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A complete Chart of Accounts designed for consultants, freelancers, agencies, and professional service providers. Learn the best practices for tracking income, expenses, and profitability.
Use This TemplateThis template includes 25 accounts organized by category. Each account is designed for service-based businesses.
Primary business banking account for deposits and expenses
Reserve funds and emergency cash
Track unpaid invoices from clients
Software subscriptions, insurance paid in advance
Track bills owed to vendors
Business credit card balance
Wages, taxes, benefits owed
Owner's investment in the business
Accumulated profits from prior years
Distributions to owner (reduces equity)
Primary income from services rendered
Income from consulting engagements
Fixed-price project revenue
Monthly retainer agreements
Client reimbursements (offset to billable expenses)
Marketing, ads, promotions
Account fees, wire transfers
Subcontractor and freelancer payments
Professional liability, general liability
Supplies, minor equipment
Training, conferences, certifications
SaaS tools, cloud services
Client travel, transportation
Phone, internet, coworking
Expenses reimbursed by clients
Maximize the value of your Chart of Accounts with these proven strategies.
Create separate income accounts for each service offering (consulting, projects, retainers). This helps identify your most profitable services and informs pricing decisions.
Use a dedicated "Billable Expenses" account for costs you pass through to clients. Match this with "Reimbursed Expenses" income to ensure you're not losing money on pass-throughs.
If you subcontract work, track it in a dedicated account. This is crucial for calculating true profit margins on projects.
Combine your COA with QuickBooks® classes or projects to track profitability by client, project, or service line without creating excessive accounts.
Generate this template for QuickBooks® Desktop (IIF) or Online (CSV) in seconds.
Generate Service Business Template