Back to the Basics: Quickbooks Edition
Back to the Basics: Quickbooks Edition Chart of Accounts The Chart of Accounts is the entire list of a business’ accounts and their balances. This keeps tab how much money your company has, owes, and what’s coming in and out. The more accurate the information is, the more useful the reports will be, therefore watch out for errors and try to be consistent as possible when assigning accounts to transactions. Balance Sheet All the information listed below is an accurate representation of what is listed in a balance sheet. The Balance Sheet is useful for giving a summary of your business at a certain period in time. It displays what you own (assets), what you owe (liabilities), and what you have left over (equity) at a certain point in time. Use this type of account in your Chart of Accounts To Track Assets Bank Checking, savings, and money market accounts. Use on bank account for every account your company has at a bank or othe...