There are at least 30 GL accounts in all of the pre-built chart of accounts that are unnecessary and should be removed. Such as:
#1040 Certificate of Deposit
#1190 Other receivables (people use it and then don't know what is in it, make them create a new account so they give them a proper name)
#1250 Plan Deposits (the world is digital now, we don't put down deposits to get plans like we did in the 70's)
#1430 Prepaid expenses (too generic)
#1600-1640 Most have no idea what they would even use these for. Let users create them if they need them
#1680-1790 never used by GCs or subcontractors (the bulk of our customers)
#2330 FUTA PLEASE RENUMBER to #2301 so it is next to FICA/FIT Taxes Payable (and not mixed in with insurance)
#2690 Other Current Liabilities; too generic please remove
#2850 Other Loans; too generic please remove
#2900 Trade Notes Payable; too generic (let customers create their own notes payable)
#3490 GL suspense (just a bad idea because it never gets cleaned up)
#5590 Other Direct Expense; too generic (let customers create their own if needed)
#5990 Other Shop Expense; too generic
#6005 Facsimile no one pays a separate bill for fax lines or bothers to separate the expense if they even have a fax line
#6040 Travel, meals, entertainment. Travel and Meals are 100% deductible, while entertainment is 50% so they need to be separate accounts
#6140 Other Office expense; too generic please remove
#6620 Other shop expense; too generic please remove
#6810 - 6870 Depreciation by fixed asset type isn't needed or ever used. You only need one depreciation expense account in overhead. But you could add one in the equipment range.
#7600 Other Admin Exp; too generic
#7950 Other After Tax Expense; too generic
by: Charlene D. | over a year ago | General Ledger
Comments
This is a lot of work to manually delete these unwanted accounts when a customer chooses to start with your pre-built choices. If values end up in "other" accounts they have to be explained, so if you don't build them, they will have to create their own with more appropriate names
Delivered in version# 24.2.