I have QuickBooks, Now What? by Julie Mucha-aydlott

By Julie Mucha-aydlott

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I can then see all of the entries that I have just made to this account. I now have a new balance of $1,085 after posting all of the checks that I have written. You need to compare this balance to the balance in your manual checkbook to make sure you haven’t missed any additional checks, deposits or withdraws that you might have made. One of the biggest mistakes people make with their money is not to write down checks or withdraws into their checkbook register. It adds up rather quickly, especially if you’re short on cash.

Your Expenses are direct overhead of your businesses operations, such as office supplies, dues and subscriptions, auto expenses, etc. ) Other Income – Of course just about any income is taxable; this is generally Interest Income from a savings account the business holds. ) Other Expenses – This account is used for Income and Expenses that are generally not taxdeductible: a parking ticket you got downtown, 50% of your meal expenses that you used to wine and dine a client, little things like that.

Now that your Chart of Accounts is set up in QuickBooks®, you can give yourself a big pat on the back, and we’ll move on to the next step. The following Chart of Accounts is going to show you the additions and edits that we made to Joe’s QuickBooks® Chart of Accounts. Compare his to yours to see how you did. 00 Contributions Retained Earnings Equity Gross Income Income Gross Income Gross Income:Neon Mouse Pad Income Neon Mouse Pad Gross Income:Web-Hosting Income Web-Hosting Gross Income:Web Design Income Web Design Gross Income:Software Income Software Book Retained Earnings Gross Income:Book Income Gross Income:Discounts Income Discounts Gross Income:Miscellaneous Income Income Miscellaneous Income Cost of Goods Sold Cost of Goods Sold Cost of Goods Cost of Goods Sold:Neon Mouse Pad Cost of Goods Sold Neon Mouse Pad Cost of Goods Sold:Repairs & Maint Cost of Goods Sold Equipment Repairs & Maint Cost of Goods Sold:Equipment Supplies Cost of Goods Sold Equipment Supplies Cost of Goods Sold:DSL Connection Cost of Goods Sold DSL Connection Cost of Goods Sold:Gross Labor Cost of Goods Sold Gross Labor Cost of Goods Sold:Miscellaneous Cost of Goods Sold Miscellaneous Cost of Goods Sold:Book Cost of Goods Sold Book Cost of Goods Sold:Software Cost of Goods Sold Software Cost of Goods Sold:COG Depreciation Advertising Cost of Goods Sold Expense COG Depreciation Advertising Bad Debt 42 Expense Bad Debt Amortization Expense Expense Amortization Expense Automobile Expense Expense Automobile Expense Automobile Expense:Gasoline Expense Gasoline Automobile Expense:Insurance Automobile Expense:Repairs & Maintenance Expense Insurance Expense Repairs & Maintenance Automobile Expense:License & Fees Expense License & Fees Automobile Expense:Miscellaneous Expense Miscellaneous Bank Service Charges Expense Bank Service Charges Cash Discounts Expense Cash Discounts Contributions Expense Contributions Depreciation Expense Expense Depreciation Expense Dues and Subscriptions Expense Dues and Subscriptions Equipment Rental Expense Equipment Rental Insurance Expense Insurance Insurance:Disability Insurance Expense Disability Insurance Insurance:Liability Insurance Expense Liability Insurance Insurance:Work Comp Expense Workman's Compensation Interest Expense Expense Interest Expense Interest Expense:Finance Charge Expense Finance Charge Interest Expense:Loan Interest Expense Loan Interest Expense Interest Expense:Mortgage Expense Mortgage Interest Licenses and Permits Expense Licenses Miscellaneous Expense Miscellaneous Office Expense Expense Office Expense Office Supplies Expense Office Supplies Payroll Expenses Expense Payroll Expense Payroll Expenses:Payroll Taxes Expense Payroll Taxes Payroll Expenses:Office Salaries Expense Office Salaries Postage and Delivery Expense Postage and Delivery Printing and Reproduction Expense Printing and Reproduction Professional Development Expense Professional Development Professional Fees Expense Professional Fees Professional Fees:Accounting Expense Accounting Fees Professional Fees:Legal Fees Expense Legal Fees Recruiting Expense Recruiting Rent Expense Rent Repairs Expense Repairs and Maintenance Repairs:Building Repairs Expense Building Repairs Repairs:Computer Repairs Expense Computer Repairs Repairs:Equipment Repairs Expense Equipment Repairs Repairs:Janitorial Exp Expense Janitorial Expense 43 Taxes Expense Taxes Taxes:Federal Expense Federal Taxes Taxes:Local Expense Local Taxes Taxes:Property Expense Property Taxes Taxes:State Expense State Taxes Telephone Expense Telephone Travel & Ent Expense Travel and Entertainment Travel & Ent:Entertainment Expense Entertainment Travel & Ent:Meals Expense Meals Travel & Ent:Travel Expense Travel Utilities Expense Utilities Utilities:Gas and Electric Expense Gas and Electric Utilities:Water Expense Water Interest Income Other Income Interest Income Other Income Other Income Other Income Other Expenses Other Expense Other Expenses Estimates Non-Posting View your Account Types to make sure they are in the correct category.

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