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.
