Create 31 Industry-Specific Charts Of Accounts in QuickBooks

Create 31 Industry-Specific Charts Of Accounts in QuickBooks

Setting up your Chart of Accounts in QuickBooks® correctly varies by industry. Although the businesses are similar, the lists of accounts for real estate development, construction, and fix and flip property have different accounting and reporting needs. The same can be said for real estate agents and brokers, as well as REIT and BPO.

  • Are you struggling with setting up your QuickBooks Chart of Accounts?
  • Do you have accurate reports at your fingertips?
  • Is your QuickBooks file reconciled?

The best way ensure the right settings for your industry is to create a new company file and let QuickBooks automatically create the Chart of Accounts for you. So, for the purposes of this article, we will assume that you are creating a new company file in QuickBooks. As we progress or if you have an existing company file, you will see that you can add, edit or delete accounts from a company file to better meet your individual business needs. For now though, let’s start from the beginning:

Create A New Company File

Make a new company file using the Create a new company button or by choosing File -> New Company… from the menu bar. It is probably best to use the Express Start option if you are a new user. Be sure to choose the predefined industry that is closest to what your company does. This will ensure that you will get a default list of chart of accounts.

Customize Your Company’s Accounts

Every business has a different way of operating , which will be reflected in your chart of accounts. You can edit your Chart of Accounts beyond the defaults that QuickBooks provided. For a detailed explanation of the Chart of Accounts for each Industry and how you can make them fit your company better, click on the links below. Note there are actually more than 31 listed here: