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  #1  
Old 04-10-2013, 04:27 PM
CleanCuts12 CleanCuts12 is offline
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Join Date: Oct 2012
Location: Jenison, MI
Posts: 37
QuickBooks Chart of Accounts

Hello,

I have decided to start tracking my finances with QuickBooks online. I am familiar with QuickBooks and know how to work it, but I would like to hear some input with the chart of accounts. I know how to perform the account, but I have never set up the accounts myself before. I don't need it to be extremely detailed. I decided to start this thread to see what others have used for their char of accounts? Suggestions? Comments? Upload your chart to the forum?

Anything will help,
Thanks!
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  #2  
Old 04-13-2013, 12:46 PM
dllawson dllawson is offline
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Join Date: Feb 2013
Location: Southeast, GA
Posts: 172
Your chart of accounts will evolve as your business becomes more mature, but you can start by tracking a few key areas.

Income

Direct expenses – These are items you only pay for if you do a job. The most important are time (labor) and materials (anything you leave or use on a customer’s property: plants, fuel, blades, etc.) If you do not work tomorrow, you will not have any bills in this section. These items subtracted from your income will calculate your gross profit.

Indirect expenses – These are items you must have to be in business, but may be hard to tie directly to a job. These are also things you have to pay for each month even if you did not do any work. Cell phones, insurance and hopefully your salary are great examples. If you do not work tomorrow you will still have to pay bills in this section. These items subtracted from your gross profit will calculate your net profit.

If you start by measuring these three areas, you will get a good idea of how your business is performing. Gross profit will tell you if your jobs are profitable, and net profit will tell you if your business is profitable. Add new accounts as you become more curious about different areas of your business.
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  #3  
Old 04-13-2013, 04:51 PM
CleanCuts12 CleanCuts12 is offline
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Join Date: Oct 2012
Location: Jenison, MI
Posts: 37
What I have so far:

This is what I have so far -- any suggestions for improvement?

Asset Accounts
No. Account Title
110 Cash
120 Accounts Receivable
130 Supplies
140 Prepaid Insurance
150 Equipment
160 Accumulated Depreciation

Liability Accounts
No. Account Title
210 Notes Payable
220 Accounts Payable
230 Wages Payable
240 Interest Payable
250 Unearned Revenues

Owner's Equity Accounts
No. Account Title
260 Capital
261 - Capital - owner
270 Drawing
271 - Drawing - owner

Operating Revenue Accounts
No. Account Title
310 Service Revenues
311 - Service Revenues - Mowing Package
312 - Service Revenues - Spring Clean Up
313 - Service Revenues - Fall Clean Up
314 - Service Revenues - Mulch
315 - Service Revenues - Trimming
316 - Service Revenues - Edging
317 - Service Revenues - One-time Mowing
318 - Service Revenues - Other

Operating Expense Accounts
No. Account Title
510 Gas Expense
511 - Gas Expense - Equipment
512 - Gas Expense - Truck
520 Supplies Expense
521 - Supplies Expense - Administrative
522 - Supplies Expense - General
530 Repairs and Maintance Expense
531 - Repairs and Maintance Expense - Equipment
532 - Repairs and Maintance Expense - Truck
540 Wages Expense
550 Insurance Expense
560 Interest Expense
570 Rent Expense
610 Advertising Expense
710 Depreciation Expense

Non-Operating Revenues and Expenses, Gains, and Losses
No. Account Title
910 Gain on Sales of Assets
920 Loss on Sales of Assets
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  #4  
Old 05-01-2013, 12:58 PM
rbljack rbljack is offline
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Join Date: Aug 2012
Location: Texas
Posts: 542
I started using quickbooks online myself last month, and discovered it wasn't like the contractors edition that you can purchase. I thought it would allow me to select lawn care or landscaping and set up a basic chart of accounts for our business model...but nope.

So I too am looking for help in this area. Can we get some additional info on this topic please.

I used the search function to find this post, and am looking through others, but would like to hear what yall have for info...thanks.
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