Moreover, if Other/None is selected, the following accounts are created only when the forms or transactions are used or the related preferences are selected:
• Account Receivable - Asset, when Invoice form is opened
• Inventory Asset – Asset, when Inventory item is created
• Account Payable – Liability, when Enter Bill form is opened
• Sales Tax Payable – liability, when Sales Tax preference is enabled
• Estimates – Non-Posting, when Estimate form is opened
• Purchase Orders – Non-Posting, when Purchase Order form is opened
There is an easy way to check whether an account is created automatically or not – open your chart of account, highlight the account you want to check, and click Edit. If the Account Type is greyed out, this account is created automatically.
The following Retained Earnings account (automatically created) illustrates it where the “Equity” in the Account Type field is greyed out:
