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 Setting Up 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 [...]
