Setting up your initial chart of accounts tends to be the most important first act of you QuickBooks experience. The Chart of Accounts will vary based on the following factors:
- The industry
- Type of entity (Corporation, Partnership, etc.)
- Company size
- Who is the user of the reports?
- Spending habits of the business
- What are the main lines of business/income that needs to be tracked?
This 25 minute video explains the process of setting up ANY type of chart of accounts for all businesses:
People always ask me for a “Standard Chart of Accounts”, so there is a link to a Google Sheet that can be downloaded and filtered based on industry and company type… this will contain about 75% of the accounts you need for your own company:
But we strongly recommend that you work with your accountant to setup your chart of accounts to significantly improve the experience with QuickBooks. If you do not have an accountant, contact me: firstname.lastname@example.org and I can help you.
Note: this list of 80+ expenses/deductions are also very helpful to get you thinking about expense catagories for your Chart of Accounts: