NewNickel
01-31-2013, 02:38 PM
I'm posting this in the How To Make Money forum because it would seem that keeping the money I make is as important as making it in the first place. I hope this helps someone not do what I did.
This is the current chart of accounts that I'm using in Quickbooks Pro (QBP) and I'm refining it for import into TurboTax before April 15th. I started mobile in June of last year and only recently purchased QBP to take over all of the stuff that I had been doing in an old decaying version of MSMoney. There's a pretty good curve to this program and I was ready to return it until I found a side program that would help me add one month of history at a time so that I didn't suffocate from all of the entries.
My little gig is mobile, like I mentioned and most of what I do is cleaning cars for body shops. In the winter, I use a local wand/tunnel car was to keep from hauling/setup of my reel and the associated freeze/thaw mess that could become my undoing. That's where those two COGS accounts come into play. The tunnel washes are paid with my business CC and the wand washes are invoiced at a reduced corporate rate for my swipe card.
I hope that this will spur some discussion from some of the old hat QB users. I'm not an accountant, nor can I afford one at this point, so if you've got something that works better, lemme know. I feel like I'm reinventing the wheel here with this stuff, but searching for this topic didn't reveal anything detailing specific.
Andy
Checking Bank <Unassigned> Accounts Receivable Accounts Receivable
Undeposited Funds - Other Current Asset - Funds received, but not yet deposited to a bank account <Unassigned>
Accumulated Depreciation - Fixed Asset - Accumulated depreciation on equipment, buildings and improvements <Unassigned>
Furniture and Equipment - Fixed Asset - Furniture and equipment with useful life exceeding one year <Unassigned>
Furniture and Equipment - Depreciable Equipment Fixed Asset <Unassigned>
Payroll Liabilities - Other Current Liability - Unpaid payroll liabilities. Amounts withheld or accrued, but not yet paid <Unassigned>
Sales Tax Payable - Other Current Liability Unpaid sales taxes. Amounts charged on sales, but not yet paid to the government <Unassigned>
Sales Tax Payable - :SalesTax_GARJO - Other Current Liability <Unassigned>
Sales Tax Payable - :SalesTax_OP - Other Current Liability <Unassigned>
Members Draw Equity - Monies taken out of the business by the member <Unassigned>
Members Equity - Equity - Monies invested in the business by the member, and profits kept in company accounts <Unassigned>
Opening Balance Equity - Equity Opening balances during setup post to this account. The balance of this account should be zero a... <Unassigned>
Sales - Income - Gross receipts from services <Unassigned>
Car Wash-Tunnel - Cost of Goods Sold <Unassigned>
Car Wash-Wand - Cost of Goods Sold <Unassigned>
Wash/Detail Supplies (COGS) - Cost of Goods Sold - Cost of consumables directly related to wash/detail of vehicles. Ex: Soap, wax, quick detailer,... Schedule C: Materials/supplies, COGS
Advertising and Promotion - Expense - Advertising, marketing, graphic design, and other promotional expenses <Unassigned>
Automobile Expense - Expense Fuel, oil, repairs, and other automobile maintenance for business autos <Unassigned>
Automobile Expense - :Fuel Expense - Expense <Unassigned>
Automobile Expense - :Maintenance and Repairs - Expense <Unassigned>
Bank Service Charges - Expense - Bank account service fees, bad check charges and other bank fees <Unassigned>
Charitable Donations - Expense <Unassigned>
Computer/Internet Expenses - Expense - Computer supplies, off-the-shelf software, online fees, and other computer or internet related e... <Unassigned>
Depreciation Expense - Expense - Depreciation on equipment, buildings and improvements <Unassigned>
Insurance Expense - Expense - Insurance expenses <Unassigned>
Insurance Expense - :Auto Insurance - Expense <Unassigned>
Insurance Expense - :Business Insurance - Expense <Unassigned>
Insurance Expense - :Equipment Insurance - Expense <Unassigned>
Interest Expense - Expense - Interest payments on business loans, credit card balances, or other business debt <Unassigned>
Meals and Entertainment - Expense - Business meals and entertainment expenses Schedule C: Meals and entertainment
Office Supplies - Expense - Office supplies expense Schedule C: Office expenses
Payroll Expenses - Expense - Payroll expenses <Unassigned>
Payroll Expenses - :Contract Labor - Expense <Unassigned>
Professional Fees - Expense - Payments to accounting professionals and attorneys for accounting or legal services <Unassigned>
Reconciliation Discrepancies - Expense - Discrepancies between bank statements and company records <Unassigned>
Rent Expense - Expense - Rent paid for company offices or other structures used in the business <Unassigned>
Repairs and Maintenance - Expense - Incidental repairs and maintenance of business assets that do not add to the value or appreciabl... <Unassigned>
Tax Prep Fees - Expense <Unassigned>
Telephone Expense - Expense - Telephone and long distance charges, faxing, and other fees Not equipment purchases Schedule C: Utilities
Travel Expense - Expense - Business-related travel expenses including airline tickets, taxi fares, hotel and other travel e... Schedule C: Travel
Travel Expense - :Hotel Stays - Expense Schedule C: Travel
Travel Expense - :Meals_Travel - Expense Schedule C: Meals and entertainment
Utilities - Expense - Water, electricity, garbage, and other basic utilities expenses <Unassigned>
Supplies (nonCOGS) - Expense - Brushes, Towels, and other supplies that aren't consumed during a wash or detail. Schedule C: Supplies (not from COGS)
Work Clothing - Expense <Unassigned>
Ask My Accountant - Other - Expense Transactions to be discussed with accountant, consultant, or tax preparer <Unassigned>
This is the current chart of accounts that I'm using in Quickbooks Pro (QBP) and I'm refining it for import into TurboTax before April 15th. I started mobile in June of last year and only recently purchased QBP to take over all of the stuff that I had been doing in an old decaying version of MSMoney. There's a pretty good curve to this program and I was ready to return it until I found a side program that would help me add one month of history at a time so that I didn't suffocate from all of the entries.
My little gig is mobile, like I mentioned and most of what I do is cleaning cars for body shops. In the winter, I use a local wand/tunnel car was to keep from hauling/setup of my reel and the associated freeze/thaw mess that could become my undoing. That's where those two COGS accounts come into play. The tunnel washes are paid with my business CC and the wand washes are invoiced at a reduced corporate rate for my swipe card.
I hope that this will spur some discussion from some of the old hat QB users. I'm not an accountant, nor can I afford one at this point, so if you've got something that works better, lemme know. I feel like I'm reinventing the wheel here with this stuff, but searching for this topic didn't reveal anything detailing specific.
Andy
Checking Bank <Unassigned> Accounts Receivable Accounts Receivable
Undeposited Funds - Other Current Asset - Funds received, but not yet deposited to a bank account <Unassigned>
Accumulated Depreciation - Fixed Asset - Accumulated depreciation on equipment, buildings and improvements <Unassigned>
Furniture and Equipment - Fixed Asset - Furniture and equipment with useful life exceeding one year <Unassigned>
Furniture and Equipment - Depreciable Equipment Fixed Asset <Unassigned>
Payroll Liabilities - Other Current Liability - Unpaid payroll liabilities. Amounts withheld or accrued, but not yet paid <Unassigned>
Sales Tax Payable - Other Current Liability Unpaid sales taxes. Amounts charged on sales, but not yet paid to the government <Unassigned>
Sales Tax Payable - :SalesTax_GARJO - Other Current Liability <Unassigned>
Sales Tax Payable - :SalesTax_OP - Other Current Liability <Unassigned>
Members Draw Equity - Monies taken out of the business by the member <Unassigned>
Members Equity - Equity - Monies invested in the business by the member, and profits kept in company accounts <Unassigned>
Opening Balance Equity - Equity Opening balances during setup post to this account. The balance of this account should be zero a... <Unassigned>
Sales - Income - Gross receipts from services <Unassigned>
Car Wash-Tunnel - Cost of Goods Sold <Unassigned>
Car Wash-Wand - Cost of Goods Sold <Unassigned>
Wash/Detail Supplies (COGS) - Cost of Goods Sold - Cost of consumables directly related to wash/detail of vehicles. Ex: Soap, wax, quick detailer,... Schedule C: Materials/supplies, COGS
Advertising and Promotion - Expense - Advertising, marketing, graphic design, and other promotional expenses <Unassigned>
Automobile Expense - Expense Fuel, oil, repairs, and other automobile maintenance for business autos <Unassigned>
Automobile Expense - :Fuel Expense - Expense <Unassigned>
Automobile Expense - :Maintenance and Repairs - Expense <Unassigned>
Bank Service Charges - Expense - Bank account service fees, bad check charges and other bank fees <Unassigned>
Charitable Donations - Expense <Unassigned>
Computer/Internet Expenses - Expense - Computer supplies, off-the-shelf software, online fees, and other computer or internet related e... <Unassigned>
Depreciation Expense - Expense - Depreciation on equipment, buildings and improvements <Unassigned>
Insurance Expense - Expense - Insurance expenses <Unassigned>
Insurance Expense - :Auto Insurance - Expense <Unassigned>
Insurance Expense - :Business Insurance - Expense <Unassigned>
Insurance Expense - :Equipment Insurance - Expense <Unassigned>
Interest Expense - Expense - Interest payments on business loans, credit card balances, or other business debt <Unassigned>
Meals and Entertainment - Expense - Business meals and entertainment expenses Schedule C: Meals and entertainment
Office Supplies - Expense - Office supplies expense Schedule C: Office expenses
Payroll Expenses - Expense - Payroll expenses <Unassigned>
Payroll Expenses - :Contract Labor - Expense <Unassigned>
Professional Fees - Expense - Payments to accounting professionals and attorneys for accounting or legal services <Unassigned>
Reconciliation Discrepancies - Expense - Discrepancies between bank statements and company records <Unassigned>
Rent Expense - Expense - Rent paid for company offices or other structures used in the business <Unassigned>
Repairs and Maintenance - Expense - Incidental repairs and maintenance of business assets that do not add to the value or appreciabl... <Unassigned>
Tax Prep Fees - Expense <Unassigned>
Telephone Expense - Expense - Telephone and long distance charges, faxing, and other fees Not equipment purchases Schedule C: Utilities
Travel Expense - Expense - Business-related travel expenses including airline tickets, taxi fares, hotel and other travel e... Schedule C: Travel
Travel Expense - :Hotel Stays - Expense Schedule C: Travel
Travel Expense - :Meals_Travel - Expense Schedule C: Meals and entertainment
Utilities - Expense - Water, electricity, garbage, and other basic utilities expenses <Unassigned>
Supplies (nonCOGS) - Expense - Brushes, Towels, and other supplies that aren't consumed during a wash or detail. Schedule C: Supplies (not from COGS)
Work Clothing - Expense <Unassigned>
Ask My Accountant - Other - Expense Transactions to be discussed with accountant, consultant, or tax preparer <Unassigned>