There is a difference in the chart of accounts for companies that provide accounting and bookkeeping services and companies that perform other financial services.

Financial services are not limited to just accounting and bookkeeping. However, the QuickBooks chart of accounts for companies that offer services like financial planning, estate planning, direct insurance, reinsurance, and debt consolidation will be significantly different than a chart of accounts for an accountant or bookkeeper.

To make things easier on you, we’ve created a free PDF with a QuickBooks chart of accounts for financial services. Just fill out the form below and it’ll be sent straight to your inbox.

These other types of financial services require a Services Income account for recording profits. Plus, keep in mind that if you make a commission for referrals to other professionals, you should have an income account for this as well.

On the flip side, it is important to consider exactly what kinds of expenses you will incur for your specific business. Some common expenses to financial services professions are broker fees, trading platforms, financial planning software, certification and re-certification fees, and dues and membership fees for joining professional organizations.

If you have any questions about your new chart of accounts or accounting in general, feel free to reach out to the FTC team!