Sample Quickbooks Chart Of Accounts For Consulting Business
Introduction
If you are running a consulting business, you know that keeping track of your finances is essential. One of the best ways to do this is by using Quickbooks, a popular accounting software. Quickbooks allows you to create a chart of accounts that organizes your business finances into categories. In this article, we will provide you with a sample Quickbooks chart of accounts for a consulting business.
Asset Accounts
Asset accounts are used to track the money your business owns. Here are some examples of asset accounts you may want to include in your Quickbooks chart of accounts:
- Cash
- Accounts Receivable
- Inventory
- Prepaid Expenses
Liability Accounts
Liability accounts are used to track the money your business owes. Here are some examples of liability accounts you may want to include in your Quickbooks chart of accounts:
- Accounts Payable
- Credit Card Payable
- Loan Payable
- Taxes Payable
Equity Accounts
Equity accounts are used to track the money that belongs to the owners of the business. Here are some examples of equity accounts you may want to include in your Quickbooks chart of accounts:
- Owner's Equity
- Retained Earnings
- Capital Stock
Income Accounts
Income accounts are used to track the money your business earns. Here are some examples of income accounts you may want to include in your Quickbooks chart of accounts:
- Consulting Income
- Project Income
- Interest Income
- Dividend Income
Expense Accounts
Expense accounts are used to track the money your business spends. Here are some examples of expense accounts you may want to include in your Quickbooks chart of accounts:
- Office Supplies
- Travel Expenses
- Advertising Expenses
- Telephone Expenses
Conclusion
Using a Quickbooks chart of accounts can help you keep track of your business finances and make it easier to file your taxes. The sample chart of accounts provided in this article is a good starting point for creating your own chart of accounts for your consulting business.