Overview
This is the chart of accounts we set up in your QuickBooks Online account. It is designed for you to efficiently review your Profit and Loss and Balance Sheet reports. It also enables money saving expert tax analysis. It is important not to add to your chart of accounts unless under our guidance.
A description of some the expense accounts can be found here.
Name | Type |
Checking | Bank |
Uncategorized Asset | Other Current Asset |
Payroll Liabilities | Other Current Liabilities |
Capital Stock | Equity |
Retained Earnings | Equity |
Shareholder Contribution | Equity |
Shareholder Distribution | Equity |
Billable Expense Income | Income |
Sales | Income |
Uncategorized Income | Income |
Interest Earned | Other Income |
Cost of Goods/Labor Sold | Cost of Goods Sold |
Advertising & Marketing | Expense |
Bank Charges & Fees | Expense |
Car & Truck | Expense |
Commissions Expense | Expense |
Contractors | Expense |
Dues & Subscriptions | Expense |
Education & Training | Expense |
Employee Reimbursement | Expense |
Employer Retirement Contribution | Expense |
Equipment Purchased <$2,500 | Expense |
Insurance | Expense |
Interest Paid | Expense |
Legal & Professional Services | Expense |
Meals (50%) | Expense |
Merchant Processing Fees | Expense |
Office Supplies & Software | Expense |
Payroll - Benefits | Expense |
Payroll - Employer Taxes | Expense |
Payroll - Gross Wages | Expense |
Payroll - Health Insurance | Expense |
Rent & Lease | Expense |
Repairs & Maintenance | Expense |
Taxes & Licenses | Expense |
Travel | Expense |
Uncategorized Expense | Expense |
Utilities | Expense |