Level 1

Setting up Chart of Accounts

I run an entertainment planning and productions company - We exclusively sell services (we don't sell any products). I just got rid of our bookkeeper who really messed a lot of things up and I want to consider creating brand new chart of accounts better suited for our business.

 

We are setup as an LLC and there are 2 partners (though soon will be just one, and used to be 3). We book entertainment for private events mostly, and we staff independent contractors to perform at the events. For example, we sign a contract with a client for a wedding band. We staff each musician on our own and pay them and issue 1099 at tax time. We also rent items like arcade games, lights, and sound systems and, again, we hire people to staff/run those things during the events. 

 

What would be the most logical way to setup the accounts? What are other factors I should consider, other than the info above, when determining the optimal setup of accounts? 

 

We accept payment via check and ACH via Quickbooks. We occasionally accept credit cards and we take a deposit at signing, and full balance at later date. 

 

Thanks for any help!