Q: I collected rent amounts that need to be documented as well as the trash, water, gas, electric, etc. amounts. What is the best way to document those collected amounts? A flat rate is paid each month for all services.
A: Create an item for Rent (link to Rent Income account) Continue reading
The independent salesman is one of the oldest professions around. In order to be a successful salesman you need to
be knowledgeable, personable, and able to track the money that you make. If you use QuickBooks to set up a proper company file with the correct chart of accounts, tracking Continue reading
Companies in the law industry offer services such as legal
consulting, trial defense, real estate law, probate, will preparation, family
law, and much more. The services that lawyers, paralegals, and other legal service companies provide will affect how the company’s chart of accounts looks in QuickBooks.
Lawyers tend to offer Continue reading
Architects are the artists of the construction world. Architectural firms deal with the design of buildings, not the construction of them. Therefore, the QuickBooks chart of accounts for these companies is based around the design and engineering services they offer. Services may include CAD (Computer Aided Drawing), floor planning, 3D Continue reading
Account numbers are extremely useful for QuickBooks and are considered a good accounting practice. Here is a rule of thumb to assign numbers to account names, although it is not necessary to use numbers in QuickBooks:
Setting up your Chart of Accounts 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 Continue reading