QuickBooks Consultants and Bookkeepers need to track their own business income and expenses just as they do for their clients, and QuickBooks has a chart of accounts tailored for companies in the accounting industry. CPAs, accountants, and bookkeepers offer many services such as personal and business tax preparation, consulting, financial planning, payroll processing, bookkeeping and even training services. Accounting companies are almost entirely service based unless they sell applications like integrated QuickBooks add-on software. So a good chart of accounts for accountants will be set up accounts based on services such as:
- Payroll Processing
- QuickBooks Consulting and Training
- Integrating Software with QuickBooks
- Customizing Reports
- Tax Preparation
- Financial Planning
- Cash Flow Analysis
- Financial Analysis
- Bank Reconciliation
- Month End Closing Process
- Monthly Management Reporting
- Job Costing
- Joint Venture Accounting
- Property Cost Accounting
Setting up your income accounts depends on what kind of services you provide. If you have only one main service, you may just have one Accounting Services income account. If you offer multiple services, perhaps tax preparation along with bookkeeping services, it is recommended that you create an income account for each one.
Where Can I Find More QuickBooks Help?
To learn about a chart of accounts for another industry, try our post on industry specific charts of accounts.
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