The information technology field is a booming industry that sells both products and services, so the 
QuickBooks chart of accounts must be customized to the specific needs of each company. IT companies offer many different services such as software design, network engineering, desktop support, and structured cabling. Other companies do not provide services at all and sell products such as computer software or hardware.
The first step to setting up your QuickBooks file the right way is to decide on income accounts. To do this, focus on what it is that your company is selling. If your company sells a piece of software like Adobe or Microsoft or computer hardware like Dell or Gateway, then set up a sales income account for your products. If you sell services or are an IT consultant, then set up an income account for services rendered or for consulting income.
Since IT companies tend to make large electronics purchases for things such as computers, workstations, tablets, cell phones, servers, monitors, and peripherals, it is important to have an expense account dedicated to these electronics purchases. It is also a good idea to have a depreciation expense account to write off the value that is lost over time on these large and expensive purchases.
Where Can I Find More QuickBooks Help?
If you are new to QuickBooks, read our blogs about changing preferences, adding new items, and generating reports.
If you need a QuickBooks refresher, read about how to create a new company, and how to edit your chart of accounts.
To learn about a chart of accounts for another industry, try our post on industry specific charts of accounts.
Download a free PDF on how to customize your QuickBooks file and accounts, please enter your name and e-mail below.
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