
4000Product Sales Income
4100Service Sales Income
4700Shipping Income
4800Other Income
4990Sales Returns
4980Sales Discounts
Cost of Goods Sold
5000Cost of Goods Sold
5010Purchases of Product
5210Freight In Costs
5220Freight Out / Shipping to Clients
5500Subcontracted Direct Labor
5600Commisions & Refferral Fees
5990Purchase Discounts
Expenses
6000Officer Salary
6001Regular Pay
6002Taxes
6009Other / Bonus
6010Employee Salary
6011Regular Pay
6012Taxes
6019Other/ Bonus
6040Rent/Lease Office
6050Rent/Lease Equipment (NonVehicle)
6060Repairs & Maintenance (NonVehicle)
6070Vehicle Expenses
6071Gas
6072Car Payment / Lease
6073Vehicle Maintenace
6074Parking & Tools
6075Vehicle Insurance
6100Advertising, Promotion, and Marketing
6101Printed Materials
6102Web Related
6103News, Magazine, Radio, TV
6104Business Gifts
6105Other Marketing & CRM Expenses
6110Postage, Shipping, & Printing
6120Office Supplies
6201Bad Debt Expense
6220Charitable Contributions
6230Software & Small Equipment
6250Bank Service Charges
6260Merchant Processing Fees
6270Janitorial & Cleaning Expense
6280Training & Continued Education
6300Insurance for Business
6301General Liability Insurance
6302Workmen’s Comp
6303Malpractice / Erros & Ommission
6304Other Insurance
6500Communications
6501Telephone – Lan
6502Telephone – Cel
6503Internet Access
6504Other Telecomunication Services
6505TV / Satellite
6510Utilitties
6511Water
6512Electricity
6513Other Utilities
6601Licences, Permits, and Local Taxes
6602Fines & Penalties
6603Dues & Subscriptions
6700Travel
6701Airfare
6702Hotel & Lodging
6703Vehicle Rental & Transportation
6704Meals while Traveling
6705Misc Travel Entertaiment
6720Meals & Entertainment
6721M&E With Clients
6722M&E Officers Only
6723M&E for Employees & Meetings
6800Professional Fees
6801Bookkeeping & Admin
6802CPA & Tax Planning
6803Attorneys & Legal Fees
6804Business & Management Consultant
6811Subcontracted Services (Other)
6901Interest Expense
6902Depreciation & Amortization
6911Misc & Other Expenses
6990Ask My Accountant / To Review
Other Income and Expenses
8010Interest Income
8020Other Non-Operating Income
8030Capital Gains
9020Other Expenses
9030Capital Losses

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  • 11/12/2015
Contents

Create Standard Account

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  1. Understand user accounts and permissions
This chapter from Windows 10 Step by Step guides you through procedures related to creating and managing user accounts, managing account pictures and passwords, and customizing your sign-in options.

Computers have become an integral part of our lives. We store personal and business information on them, and use them to access financial and social information online. That information might be protected by a password, but the password could easily be accessible to any other person who is using your computer. To protect your privacy and the integrity of your information, it is important to control who can sign in to your computer or tablet, and what they can do when they’re signed in.

Computer access is managed through user accounts. Each individual user of a computer, regardless of age, should sign in with his or her own account. Each user account has access to a private file storage area and user interface customizations, and to a shared public file storage area. Accounts designated as Child accounts have additional safeguards that are designed to protect them from content that isn’t age appropriate.

When you sign in to your computer, you have a myriad of options available for doing so. User accounts can be protected by passwords, but users can choose alternative sign-in credentials such as PINs, picture passwords, and biometric identification.

This chapter guides you through procedures related to creating and managing user accounts, managing account pictures and passwords, and customizing your sign-in options.

Understand user accounts and permissions

Windows 10 requires at least one user account. You specify that account when you’re completing the installation processes, or the first time the computer starts after Windows 10 has been installed. Windows 10 designates this first account as an administrator account so that the account can be used to manage the computer. It isn’t possible to sign on to the computer without a user account.

There are a lot of uses of the word “user” and “account” in this book, and particularly in this chapter. Here’s a summary of the uses of those terms:

  • A user is the person who is using the computer.
  • A user account is an account that a person uses to sign in to a computer.

Each user account is either:

  • A Microsoft account, which is any email address that has been registered with the Microsoft account service
  • A local account that exists only on a single computer and is not associated with a specific email address

You can use your Microsoft account to sign in to multiple computers, websites, and services by using the same email address and password. Signing in with your Microsoft account credentials allows you to share settings and files among all your devices. Any device you sign in to with this account can have access to the same settings and information. Signing in with a local account places limits on the applications you can purchase or download from the Store, and might limit your access to OneDrive. Because almost any email account can also be set up to be a Microsoft account, it’s a good idea to take advantage of the extra benefits that allows.

Every user account is also classified as either:

  • An Administrator account
  • A Standard User account

This classification provides a specific level of permission to manage system actions on the computer. We explain what each of these types of accounts can do in the next section of this topic.

Crack acdsee for mac. A user account can also be one of the following:

  • A Child account that is monitored by using Family Safety
  • An Adult account that can manage Family Safety settings for Child accounts

These are optional designations that make the user account holder part of your family group. We explain family safety in the sidebar “Manage and monitor family safety settings” later in this chapter.

User profiles

Windows provides the ability to share one computer among multiple users, or for one user to have multiple accounts for different purposes. To do this, each user account (whether a Microsoft account or a local account) is associated with a user profile that describes the way the computer environment (the user interface) looks and operates for that user. This information includes simple things such as the desktop background, desktop content, and Windows color scheme. It also includes personal and confidential information, such as saved passwords and your Internet browsing history.

Each user profile includes a personal folder that is not generally accessible by other people who are using the computer, in which you can store documents, pictures, media, and other files that you want to keep private.

The Windows 10 system of user profiles allows more than one person to use the same computer while providing the following safeguards:

  • Each user’s information is stored separately You prevent Standard Users from reading or altering your documents, pictures, music, and other files by storing them in subfolders that are automatically set up within your user account folder. For example, if you manage your family’s financial records on a home computer that your children use to do their homework, the children log in with separate accounts and don’t have access to confidential information or the ability to change your files. Administrators can access all user accounts.
  • Each user’s working environment is protected You can personalize your environment in various ways, without worrying about other people making changes to your personal settings.
  • Each user’s app usage is unique Each user runs separate instances of each app on the computer. For example, you can set up Outlook to connect to your accounts, and other computer users can set up Outlook to connect to their accounts, but they cannot also connect to your accounts. Each user’s data is stored and managed separately.

User account permissions

The system actions that a user can perform are governed by the type of account he or she signs in with. An administrator account has higher-level permissions than a standard user account, which means that an administrator account owner can perform tasks on your computer that a standard user account owner cannot.

Standard user account credentials allow a user to do things that affect only his or her account, including:

  • Change or remove the password.
  • Change the user account picture.
  • Change the theme and desktop settings.
  • View files stored in his or her personal folders and files in the Public folders.

Administrator account credentials are necessary to do things such as:

  • Create, change, and delete accounts.
  • Change settings that affect all of the computer’s users.
  • Change security-related settings.
  • Install and remove apps.
  • Access system files and files in other user account profiles.

Games for apple mac computer. Tasks that require administrator permission are indicated in windows and dialog boxes by a Windows security icon.

The Windows security icon is shaped like a shield

If you have an administrator account—even if you’re the only person who will be using your computer—it’s a good idea to create and use a standard user account for your day-to-day computing. There is a much higher risk of serious damage to a computer system if malware infiltrates your computer (or a malicious person gains control of it) when you’re signed in as an administrator than there is when you’re signed in as a standard user. Through an administrator account, the person or app has access to all system files and settings, whereas a standard user account doesn’t have access to certain functions that can permanently damage the system.

Family accounts

Many children use computers for educational or entertainment purposes. Each child should have a unique Microsoft account that you designate as a Child account. For each Child account, you (and other adults you designate as family members) can do the following:

  • Monitor web browsing history, app use, and game use.
  • Block websites that contain adult content, or allow young children to visit only specific websites.
  • Restrict the usage of apps and games to only those that meet specific age ratings.
  • Monitor screen time, and restrict computer usage to only specific times or to a specific number of hours per day.
  • Manage payment options and monitor purchases in the Windows Store and Xbox Store.

You can monitor children’s activity on every computer or device they sign in to with their Microsoft accounts.

Standard Accounts

You can check on your child’s recent computer usage on the Family page of your Microsoft account website (at account.microsoft.com) at any time, and you can opt to receive weekly reports summarizing your child’s computer use.

User Account Control

User Account Control (UAC) protects your computer from changes to Windows system settings by requiring that an administrator expressly permit certain types of changes. Each area of the Windows interface that requires administrator permission is labeled with a security icon. When you attempt to access or change protected Windows settings, a User Account Control dialog box appears, asking for confirmation that Windows should continue the operation.

The User Account Control message box varies depending on your account and the action

If you’re signed in with an administrator account, you can simply click the Yes button to continue the operation. If you’re signed in with a standard user account, the message box displays a list of the administrator accounts on the computer. To continue the operation, you click one of the administrator accounts, enter its password in the box that appears, and then click Yes.

Windows doesn’t save the credentials you enter in the User Account Control message box; they are valid for this operation only. Anyone who doesn’t have access to administrator credentials can’t perform the operation, which effectively prevents non-administrators from making changes you haven’t authorized.

UAC has four levels of control. Only the first two are available when you’re signed in with a standard user account, even if you have access to administrator credentials:

  • Always notify me This is the default setting for a Standard User account. When a user or app initiates a change that requires administrator credentials, the desktop dims and the User Account Control message box opens. You must respond to the message box before you can take any other action.
  • Notify me only when apps try to make changes to my computer This is the default setting for an Administrator account. When an app initiates a change that requires administrator credentials, the desktop dims and the User Account Control message box opens. You must respond to the dialog box before you can continue.
  • Notify me only when apps try to make changes to my computer (do not dim my desktop) When an app initiates a restricted action, the User Account Control message box opens. The restricted action will not be performed until you respond to the dialog box, but you can perform other tasks while the message box is open.
  • Never notify me This is the equivalent of turning off UAC. Any user or app can make any changes to the computer without restriction.

With the default setting, Windows 10 prompts for administrator credentials when a user or app initiates an action that will modify system files. There’s not a lot of reason to change the User Account Control setting, but you can.

To change the User Account Control setting

  1. On the taskbar or in the Settings window, enter UAC in the search box and then, in the search results list, click User Account Control Settings.

    The User Account Control Settings window opens.

    You can select from four levels of change control

  2. Click above or below the slider, or drag it, to set UAC to the level you want, and then click OK.
  3. In the User Account Control message box that appears, enter administrator credentials if necessary, and then click OK.

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This chapter is from the book

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