HELP: Quickbooks Chart of Accounts for a Pie Business

[jstockel]

Hey guys, (not sure this is where i post this topic) 

 

I purchased quickbooks for my pie business to get all my finances straight and as I googled, chart of accounts for pie business, there were none. I saw bakeries and such but im a very small, 1 person, pie business out of the house. 

 

Just wondering if anyone has a pie business chart of accounts they would be willing to share? My head is spinning as Im looking at Quickbooks!

[gfron1]

I can't figure out if this is a pie chart joke or not.  I've used QBPro for Mac for a decade, currently using 2012 version.  I've really streamlined my chart of accounts over the years. I used to have 25 different, but now they are fully aligned with the tax form deductions.  I'm small enough that I don't need to break down further for my own personal analysis with the exception of breaking out liquor.  My recommendation / learning from my mistake, is to have your accountant set up your CoA, and then if you feel like you need something more tell them that you want to add categories.  They may have a reason to add or not add that category.

[jstockel]

gfron, no jokes here. I am setting up a chart of accounts and I used a bakery version and there is a lot of stuff in there that seems unnecessary for me. I havnt got an accountant but maybe that will be easier to go find one and have them help me get setup.

[gfron1]

Okay, so you're definitely seeing what I experienced.  If at all possible get an accountant first.  Have them align it with tax forms for streamlining unless you feel you might need more data.  And now let me contradict myself.  Try to think ahead to when you're bigger with multiple departments and possible sub-businesses (carryout lunches, catering, chocolates) where you might need more data.  Its not a fun process fixing this stuff after its already been set up.

[jstockel]

ok, already working on the accountant piece.

[sugarseattle]

i think it's better to start with a smaller chart of accounts. It makes it easier to be consistent. If somewhere down the line, you decide to break out say ingredient purchases to "fresh fruit" and "dairy", you can easily single those purchases out and add the extra detail. Another thing I like to keep a little bit trimmed up is my vendor list. Say you buy something from someone once...I just add it as "miscellaneous vendor" and put the name of who you bought it in the memo. Sure, it makes it harder to find, but for those one time deals, it's just easier for me.

 

my previous bookkeeper liked to go wild with the chart of accounts and the vendor list. It drove me crazy so I consolidated a lot of them and it's much more manageable for me.

 

So in the end, it's a matter of personal preference. 

 

Even though many people might think otherwise, honestly, I would recommend finding a bookkeeper that will meet with you monthly to help you really understand how your accounting is working. I think it is really important that you work very closely with your bookkeeper and not just "hand over the books" and get a nice stack of "all done". In the early stages of running a business, understanding the financial aspects is extremely important in building. 

 

I would also invest in recipe costing software and get all of your recipes in there. It's a major piece of the puzzle often overlooked.