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QuickBooks Tips Blog

QuickBooks Tip: Chart Of Accounts Overview

Posted by Alex Viau on Mar 15, 2013 7:30:00 AM

In QuickBooks, the Chart of Accounts is the skeleton to any company file. A well-managed Chart of Accounts provides meaningful reports and year end financial data to provide to your CPA for tax purposes. Understanding how each account works and when to use it helps keep your
company file organized and maintains integrity of your financial data. The concepts may seem simple but it's surprising how many folks blindly swing in the dark by putting assets into liabilities, expenses as income, and vice versa. I'm going to just brake each one down and give real world examples on each. You can look further into the true definition (and I highly recommend you do) of each by heading over to Wikipedia.

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Topics: QuickBooks Tips, Using QuickBooks effectively, Accounts Payable, Accounts Receivable, chart of accounts, cleaning chart of accounts