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 57) Chart of Accounts

The chart of accounts is divided into the five main account categories.  They are assets, liabilities, equity, income and expense accounts. You can also review all accounts by selecting the all tab.

                                        1.  Asset Accounts - things of value owned by the  business.

                                        2.  Liability Accounts - amounts owed to outsiders.

                                        3.  Owner's Equity Accounts - amounts owed by the 

                                       business to its owners (profit).  If the 

                                      business loses money the owners may owe

                                      additional money to the business.

                                 4.  Revenue Accounts - Sources of income.

                                 5.  Expense Accounts - Payments necessary to run the business.


  To add an account select the icon on the plus icon on the tool bar found on the top of the screen.  A general ledger account is a combination of the account number and the department.  You can use the same account number for a different account if you have a different department for each account.  The power is in essence the ability to have accounts departmentalized.  For instance you can have an account called Sales numbered 5000 with department 10 for Retail and another sales account number 5000 but with department called 20.  Review the following examples to explain best.


                                Account                 Name                                                      Department

                                5000                        Sales Retail                                      10 (retail)

                                5000                        Sales Services                                 20(Services)

                                6010                        Cost of Goods Sold –Retail      10 (retail)

                                6010                        Cost of Goods Sold – Service   20 (service)


This ability is great because it allows you the capability to perform department and consolidated reporting for financial reports.

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