Introduction A standard chart of accounts is organized according to a numerical system. Chart of Accounts – Numbering Convention states that each major category will begin with a certain number, and then the sub-categories within that major category will all begin with the same number. If assets are classified by numbers starting with the digit …
Introduction This article explains the use of Chart of Accounts – Account Types. Here, various account types are defined and explained. This topic may be helpful if you are setting up accounting software or want to learn more about the chart of accounts and accounting. Chart of Accounts Your company’s chart of accounts is a …
Introduction This advanced topic explains Journal Entries. They are also known as Adjusting Journal Entries or AJE for short. In traditional accounting, a record of a transaction in which the total amount in the Debit column equals the total amount in the Credit column, and each amount is assigned to an account on the chart …
Introduction The Chart of Accounts List is used to manage your financial accounts. Accounts are used to record and summarize the increases, decreases, and balances of each asset, liability and owner’s equity items (like accounts receivable, accounts payable, and retained earnings). Financial accounts track your business transactions. New accounts may need to be created as …
Introduction The Chart of Accounts (COA) displays the account number, name of the account, type (expense, income, asset, payable, etc.) and a description of what the account would be used for. Accounts are used to indicate and summarize the increases or decreases to the balances of each asset, liability, and owner’s equity-type items. These can …
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