Introduction
Add accounts for QuickBooks is very simple, the caveat here is that it is so easy to make a mistake or the positioning of the account or identification of where to put it can be a bit 'tricky. It 'always advisable to consult a professional to help you as once you add these accounts and start using them, can be a lengthy procedure to correct errors. And because every business is unique in its own account, you may take a little 'creative maneuver to better fit your type of activity. That said, let's look at your different options in addition to account.
I. Conti income
There may be different ways that your company receives income. (This is where the help of a ProAdvisor arrives) For example, if you are a business service sector, we try to use a lawn care company as an example. The more general easy way to handle this is to enter all income into one account. However, this does not help you as a business owner to decide which of your services is more profitable than another. You may not care for this, but it takes only a couple more minutes of effort to get it right, so let's be sure to do so. Create an account for the income for lawn maintenance, another for landscape design and another for the control of pests or other similar service. Create a parent account named Lawn Services and a sub-account for each of the areas you earn income. Entering these sub-accounts you will see a sub-account box to check that box and type Lawn Services. The description boxes, notes and tax-line mapping are optional, though for best results, use at least the tax-line mapping and income statement will more than likely match the first listed category that is income: Gross sales or services. Consult your tax professional for more help with this area.
II. Reimbursement of expenses
The spending Window looks identical to the bill in every way. I highly recommend a wise use of sub-accounts in the expense accounts as well. For example, grouping the electric bills, water and telephone utilities under is what a lot of companies, however, what happens when you add a cell phone?
I would like to create a parent account for utilities and sub-accounts for electricity, water, telephone, and other utilities. I would also suggest you do the same with the costs of advertising, having a parent account for the advertising and sub-accounts for signs, yellow pages ads, Internet ads, and more so you can keep more careful track of your stream cash.
When it comes to personnel expenses, they are definitely going to need to use sub-account appropriately and create sub-accounts for FICA payable - companies, social security payable - Company, Comp workers, etc. If you do not use the services payroll Intuit, all right, but it increases the risk of errors in the transmission of information from payroll companies' to QuickBooks files.
III. Assets
There is a step by step procedure to enter construction in QuickBooks and a detailed explanation of how to classify assets. Fixed assets include buildings, land, machinery, vehicles and accumulated depreciation. The only difference in the assets window is that the Tax-Line Mapping is automatically entered for you.
IV. bank accounts
in QuickBooks a bank account is not necessarily a real bank account. When you get into a regular bank account whether it's current or savings, Quickbooks will ask the opening balance from a certain date. (If it is a new account, the opening balance is not necessary, will be $ 0.00) for a more accurate picture of your business' financial situation, and to ensure an accurate reconciliation of your bank account, enter the balance of opening, which will be the final balance of the previous month. If this account was used for business transactions prior to the QuickBooks installation date, it would be a good idea to have a professional help you put precisely these transactions.
When a bank account is not a bank account? If your company is using the petty cash system, (to make change for customers, etc.) it is better to set Petty Cash as a separate bank account so you can transfer funds from Petty Cash to Undeposited funds when needed.
What if you have a customer with whom you have an agreement to exchange your services / products with them? In this case, you can create a bank account denominated trade or barter or deposit the value of your products / services to compensate for those of your customers. Neither of them are actually the bank accounts, but make it easy to keep track of these "creative operations".
V. loan
A loan account records the amount due on the loans from those who owe money to you. This is NOT an account of long-term liabilities, this is money loaned to the company by others and that you intend to pay it back within the year. You have use of the funds, which is good, and you owe on the loan, which is a liability. If you must enter a loan for a vehicle, building, etc., it needs to be in the long-term liability accounts.
VI. Accounts of credit cards
You need to add a credit card to your account list to access the Enter Credit Card Charges have Quickbooks on the initial menu. Credit cards can be used to pay expenses, items, or invoices. When using credit cards to pay bills, a common mistake entrepreneurs make is not to choose the correct account to pay the bill of. If you use more than one credit card, take it slow and make sure that payments and credits to the account are properly applied and reconciliations will be a nightmare and a half.
You are given the opportunity to be able to enter the account number, expiration date, and more as you are entering the card for first time. As long as you do not have a situation where many people have access to QuickBooks file, it is perfectly safe to enter this information, if you have this situation, consider hiring someone else or restrict access to others on the network Quickbooks.
VII. Equity Accounts
A net account includes the owner's draw, the contributions of the owner, etc. (these categories change the names, but not the function, depending on the legal education of society). This is the owner invests the money to start the company and the subsequent money that must draw in order to keep the company running. The profit is a capital that is added to QuickBooks end of the year, when revenues and expenses are calculated. The description that is given this consideration from QuickBooks is "retained earnings of the companies." In the case of a company just beginning to use QuickBooks, the account can be created manually for years prior balances in another accounting software system, creating the account manually and entering the opening balance from the previous year.
The rest of the accounts are going to be examined in a separate article which will discuss common errors made when entering these accounts and these accounts have symbiotic casual relationship with one another.
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