![]() ![]() ![]() It’s common for accountants to set it up as either an expense account or a cost of goods sold account. The customization of this feature is particularly helpful because you can create your chart of accounts in whatever manner that best suits your accounting style. It can also be set up according to whatever budgeting software you may be using for your accounting needs, like Hot Budget, Point Zero, Movie Magic, or AICP budgeting. Ways to customize your Chart of Accountsįor production accounting, your chart of accounts can be customized for whatever kind of production project you might be working on – commercials, episodics, feature films, etc. ![]() It’s a listing of all possible charge categories that you must choose from when entering any expense. Build a Chart of AccountsĪ chart of accounts essentially tells your accounting system where you want every charge to go. So for this post, we’ll be viewing this version. *But due to its integration capabilities and collaborative nature, QuickBooks Online is a popular option. But if you have the opportunity to choose a version of this software, do the research on what features will likely be most important for your needs. Odds are you might get hired for a project and have to use whatever type of QuickBooks they’ve already purchased. Like the online version, It also comes as a tiered system - Pro Plus, Premier Plus, and Enterprise-again, each with a different yearly subscription cost. QuickBooks Desktop may not be as cloud-friendly, and will take more creativity when collaborating, but it does allow more accounts per price. Note: Only Plus and Advanced allow for class tracking and location tracking, which we’ll be getting into in just a moment, so we recommend strong consideration of those two specific programs if and when possible. Using a tiered system-Simple Start, Essentials, Plus, and Advanced-each comes with a different monthly subscription cost, and accordingly different accounting bells and whistles, which makes this version of the software highly flexible according to a user’s budget. While QuickBooks Online does not have the capability to sync with QuickBooks Desktop, this version makes collaboration much more seamless. QuickBooks Online is a cloud-based system that allows you to access your files at any time from multiple devices, including your computer, tablet, or even smartphone. We won’t get into a major comparison here but just for good measure… Like anything else, there are pros and cons to each of them. QuickBooks is a catch-all term for the software’s different versions-QuickBooks Online and QuickBooks Desktop. In order to use QuickBooks for production accounting, you first have to select which version of the software works best for your particular requirements.īelow, most sections have images for each action, however, this video may prove useful as you move through the post. How do you set up QuickBooks for production accounting? *Note, if you are still brushing up on general accounting 101 like setting up bank accounts or understanding different kinds of expenses, we encourage you to learn those basics first before continuing with the following information. We sat down with a seasoned finance director who has managed numerous entities, producing everything from commercials to films to episodics, to get deeper insight into their setup and management process. So for this post, we’re unpacking some of those customizations to unlock the tips and tricks to take full advantage of the software, to set up projects in more efficient and repeatable ways. Production accountants have found smart ways to customize the platform to fit their needs, and in doing so, have made tracking and wrapping entertainment projects much simpler. While QuickBooks is the predominant software among businesses to organize and track all of their accounting needs, when it comes to the world of production, QuickBooks can prove exceptionally effective. Like Kleenex and tissues, QuickBooks has become virtually synonymous with accounting software and has been used for decades across a multitude of industries. ![]()
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