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:
- Accounting and Bookkeeping
- Advertising and Public Relations
- Agriculture, Ranching, and Farming
- Art, Writing, and Photography
- Automotive Sales and Repair
- Church and Religious Organization
- Construction Trades such as Plumber, Electrician, HVAC
- Design, Architecture and Engineering
- Financial Services other than Bookkeeping and Accounting
- Information Technology
- Insurance Agency and Broker
- Lawn Care and Landscaping
- Legal Services
- Lodging such as Hotels and Motels
- Manufacturer Representative and Agent
- Medical, Dental, and Health Services
- Property Management and Home Association
- Rental Residential for Landlords
- Repair and Maintenance
- Restaurant, Caterer, and Bar
- Retail Shop and Online Commerce
- Sales: Independent Agent
- Transportation, Trucking, and Delivery
- Wholesale Distribution and Sales