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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.
To help get your books sorted, we have created a chart of accounts for the IT industry. Just fill out this form to download a free PDF with a QuickBooks chart of accounts for information technology.
The first step to setting up your QuickBooks file the right way is deciding 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 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. By this point, you probably get the gist—there is a lot of variation in the chart of accounts from company to company.
If you have any questions regarding your QuickBooks chart of accounts or anything accounting-related, reach out to our team at Fast Trac Consulting; we are always eager to help!
