Every time I open up a new company file a lot of thoughts are going through my head. Is the balance sheet correct, have credit cards been properly booked, are the payroll liabilities $0 at the end of every pay period, if they have an organized expense list that is meaningful, or are
the QuickBoks accounts reconciled. The expense list (which I'll include as Cost of Goods Sold, Expenses, and Other Expenses) give you a true outlook as to where your business is currently spending its money. For this article I'll list out each category, explain what the category is comprised of, then give you common account names I use for a majority of my clients.
Read More
