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#Quickbooks premier for contractors how to
#Quickbooks premier for contractors software

You can toggle each of these on and off in the Chart of Account settings (look for the gear icon in the top right).

Action: View Register (for Balance Sheet items), Run Report (for Income Statement items), Edit, or Make Inactive.

Bank Balance: The balance of the corresponding account in your bank(s).

QuickBooks Balance: The balance of the account in QuickBooks.

Detail Type: Learn the difference between “type” and “detail type”.

Type: The type of account (this will correspond to items on the financial statements).

Number: The account number for each account.

These are the fields shown for each account: By fine-tuning your chart in QuickBooks, you can also eliminate options that wouldn’t apply to a construction firm, streamlining the view of your business’s financial framework.

#Quickbooks premier for contractors software

Software suites like QuickBooks give you the ability to set up your Chart of Accounts according to your specific business needs. While construction companies will use many of the default accounts, you will need to customize the chart to suit the way you do business. QuickBooks comes with a default Chart of Accounts, which includes generic accounts that are most commonly used by retail businesses: Accounts like Accounts Receivable, Cost of Goods Sold, Sales of Product Income, and others.

Each account will correspond to a field on either the Balance Sheet or Income Statement. In addition, the Chart of Accounts is used to build a contractor’s financial statements. These GL accounts are used to categorize every financial transaction a company makes. They are grouped into categories that correspond to the structure of a construction company’s financial statements. The chart in Quickbooks Online gives you a detailed list of all the financial accounts in a company’s general ledger (GL). Download a QuickBooks Chart of Accounts Template for ContractorsĪn Overview of the Chart of Accounts in QuickBooks.

#Quickbooks premier for contractors how to

How to Customize the QuickBooks Chart of Accounts for Construction.Accounts in a Construction Chart of Accounts.An Overview of the Chart of Accounts in QuickBooks.