QuickBooks Chart of Accounts. Sample chart of accounts for QuickBooks
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QuickBooks Chart of Accounts

The following list is a generic (sample) chart of accounts that can be used for QuickBooks. It is strictly an example and must be accommodated to your business.  The chart of accounts should be modified (add or delete accounts) to produce reports that will help you make management decisions in your business.  A good foundation for collecting information and reporting on business results is a customized chart of accounts. In addition to customizing the chart of accounts in QuickBooks, collecting detailed data on customers, employees, and vendors requires customizing forms, class names, and list items  to match your business needs. It  takes additional training to learn which activity will offer the most efficient method of gathering information.  Also required is the altering of office and sales procedures to include a system of checks and balances and facilitate data collection that will provide reliable error free information.  Sound business judgments requires sound accounting reports.   We can help you do it the right way the first time around.  Get expert advise now and avoid costly fix-it fees in the future.  Reap the benefits of having your pulse on the business plus save accounting fees over the life of your business. Call us for more information 1-800-216-0763.
 

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QuickBooks
Balance
Sheet
Accounts
 


Assets

Bank Accounts:
  • Business checking
  • Business savings
  • Payroll checking
  • Petty Cash (Out of Pocket expenses)
  • Barter checking
Accounts receivable
  • Accounts Receivable
Current Assets
  • Inventory
  • Undeposited Funds
Fixed Assets
  • Equipment
  • Furniture and Fixtures
  • Vehicles
  • zAccumulated Depreciation
Other Assets
  • Start up costs (accountants use)
  • Accumulated Amortization
  • Notes Receivable 1 (officer, owner, related party)
  • Notes Receivable 2

Liabilities

Accounts Payable
  • Accounts Payable
Credit Cards used to purchase
  • American Express
  • Visa acct xxxx
  • Visa acct zzzz
Current Liabilities
  • Accrued Expenses
  • Payroll Tax Payable
    • Subaccounts if self prepared payroll
      941 Tax
      940 Tax
      Unemployment & state withholding
  • Sales Tax Payable
  • Deposits from Customers
  • Current portion of long term liabilities (for accountants use)
Long Term Liabilities
  • Loans
    • Subaccounts
      Bank/Car loan 1
      Bank/Car loan  2
  • Notes payable 1 to Officer, Owner, related party
  • Notes payable 2 to Officer, Owner, related party

 

Equity

 

For an S corporation

  • Capital Stock
  • Retained Earnings
  • Opening Balance Equity
  • Distributions Shareholder 1
  • Distributions Shareholder 2

For a partnership

  • Capital Partner 1
  • Capital Partner 2
  • Additional Capital Contributed partner 1
  • Additional Capital Contributed partner 2
  • Draw Partner 1
    • Draw1- Medical
    • Draw 1-Personal Taxes
    • Draw 1- Other
  • Draw Partner 2
    • Draw 2- Medical
    • Draw 2-Personal Taxes
    • Draw 2- Other

For a Sole Proprietorship

  • Capital
  • Additional Capital Contributed
  • Draw
    • Draw1- Medical
    • Draw 1-Personal Taxes
    • Draw 1- Other

For a C Corporation

  • Capital Stock
  • Retained Earnings
  • Opening Balance Equity
  • Dividends
  • Additional Paid in Capital

 

     
 
 
 

QuickBooks
Income
Statement
(Profit & Loss)

 

Income

   
  • Services
  • Parts / products sold
  • Sales write offs
 

Cost of Goods Sold

   
  • Materials
  • Labor
  • Outside services/Subcontractors
  • Supplies
  • Small tools
   

Expenses

Tip:
Using subaccounts, you can produce reports that provide subtotals for related accounts. 

But try to keep your list of income & expense accounts to a single page.  Use items to collect further detail.

Remember, the profit and loss report is a key indicator of how your business is doing.  If it is more than 1 page long, you may fail to see the "red-flags" as it will be buried among the detail!
 
  • Advertising
            Subaccounts
    • Marketing costs
    • Inventory used for promotion
  • Automobile Expense
  • Bank Service Charges
  • Cleaning
  • Contributions
  • Depreciation Expense
  • Discounts Taken
  • Dues and Subscriptions
  • Insurance
             Subaccounts:
    • Auto Insurance
    • Business Liab & Contents
    • Disability Insurance
    • Life
    • Medical
  • Interest Expense
  • Licenses and Permits
  • Maintenance & repairs
  • Meals & Entertainment
  • Merchant credit card fees
  • Office Expenses
             Subaccounts
    • Computer expenses
    • Postage and Delivery
    • Office Supplies
    • Other Office Expenses
  • Payroll Taxes
  • Professional Fees
  • Rent
  • Salaries -Office
  • Salaries - Officers
  • Telephone
  • Travel
  • Utilities
    Other Income
  • Interest Income
    Other Expenses
  • Ask Accountant (set up an account to hold those transactions that you do not know how to handle. Each month or quarter, call accountant for help and reclassify to the proper account)

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