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

You can create whatever sub-accounts you want for expenses. I always kept
production-related costs separate from basic business-related expenses;
those categories were nested under the general Expenses category. I thought
COGS was a special category, only applicable to inventory items (I used it
for videotape purchased for resale).

~Greg Davis

On Sat, Nov 21, 2009 at 12:18 PM, Curt Bailey <
avid-l2@momentaproductions.com> wrote:

> 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
> > >
> >
> >
>
>
>
> [Non-text portions of this message have been removed]
>
>
>
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>
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