QuickBooks Chart of Accounts

Chart of Accounts

Because all detailed information such as Manufacturer, Product type, etc are kept in e-manage, there is no reason to create that type of detail in the QB Chart of Accounts. You can break it down as far as your accountant wants to see it.

If you want to break the accounts out further than you will want to create a new WIP account for every COGS account so  e-manageONE will automatically handle WIP for you.

Below are some examples: 

Cost of Goods (COGS) 

COGS - Furniture
COGS - Labor
COGS - Freight
COGS - Misc Job Expense

Work in process (WIP) - There needs to be a WIP account for every COGS account so that e-manage can automate the WIP for you.

e-manage|ONE has a feature that automates the movement of account postings from WIP to COGS (Cost of Goods Sold) so manual journal entries are no longer required! This accounting practice is used when you want to recognize your costs at the same time as your revenue for the most accurate profit reports.

WIP - Furniture
WIP - Labor
WIP - Freight
WIP - Misc Job Expense

Customer Deposits - You will need a separate account for Customer Deposits

Inventory - This is a new account created as a Other Current Asset. This account will need to be created in QB and mapped in the e-manage Administrator under Dropdowns / Product Type.

Sales Tax Payable - This will need to be a newly created account. Sales Tax will be turned off in QuickBooks since e-manage will handle all of your sales tax calculations and reporting going forward.

Vendor Deposits

Vendor deposits get pushed over into WIP as they are a prepayment. This is important if you want to keep the WIP automation. 

Income

Income - Furniture Sales
Income - Labor Sales
Income - Freight Sales
Income - Misc. Sales