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Hello everyone, just started my business about a year ago, so glad I found this forum, a lot of useful information on here. I just purchased a copy of quickbooks, to try and relieve myself of some of this paperwork, and need a little help. From what Ive read it seems like some of you, use it as well. Any help would be greatly appreciated. I think I sent this message to service guy by accident, sorry service guy. This is the first forum I have ever joined, and my first post.

I am trying to set up my inventory and need to know what to select under expense and income accounts.

cost of goods sold for expense account?
job income for income income account?

I also have no idea about Labor

I know its a service, is it job income only or should there be something on the expense side selected also.


Thanks for any help! I have searched the internet for 3 days and just cannot find the answers to my questions.
 

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When you first set up Quickbooks, you should be able to select a Chart of Accounts that is close to our industry and make minor adjustments. Most of the help screens will guide you through everything you need to know.

If you have specific questions, please post and I will try to help in any way that I can.

We do not track inventory with Quickbooks. There are so many parts and pieces, not to mention the prices fluctuate all the time. It would take more time to enter and keep track of then keeping track manually. I attempted to do it and started to go bonkers. We deal with several supply houses and they all use different codes. The other problem, when we do water heaters we always use several misc. fittings, but on the invoice they are not itemized. We charge a lump sum to install a water heater. Quickbooks would have no way of knowing how many fittings were being used. Asking our plumbers to keep track of 23 cent fittings would cost more productivity time.
 

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I aint CPV see in it?
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1st off baton, get ready to do alot of this:wallbash:
I agree with plumbcrazy on the inventory, too much to handle. The tutorials helped me the most. Had to watch them a few times. Be careful with your entries too. I have a hard time figuring out how to correct them sometimes. I guess i need to get that book ******* suggested. As far as invoiceing, I just transfer over from the paper ones and enter them in the sales reciept page. That pretty much does it for me. When you first start paying bills, you can set them up as you go, it will give you all the options for what that payment is for. Hope this helps, been using 08' version for a year now, and still learning things here and there, but it does what i need it to do, and what i cant do. Good Luck!!
 

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Discussion Starter #5
Thanks for the responses, I am very small right now, a one man team, and am wanting to try and expand this year. I am going to try and let quickbooks track my inventory, to help me see exactly what my bottom line is, what I sell the most of and help me remember to reorder regular parts. I just do not want to spend any more time looking up delivery tickets, and invoices from plumbing supply and then try to figure out how much to mark up the items. I will be ordering the book soon. Thanks
 

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check out www.quickbooksusers.com........inventory is tricky and time consuming, but if you really want to use it you can open a quickbooks sample company file and see how Chart of Accounts is set up - when you open QB and your company name comes up, click on cancel and you see "Open a Sample Company" as a choice, look at both the product-based and service-based companies and specifically the Chart of Accounts. Inventory is an asset account, usually "other current asset" but you can set up Inventory by setting up "Items". If you use Inventory you will need to identify each part as an "item" and when you sell it you must do an invoice selecting each item - you can markup the selling price by $/% manually change it with each invoice. Inventory items are usually "Cost of Goods Sold"....look at the Item List in Sample Service Business File and you will see how to set up. Good Luck!!
 
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