3 minute read

Create 31 Industry-Specific Charts

Of Accounts in QuickBooks
GITA FAUST

Setting up your Chart of Accounts in QuickBooks® correctly varies by industry.

Although the businesses are similar, the lists of accounts for real estate
development, construction, and fix and flip property have different accounting
and reporting needs. The same can be said for real estate agents and brokers,
as well as REIT and BPO.

Are you struggling with setting up your QuickBooks Chart of Accounts?

Do you have accurate reports at your fingertips?
Is your QuickBooks file reconciled?

The best way ensure the right settings for your industry is to create a new
company file and let QuickBooks automatically create the Chart of Accounts for
you. So, for the purposes of this article, we will assume that you are creating a
new company file in QuickBooks. As we progress or if you have an existing
company file, you will see that you can add, edit or delete accounts from a
company file to better meet your individual business needs. For now though,
let’s start from the beginning:

Create A New Company File

Make a new company file using the Create a new company button or by
choosing File -> New Company… from the menu bar. It is probably best to
use the Express Start option if you are a new user. Be sure to choose the
predefined industry that is closest to what your company does. This will ensure
that you will get a default list of chart of accounts.

Customize Your Company’s Accounts

Every business has a different way of operating , which will be reflected in your
chart of accounts. You can edit your Chart of Accounts beyond the defaults that
QuickBooks provided. For a detailed explanation of the Chart of Accounts for
each Industry and how you can make them fit your company better, click on the
links below. Note there are actually more than 31 listed here:

Accounting and Bookkeeping

Advertising and Public Relations
Agriculture, Ranching, and Farming
Art, Writing, and Photography
Automotive Sales and Repair
Church and Religious Organization
Construction Trades such as Plumber, Electrician, HVAC
Design, Architecture and Engineering
Financial Services other than Bookkeeping and Accounting
Information Technology
Insurance Agency and Broker
Lawn Care and Landscaping
Legal Services
Lodging such as Hotels and Motels
Manufacturer Representative and Agent
Manufacturing
Medical, Dental, and Health Services
Non-Profit
Property Management and Home Association
Rental Residential for Landlords
Repair and Maintenance
Restaurant, Caterer, and Bar
Retail Shop and Online Commerce
 Sales: Independent Agent
Transportation, Trucking, and Delivery
Wholesale Distribution and Sales

QuickBooks Lessons

About the Author

Gita Faust Gita is an accountant and Certified Advanced

QuickBooks ProAdvisor. Because she has a thorough
understanding of the developments and shift within the real
estate and property management industry, she finds solutions
for the complex problems that others cannot. She has authored
a series of QuickBooks books, providing step-by-step guidance
for business owners and other accountants. She is an Intuit
Reseller Solutions Provider and a member of Intuit's
Trainer/Writer Network.

Gita Faust http://fasttracconsulting.com/