- #QUICKBOOKS CONTRACTOR PRO CHART OF ACCOUNTS HOW TO#
- #QUICKBOOKS CONTRACTOR PRO CHART OF ACCOUNTS WINDOWS 10#
- #QUICKBOOKS CONTRACTOR PRO CHART OF ACCOUNTS SOFTWARE#
1000 ASSETSġ290 A/REC Allowance for Uncollectible Accounts 1300 INVENTORIESġ390 INV – Reserve for Obsolescence 1400 PREPAID EXPENSES & OTHER CURRENT ASSETSġ450 PREPAID – Deposits 1500 PROPERTY PLANT & EQUIPMENTġ560 PPE – Leasehold Improvements 1600 ACCUMULATED DEPRECIATION & AMORTIZATIONġ660 ACCUM DEPR Leasehold Improvements 1700 NON – CURRENT RECEIVABLESġ730 NCA – Retainage Withheld 1800 INTERCOMPANY RECEIVABLESġ930 Intangible Assets – Capitalized Software Costs 2000 LIABILITIESĢ150 Current Maturities of Long-Term DebtĢ170 Construction Loans Payable 2200 ACCRUED COMPENSATION & RELATED ITEMSĢ285 W/H – 401 K Employee Contribution 2300 OTHER ACCRUED EXPENSESĢ340 Accrued – Warranty Expense 2500 ACCRUED TAXESĢ550 Deferred – State Income Taxes 2600 DEFERRED TAXESĢ620 D/T – SIT – NON CURRENT 2700 LONG-TERM DEBTĢ730 LTD – Installment Notes Payable 2800 INTERCOMPANY PAYABLES 2900 OTHER NON CURRENT LIABILITIES 3000 OWNERS EQUITIESĤ950 Sales Discounts 5000 COST OF GOODS SOLDĥ950 Reserved 6000 – 7000 OPERATING EXPENSES But if you are starting from scratch, then the following is great place to start.
Each company’s chart of accounts may look slightly different. Refer to the following sample chart of accounts. In addition, you may customize your COA to your industry by adding to the Inventory, Revenue and Cost of Goods Sold sections to the sample chart of accounts. You can use the following example of chart of accounts to set up the general ledger of most companies. In conclusion, the standard chart of account is useful for analyzing past transactions and using historical data to forecast future trends. Whereas, if a company is more sophisticated, then the chart of accounts can be either paper-based or computer -based. Whereas, if liabilities accounts are classified by numbers starting with the digit 2, then accounts payable might be labeled 201, short-term debt might be labeled 202, and so on.ĭepending on the size of the company, the chart of accounts may include either few dozen accounts or a few thousand accounts. If assets are classified by numbers starting with the digit 1, then cash accounts might be labeled 101, accounts receivable might be labeled 102, inventory might be labeled 103, and so on. Thus, each major category will begin with a certain number, and then the sub-categories within that major category will all begin with the same number. Organize in Numerical Systemįurthermore, a standard chart of accounts is organized according to a numerical system. By doing so, you make consolidation easier. Use a chart of accounts template to prepare the basic chart of accounts for any subsidiary companies or related entities. The standard chart of accounts is also called the uniform chart of accounts.
Furthermore, the company chart of accounts is basically a filing system for categorizing all of a company’s accounts as well as classifying all transactions according to the accounts they affect. In accounting, a standard chart of accounts is a numbered list of the accounts that comprise a company’s general ledger. QuickBooks Premier for Contractors attempts to provide a complete setup - including a Chart of Accounts, an Items List, and a Class List - that allows the user to avoid many of the decisions that would have to be made setting up QuickBooks Pro.Role of a Company Back Office Standard Chart of Accounts The answer, not surprisingly, depends on who's asking the question. Is QuickBooks Premier for contractors better than Quickbooks Pro? The area on the left reveals the 'QuickBooks Standard Cost Codes' list. This reveals the 'Project Cost Codes' page. Under 'Project Settings', click Cost Codes. QuickBooks Enterprise for Contractors, Contractor Software How do I set up cost codes in QuickBooks? What is QuickBooks Enterprise for contractors? During the course of a construction project, users create commitments (a.k.a., purchase orders and subcontracts) and Commitment Change Orders (CCOs). To add 'QuickBooks Standard Cost Codes' at the Company level to a 'Project Cost Codes' list in Procore.
#QUICKBOOKS CONTRACTOR PRO CHART OF ACCOUNTS HOW TO#
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#QUICKBOOKS CONTRACTOR PRO CHART OF ACCOUNTS WINDOWS 10#
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