Re: [Avid-L2] Re: QuickBooks: What account to use for transcription

Wes,

It is COGS, and you can either create an account called "Production Expense", or one called "Contract Labor - Job" depending on how detailed you want to get.

Curt

--
Curt Bailey
curt@momentaproductions.com

On Nov 21, 2009, at 2:34 PM, wplate wrote:

>
> Is it an expense? or COGS? I don't know enough about accounting to know the difference. I just started reading "QuickBooks 2009 ALL-IN-ONE for Dummies" and it has a sub-book about the principles of accounting. I have a lot to learn.
>
> --- In Avid-L2@yahoogroups.com, "B Conner, Avid" <bconner.avid@...> wrote:
> >
> > Wes,
> >
> > Long ago, I created an Account in QuickBooks Pro named "Production
> > Services". Works for me, but then, I don't need my accounts to fit into
> > standard numbered accounts.
> >
> > My CPA has never dressed me down for it, so I guess it's OK . . . . for
> > me and my LLC.
> >
> >
> > Brian Conner
> >
> >
> > wplate wrote:
> >
> > > This is a QuickBooks question, but it is totally on topic since it regarding accounting for video production. Many of you are like I have until now been: editors without a single care about accounting. I still don't care much about accounting, but Wes Plate, Inc. is back in business so I find myself in QuickBooks a lot. Surely if we find the answer this thread will help others.
> > >
> > > I'm hoping one of you who also deals with bookkeeping can advise...
> > >
> > > So I'm paying for some transcriptions (I'm going to post a blog entry about the experience on my blog this week), I'm wondering what account I would use to record the expense. I probably have to create a new account, would be a different kind of account than an "expense"? It isn't Cost of Good Sold, is it?
> > >
> > > Gracias!
> > >
> > > -wes
> >
>
>

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