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kellyaccounting5337
August 30, 2024
Question

recording a loss

  • August 30, 2024
  • 1 reply
  • 0 views

Hi there,

 

I need to set up an account (or possibly more) that I can use when we have caused damage to a customer's home during installation of our product and also for when, through our own error, have to record a loss of our product due to inaccurate estimating. I don't currently have anything on the Chart of Accounts for these scenarios.

 

Thanks in advance

1 reply

A
Alex M
August 30, 2024

Hi there kellyaccounting5337,

 

Thanks for reaching out about setting up your chart of accounts. QuickBooks Desktop is a great tool able to help you keep track of income and expenses so you can know the profitability of your business. I can point you in the right direction for assistance in setting this up in your chart of accounts.

 

To know which account type you should be using to represent this in your books, I recommend speaking to your accountant. Their expertise will be able to guide you in the choice of account type so your totals are reflected correctly. You can find an accountant near you that has experience using QuickBooks software by going to our Find a ProAdvisor page.

 

If you have any other questions, feel free to reach out here.

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