Often, to keep the amount in a trust account from looking like it’s yours, the amount is offset in a “contra” liability account (a Current Liability).Īccounts receivable (also called A/R, Debtors, or Trade and other receivables) tracks money that customers owe you for products or services, and payments customers make. Use Trust accounts for money held by you for the benefit of someone else.įor example, trust accounts are often used by attorneys to keep track of expense money their customers have given them. For investments, see Other Current Assets, instead. Use Savings accounts to track your savings and CD activity.Įach savings account your company has at a bank or other financial institution should have its own Savings type account. Typically only property managers use this type of account. Use Rents held in trust to track deposits and rent held on behalf of the property owners. Use Money market to track amounts in money market accounts.įor investments, see Other Current Assets, instead. Use Checking accounts to track all your checking activity, including debit card transactions.Įach checking account your company has at a bank or other financial institution should have its own Checking type account in QuickBooks Online To track cash from sales that have not been deposited yet, use a pre-created account called Undeposited funds, instead. Use a Cash on hand account to track cash your company keeps for occasional expenses, also called petty cash. NOTE: you can purchase an importable excel version of this chart of accounts BALANCE SHEET ACCOUNTS Account Type Here is a list of all the default accounts you can create with QuickBooks Online using the Account Type + Detail Type workflow: This YouTube video will explain how to use this list and how you can import a list of accounts into your QuickBooks Online: Third, I do have a free google sheets (downloadable to excel) spreadsheet with a complete list of accounts by industry and company type: Second, if you want an IMPORTABLE chart of accounts for QuickBooks, you can purchase my kit for my customized “Ultimate Chart of Accounts” for Online or Desktop that I setup for my clients, here:
If you keep the account, you will get 30% off for 12 months, best deal out there!
First, If you need to setup a free 30-day trial of QuickBooks Online use this link:
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