Accounting and Chart of Accounts

[idadd4]

Hello everyone. I am in the beginning stages of getting PADI Instructor Certified. While I live in the PNW (BURR) I will be traveling with my dive center to warmer destination waters to complete certifications. I am in this to train new divers and build excitement but also in it to make money so, this isn't a hobby for me. I do currently have a full time job, but hoping to build enough "social currency" to be able to supplement retirement in a few years. I also understand I will NOT be getting rich anytime soon, just honestly looking to supplement retirement and Help pay for something I enjoy.

I will be using Quickbooks to track my income and expenses.

I was wondering if anyone had a basic idea of a chart of accounts that has worked well for them?

Oh - additional information. I am currently doing hull cleaning and minor recovery in the local marina's and lakes for income.

 

[GreggS]

Doesn't Quickbooks have a sample Chart of Accounts that you can use to set yours up? Without knowing everything you intend to do with your business it's going to be difficult to offer any assistance. You'll need to set up accounts depending on exactly what your needs are. But don't worry. If you forget something or something comes for which you need a different account, you can most likely add it later.

I use an accounting system by the name of Xero, which I really like. It did have a sample CoA but I already had one I used in a different system which I basically migrated over to Xero.

If you haven't already committed to Quickbooks, take a look at Xero. It is similar to Quickbooks but may be a little bit less expensive. I know it was when I compared them when I was looking for a new accounting system back in 2015.

If I can, I'll help you as much as I can. Just DM me and we can talk there instead of in this thread.

 

[aworth16]

Hello! I hope your dive business is going well and congratulations on your first year as a PADI instructor!

I'm a big fan of how you can customize the grouping of your revenue streams in Quickbooks so you can have better insight into revenue from core services (in your case, certification courses) and non-core services (hull cleanings and S&R). I do this for my bookkeeping practice so I can have a clear picture of revenue from bookkeeping services and revenue from accounting software implementations.

I'm happy to answer any questions about QBO and accounting! Please feel free to send me a DM.