I'm new to Business Lite. Is it correct that Income is Debit and Expenses are Credits?
Thanks for your help lucy11 and Genreve_S. I was informed that when entering transactions into Banking, it's done in reverse, but when you look in the Reports and Trial balance, it's around the correct way. Business Lite is quite a bit different to Account Right, which is what I've been using for quite a few years.
That's what I thought, but it's around the other way in mine. All my expenses are going into the credit column & the income is going in the debit column
No, that's not correct. In accounting, Income is credited and expenses are debited. Here's why:
Income: increases with a credit, as it represents money coming into your business.
Expenses: increase with a debit, as they reduce your profits.
If you're using Business Lite, it follows these standard accounting principles. Mastering this is key to keeping your financials accurate and compliant.
For expert tips on managing your business finances and GST, visit here
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