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

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