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When something breaks down around the home or office, there is nothing like a solid, reliable repair company. If you are one of the great maintenance companies out there who helps keep the world running smoothly, we salute you. We also offer you this advice for setting up a chart of accounts in QuickBooks that will keep your books running as smoothly as the machines you fix.
We have created a free PDF with a QuickBooks chart of accounts for repair and maintenance companies.
Repairs and maintenance companies should usually have two income accounts: one for services income and another for parts and goods sold. If your company does not sell parts and goods aside from those used during repairs, then you do not need the parts and good sold account. If you would like to track how much money you are earning from each job, you can create a new item in QuickBooks for each job that you would like to track.
Since repairing a machine usually means ordering a new part, you should have a cost of goods sold account for any parts that you use during maintenance. As far as expenses go, you should have accounts for any tools that you purchase, along with any large machinery you have to buy or rent. You can also create expense accounts for meals, office supplies, and insurance, as these are common expenses to repair companies.
If you have any questions regarding any information presented here or accounting in general, reach out to our team at Fast Trac Consulting—we are always happy to help!
