Easy ways Checklist for QuickBooks Account setup Will Help You Get More Business

The main purpose of using QuickBooks is managing the accounting information. This entails deciding what information should be entered into the income statements. The business needs to decide on the number of debts, assets and expense accounts that need to be set up in QuickBooks.  When a business uses the QuickBooks for the first time, it can choose the industry-specific accounts option while creating the company file. In this manner, any chart of accounts not deemed fit for a particular industry use can be deleted. You can also take the help of the support team while setting up the accounts for QuickBooks. This team is easily reachable at QuickBooks customer service phone number.

Here is a checklist for QuickBooks Account setup  

1) Income and Expenses Account

A chart account will be provided to you based on your industry type. To keep the complicated task of bookkeeping simple, delete any accounts that you think are not necessary. For all businesses, there is an essential Sales or Service Income account that these businesses mostly use. For the expense account, the companies list the Telephone, Internet, Charitable contributions, office supplies, Insurance, Interest, Dues & Subscriptions, bank fees, Auto expenses and advertising. There is also an account called Suspense account in which the expenses which are not coded yet are entered. For resolving any query related to the Income and Expenses Account you can reach the customer service. This service can be reached telephonically at QuickBooks customer service phone number. 

2) Cost of Service Sold

The cost of goods sold is the account in which the costs related to the production of services and goods is entered. For instance, if a business sells a widget then any cost pertaining to the production of the Widget is the cost of goods sold. This also entails the service cost. When the labour creates any service, the cost associated with that is the cost of service sold. All these expenses are drawn against the gross income thus, making the production cost easily available to see. For further information, you can seek the help of the QuickBooks payroll support.  

3) Assets

All the assets owned by the business can be entered into QuickBooks. There is a depreciation feature that allows calculating the depreciation at the assets. Keeping the record of annual depreciation entries becomes easier due to this feature. You can seek the help of the QuickBooks tech support for knowing more in this regard.  

4) Liabilities

Al the debts that a business owes need to be entered into the liability column. When you set up your accounts in QuickBooks, liability amount is the amount owed by the business at the time of the setup. Payroll withholdings, credit cards, and loans are included in the liabilities.

5) Equity

It is the opening capital owned and invested by the company into the business. All the opening balances are entered into the Capital Account.

6) Bank Accounts

Set up the bank accounts and enter the balances while you set up the QuickBooks. Businesses owning PayPal account also needs to set up these accounts.

While setting up the charts of account if you face any issue you can contact the QuickBooks customer service for support.