Gary is an online QuickBooks and Computerized Accounting Instructor for Baker College, in Michigan. Baker is sort of a blend between Miller-Motte and Cape Fear Tech here in Wilmington, NC. This intensive familiarity with Quick Books, and his desire to turn your accounting and financial data into useful managerial tools, make him the perfect choice to setup QuickBooks for you. Also to train the staff.
“I’ve worked with every QuickBooks version for over 15 years: from Basic to Enterprise, and in almost all types of companies.”
Gary Bode, CPA
Wilmington NC Accountant
QuickBooks Chart of Accounts Setup
Your accounting should do more that just Accounts Payable and Accounts Receivable. Setting up logical accounts to appear in your Financial Statements is crucial to turning your data into managerial tools that can help guide your company’s future. We utilize QuickBook’s flexibility to create a Chart of Accounts that accurately reflect your business in the way you intuitively think about it. Some CPAs force you to accommodate to the way they think, we adjust to the way you think.
For example, we often see Insurance as an Income Statement account. It holds the facility’s insurance, Workman’s Comp, vehicle insurance, sometimes health insurance etc. Which is, of course correct. But isn’t the facility insurance really part of facility expense? Isn’t Workman’s Comp more like an employee expense? And you can’t drive the vehicle without insurance. So, we try to use functional centers, like, your Facility account has all it’s associated expenses listed with it: Rent, Utilities and Insurance. Your Vehicle account has Fuel, Repairs and Insurance. And your Employee expenses include Health Insurance and Workman’s Comp.
The guideline for establishing an account is how much money is expected to pass through it and/or might you make managerial decisions based on that amount. For example, if you have to sporadically rent a truck for your business, we would suggest tracking those expenses in a Truck Rental QuickBooks sub account. Because you may eventually want to purchase your own truck if the expense of renting warranted it.
Pit Falls in QuickBooks Setup
The same user friendliness that makes QuickBooks the industry leader, is also its greatest downfall. Things can be deleted and duplicated because it doesn’t have the controls other accounting software does.
” I’ve seen clients mess up QuickBooks in very creative ways and have learned how to fix all of them.”
Gary Bode ,CPA - Wilmington NC Accountant
While we try to prevent you having problems with QuickBooks, isn’t it comforting to know we can fix them?
Please call us for a free initial QuickBooks setup consult at (910) 399-2705.