How to Update The Chart Of Accounts - fsbiuniversity.comfsbiuniversity.com/zcampus/tes/chart_of_accounts.pdfRec. and trade notes 1400 - Automobile 1400 Fixed Asset B/S - Assets: Buildings/oth

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How to Update The Chart Of Accounts

IMPORANT NOTICE: These instructions were created using QuickBooks 7.0. If you

are still using an older version of Quick Books you may find that the look and feel

may be a little different, but the basic instructions are still the same. If you are not

able to update the Chart of Accounts using these instructions you need to consult

with an outside service. We further recommend you upgrade to the most recent

version of QuickBooks.

Step 1: Open QuickBooks. Click on Chart of Accounts.

Step 2: Highlight Account 4000 (we need to update the name from Placement Income

to Income from TES)

Step 3: From the Account Menu click on Edit Account

Step 4: Update the Account Name from Placement Income to Income from TES and

then click on Save and Close

Step 5: From the Account dropdown menu, click on New.

Step 6: Check off Income and click Continue.

Step 7:

In the Account Type box select Income

In the Number Box enter 4004

In the Account Name type in: (E-Myth) AIM Product Sold (add the brackets). This

is for those AIM products that were purchased by your client through the credit card

portal. The PEC will pay you your portion after royalties directly

In the Subaccount select 4000 – Income from TES

In the Tax-Line Mapping filed select: Income: Gross receipts or sales

And then hit Save and New or Save and Close

Repeat Steps 5-7 to add the following accounts:

4005 (E-Myth) FAST Product Sold

4006 (E-Myth) Embark Product Sold



Step 10:

In the Account Type box select Income


In the Account Name type in: Revenue Royalties due to PEC. This is for any

income you receive and royalties that are due to be paid by you. For example:

Processing Fees, Business Coaching, Preferred Vendor Program, E-Myth AIM, Fast &

Embark where you paid and collected money to give your clients access and any other

income.


And then hit Save and Close



Step 13: If you already have a Processing Fee account set up, update the Account so

that it shows up under 4100 Revenue Royalties due to PEC and change the Account

number to 4101 or simply add Processing Fees as a new account

In the Account Type box select Income,


In the Account Name type in: Revenue Royalties due to PEC


And then hit Save and New or Save and Close

Repeat Steps 11-13 to add the following accounts:

4102 Business Coaching

4103 Preferred Vendor Program

4104 E-Myth AIM Product

4105 E-Myth Fast Product

4106 E-Myth Embark Product

Now you have updated you Chart of Accounts to reflect the monthly Revenue

Report that is transmitted via ESC and is due by the 2nd of each month

Here is a list of all the different accounts and their numbers:

Account Acct. # Type Description Tax Line

1011 - Checking Account 1011 Bank B/S-Assets: Cash

1200 - Accounts Receivable 1200 Accounts Receivable

B/S - Assets: Accts. Rec. and trade notes

1400 - Automobile 1400 Fixed Asset

B/S - Assets: Buildings/oth. depr. assets

1400 - Automobile 1401 - Automobile - Original Cost 1401

Fixed Asset


1400 - Automobile 1402 - Automobile - Accum. Depreciation 1402

Fixed Asset


1425 · Furniture & Fixtures 1425 Fixed Asset


1425 - Furniture & Fixtures 1426 - Original Cost 1426

Fixed Asset


1425 - Furniture & Fixtures 1427 - Accum. Depreciation 1427

Fixed Asset


1575 - Security Deposits 1575 Other Asset

B/S - Assets: Other assets

1600 - Franchise Fee Asset 1600 Other Asset


1600 - Franchise Fee Asset 1601 - Franchise Fee Asset - Cost 1601

Other Asset


1600 - Franchise Fee Asset 1602 - Franchise Fee Asset - Accum.Amort 1602

Other Asset


2000 - Accounts Payable 2000 Accounts Payable

B/S - Liabs/Eq.: Accounts payable

2050 - Credit Card Payable 2050 Credit Card

B/S - Liabs/Eq.: Other current liabilities

2250 - Loans Payable 2250

Other Current Liability

B/S - Liabs/Eq.: Other current liabilities

2500 - Bank Loan Payable 2500 Long Term Liability

B/S - Liabs/Eq.: L-T Mortgage/note/bonds pay.

3000 - Opening Bal Equity 3000 Equity <Unassigned>

3500 - Owners Investment 3500 Equity <Unassigned>

3550 - Owners Draw 3550 Equity <Unassigned>

3800 - Capital Stock 3800 Equity Capital Stock B/S-Liabs/Eq.: Capital stock

3900 - Retained Earnings 3900 Equity Retained <Unassigned>

Earnings

4000 - Income from TES 4000 Income Consulting Income

Income: Gross receipts or sales

4000 - Income from TES 4001 - RD Income 4001 Income


4000 - Income from TES 4002 - Development Fees 4002 Income

Reimbursed Expenses


4000 - Income from TES 4003 - Placement Fees 4003 Income Other Income


4000 - Income from TES 4004 - (E-Myth) Aim Product Sold 4004 Income

Income from AIM product sold


4000 - Income from TES 4005 - (E-Myth) Fast Product 4005 Income

Income from AIM Product Sold


4000 - Income from TES 4006 - (E-Myth) Embark Product 4006 Income

E-Myth Embark Product Sold


4000 - Income from TES 4010 - Other Income 4010 Income


4100 - Revenue Royalties Due to PEC 4100 Income <Unassigned> 4100 - Revenue Royalties Due to PEC 4101 - Processing Fees 4101 Income


4100 - Revenue Royalties Due to PEC 4102 - Business Coaching 4102 Income

Business coaching from clients


4100 - Revenue Royalties Due to PEC 4103 - Preferred Provider Program 4103 Income

National Account income from clients


4100 - Revenue Royalties Due to PEC 4104 - E-Myth AIM Product 4104 Income

Aim product Income from clients


4100 - Revenue Royalties Due to PEC 4105 - E-Myth Fast Product 4105 Income

Fast product Income from clients


4100 - Revenue Royalties Due to PEC 4106 - E-Myth Embark Product 4106 Income

Embark product income from clients


4100 - Revenue Royalties Due to PEC 4110 - Other Income

4110 Income All other income


5100 - Advertising 5100 Expense Deductions: Advertising

5100 - Advertising 5105 - Local Promotion 5105 Expense

Deductions: Advertising

5100 - Advertising: 5110 - Marketing Materials 5110 Expense


5100 - Advertising 5115 - National Ad Fund 5115 Expense


5200 - Processing Fees 5200 Expense <Unassigned>

5201 - Business Coaching 5201 Expense <Unassigned>

5202 - National Account 5202 Expense <Unassigned>

5203 - E-Myth AIM TES 5203 Expense AIM Product <Unassigned>

5204 - E-Myth FAST 5204 Expense FAST Product <Unassigned>

5205 - E-Myth Embark 5205 Expense Embark Product <Unassigned>

5225 - Assessment Tools 5225 Expense

DISC Assessment Tools <Unassigned>

5250 - IC Expenses 5250 Expense Independent Contractor Fees <Unassigned>

6025 - Conference Expense 6025 Expense Deductions: Other deductions

6050 - Seminar Exp/Professional Dev 6050 Expense

Seminar Exp/Professional Dev

Deductions: Other deductions

6075 - Salary & Wage Expense 6075 Expense

Deductions: Salaries and wages

6075 - Salary & Wage Expense 6076 - Officer Salary 6076 Expense

Deductions: Compensation of shareholder/officers

6075 - Salary & Wage Expense 6077 - Office Wages 6077 Expense

Deductions: Salaries and wages

6080 - Payroll Tax Expense 6080 Expense Deductions: Payroll taxes

6080 - Payroll Tax Expense: 6081 - Social Security Expense 6081 Expense

Deductions: Payroll taxes

6080 - Payroll Tax Expense: 6082 - State Unemployment Expense 6082 Expense


6080 - Payroll Tax Expense: 6083 - Federal Unemployment Expense 6083 Expense


6110 - Automobile Expense 6110 Expense Automobile Expense

Fm 8825-A: Auto and travel

6110 - Automobile Expense: 6111 - Auto Lease Expense 6111 Expense


6110 - Automobile Expense: 6112 - Auto Repairs, Gas & Maintenance 6112 Expense


6120 - Bank Service Charges 6120 Expense

Bank Service Charges


6140 - Contributions 6140 Expense Contributions

Schedule K-Deductions: Charitable contributions

6150 - Depreciation & Amortization Exp 6150 Expense

Depreciation Expense

Schedule M-1: Depreciation per books

6160 - Dues and 6160 Expense Dues and Deductions: Other

Subscriptions Subscriptions deductions

6170 - Miscellaneous Expense 6170 Expense <Unassigned>

6175 - Gifts 6175 Expense <Unassigned>

6180 - Insurance 6180 Expense Insurance Deductions: Other deductions

6180 - Insurance 6181 - Disability Insurance 6181 Expense

Disability Insurance


6180 - Insurance 6182 - Liability Insurance 6182 Expense

Liability Insurance


6180 - Insurance 6183 - Life Insurance 6183 Expense Life Insurance

Schedule K-Other Items: Nondeductible expenses

6180 - Insurance 6184 - Work Comp 6184 Expense

Workman's Compensation


6180 - Insurance 6185 - Health Insurance 6185 Expense <Unassigned>

6200 - Interest Expense 6200 Expense Interest Expense Deductions: Interest expense

6230 - Licenses and Permits 6230 Expense Licenses

Deductions: Licenses

6240 - Office Expense & Supplies 6240 Expense Office Supplies


6250 - Postage and Delivery 6250 Expense

Postage and Delivery


6260 - Printing and Reproduction 6260 Expense

Printing and Reproduction


6270 - Professional Fees 6270 Expense Professional Fees


6270 - Professional Fees 6272 - Accounting Fees 6272 Expense <Unassigned> 6270 - Professional Fees 6274 - Legal Fees 6274 Expense <Unassigned> 6270 - Professional Fees 6276 - Consulting Fees 6276 Expense <Unassigned>

6290 - Rent 6290 Expense Rent Deductions: Rents

6300 - Repairs 6300 Expense Repairs and Maintenance

Deductions: Repairs and maintenance

6300 - Repairs 6301 - Computer 6301 Expense


6300 - Repairs 6302 - Equipment 6302 Expense


6340 - Telephone 6340 Expense Telephone Deductions: Other deductions

6350 - Travel & Ent 6350 Expense Travel and Entertainment

Deductions: Meals and entertainment

6350 - Travel & Ent 6351 - Entertainment 6351 Expense Entertainment


6350 - Travel & Ent 6352 - Meals 6352 Expense Meals


6350 - Travel & Ent 6353 - Travel 6353 Expense Travel


6390 - Utilities 6390 Expense Utilities Deductions: Other deductions

6820 - Taxes 6820 Expense Taxes Deductions: Other miscellaneous taxes

Documents

How to Update The Chart Of Accounts - fsbiuniversity.comfsbiuniversity.com/zcampus/tes/chart_of_accounts.pdfRec. and trade notes 1400 - Automobile 1400 Fixed Asset B/S - Assets: Buildings/oth