Chart of Accounts for a construction company

Hi beankeeping2017,

Knowing the right way to set up your Chart of Accounts can give you an advantage when it comes to keeping track of your transactions. QuickBooks is a powerful program that enables you to seamlessly bring your financials into focus. I'll be happy to steer you in the right direction. 

To ensure accuracy, it's always best to contact an accounting professional to get expert guidance on how to set up your Chart of Accounts in order to suit your construction company's needs. I encourage you to also check out this powerful resource which has vast info on Creating 31 Industry-Specific Charts Of Accounts in QuickBooks. You can also check out this helpful article with more info on Chart of accounts in QuickBooks.

I hope this info helps. You're more than welcome to reach out if you have other questions, I'm here to help. 

I am a bookkeeper, and basically I need to know what accounts are normally used for a construction and renovation company so that I am able to set up the books properly.  

I hear what you're saying, beankeeping2017, and I want to make sure you get the information you need to complete this setup. I can clarify what's been mentioned here so far so you know the direction to take to get on track with this in QuickBooks Online.

As members of the QuickBooks Team, my colleague who originally responded to you and I are able to guide you through something like how to create an account in the Chart of Accounts, but we can't advise on what accounts to create or what the best setup would be. We have training in the product, but not bookkeeping training, which is why at this point it's best to speak with another accounting or bookkeeping professional for advice. You may find another QuickBooks users could reply to this thread, but for more immediate assistance, consulting your colleagues or others in the field is the best course of action.

It's important to us that you or your clients' books are configured for accurate and easy tracking. I hope this helps shed some light on the direction you've been given so far. Have a great week!

I am using Quickbooks Online.

I set my chart of accounts up incorrectly, so my balances are off ( even so, I have been entering estimates, transactions, invoices, payments, etc. for the passed year). I have asked my accountant several times to assist me with correcting my error but they will not help and have told me to learn how to use this application. I already work 12 hours a day, so am a bit frustrated. My GST reports are overdue, my year end has passed and my financials are due, and I need to file my income tax by the end of the month. Anyone out there who is willing to help? So far, I can't get a human or a number to call for one after hours (PST). I need one on one support to fix my errors. Thanks.

Hi sadvikings71,

Thanks for reaching out here.  QuickBooks Online is a valuable accounting program for all of your business needs.  It's essential that your accounts are accurate and your books are balanced.  I'll be happy to provide more information here so you're on the right track with your work!

When you sign up for QuickBooks, the chart of accounts is automatically created based on the information you provide during the account set up process.  This saves you valuable time and takes the guesswork out of your day.  Based on the information you've provided, opening balances can be added at a later time if it wasn't done initially.  In addition, regularly reconciling your accounts is recommended so you're always on track with your work and your account balances are up to date.  

As previously mentioned, it's best to have your accountant work with you to ensure your books are accurate and that your in good standing with CRA guidelines when it comes to your taxes. 

If you'd like assistance with reconciling your accounts, please feel free to contact us.  It would be our pleasure to work with you in real time and ensure you reach your QuickBooks goals.

For your reference, here's a few helpful guides:

Learn how to enter an opening balance in QuickBooks Online

Reconcile an account in QuickBooks Online

If you have any other questions or concerns, please don't hesitate to reach back out.  We'd be glad to assist!

Hello, I was researching an issue I'm having with Quickbooks and saw your post here. I'm a virtual bookkeeper and if you're still having trouble I would be happy to help you fix your chart of accounts and maintain your bookkeeping. If you'd like to talk please feel free to schedule a free consultation at my link here. Good luck to you and I hope to speak with you soon!    https://calendly.com/allysontemares

~Allyson Temares

www.skylarkbookkeeping.com