Industry Selection for Irrevocable Trust as well as setting up the correct chart of accounts.
I have a new client and has a number of Trusts. Each Trust is separate and needs to be in its own QBD company file. What industry to I select for this Irrevocable family Trust? What all do I need in the Chart of accounts for it?
Industry Selection for Irrevocable Trust as well as setting up the correct chart of accounts.
I'd not worry too much about the industry selection. It only results in different default charts of accounts and turns different options on and off. Nothing you can't do later.
The businesses you have seem quite unusual and so I'd probably pick Other or None, which (last I checked) was at the bottom of the industry list.
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