While installing your new accounting software you have most likely been asked whether you would like to use one of the default charts of accounts included with the program or develop your own. Unless you are very familiar with setting up a set of financial books you will want to choose from one of [...]
Archive of posts tagged Chart of Accounts
Customizing Your Chart of Accounts
A chart of accounts is defined as a list of accounts used to categorize the financial transactions of a business. But if set up with thought it can be one of your most useful tools in analyzing your business. A chart of accounts usually consists of five areas – Assets, Liabilities, Equity, Income [...]
Chart of Accounts
A list of accounts used in a set of bookkeeping records. A chart of accounts is divided into categories such as Assets, Liabilities, Equity, Income, Cost of Goods Sold, and General and Administrative Expenses. It may also include Other Income and Other Expenses. Each of the categories may be broken down into [...]
