3/10/2024 0 Comments Setting cogs account default![]() While every construction business is unique, this sample Chart of Accounts for construction includes many accounts common to companies in the building industry, especially those that use the percentage of completion method of accounting. Download a QuickBooks Chart of Accounts Template for Contractors After you upload the file, QB will prompt you to select the appropriate Type and Detail Type fields. The only required field is “Name,” which corresponds to the account name. The spreadsheet must be formatted correctly to correspond to the available fields in QuickBooks. If you are migrating to QuickBooks from another accounting software platform, you can import your existing Chart of Accounts from an Excel (XLS or CSV) file or Google Sheets. The easiest way to customize your Chart of Accounts is to import a full list of accounts. This method is useful if you only have a handful of accounts to add. QuickBooks will prompt you to fill out the account details in order to save it.Īlternatively, you can edit certain existing accounts to change the name, description, or account number. You can add new accounts manually by clicking the “New” button. Note the various categories in the Detail Type column, and you’ll see descriptions that include cash on hand, buildings, machinery, and equipment, etc. What you see next is the default setup for all QuickBooks Online accounts, and it becomes the blank slate on which to design the chart to your liking. The Chart of Accounts is the default view under the Bookkeeping tab. To get to the Chart of Accounts in QuickBooks, select Bookkeeping from the main menu. How to Customize the QuickBooks Chart of Accounts for Construction These accounts are used to record transactions like: A contractor’s Chart of Accounts will require the addition of certain accounts. Accounts in a Construction Chart of AccountsĬonstruction is different from other industries, and contractors often have to deal with transactions that are specific to the building industry. You can toggle each of these on and off in the Chart of Account settings (look for the gear icon in the top right).
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