The reason this is the easiest, is because you don’t have any messy data history in QBO.Ī quick note before diving in, the below steps are to be used to set up a proper chart of accounts structure for your income statement (aka profit & loss statement) only. Our first option (and the easiest) is for everyone out there who is setting up their QuickBooks Online for the first time (or very early on in your company’s life). Chart Of Accounts Setup for New QuickBooks Online Users The goal is to track your financial data by function and all of the above options will accomplish this by the time we’re through. Optional adventure: if you're an existing Quickbooks Online user or have a Plus level subscription you may want to use the advanced categorization feature called Classes to track your spend by function. This is going to be a choose your own adventure type exercise-because how to set up a proper SaaS chart of accounts depends on whether you are a new or existing user and which plan you have. Setting Up QuickBooks Online for Your Chart of Accounts QuickBooks does not have its default settings to do this. sales, marketing, product, engineering, support, customer successes, operations). A good SaaS chart of accounts organizes your financial data in your accounting system so you can easily track costs by function (e.g. If you can’t spare the 5 minutes I’ll give you the TL:DR version. If you’re curious about my reasoning for thinking QuickBooks Online isn’t set up properly by default, I wrote a deep dive into it here. Account classes: a way to categorize your transactions in QuickBooks.Functional accounts: making individual accounts to record your costs by team.Chart of Accounts: the way you organize your financial transactions.I’ll walk you through how to set it up so that when you want to calculate metrics or analyze trends, you can have confidence in the data.īefore we get into it, as a new QBO user, the terms in this guide might be confusing. Sadly, unless you have some deep finance knowledge, its set up doesn’t produce a Chart of Accounts that is right for SaaS. Quickbooks (QBO) is a powerful tool for any software company that is just starting out or in its early years.
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