Is there a summary of what account category to select please?
Hi,
Most are obvious like sales, advertising & marketing etc but is there a summary of all of the categories and when to use them?
Thank you
Hi NH1980
Yes, those are accounts and are listed in Accounting>>Chart of accounts. There are the account classifications that I listed previously. You can create your own detail accounts or use the ones already set up to allocate transactions to.
For example:
If you have two bank accounts you can create an assest account for each bank account:
1-1100 - Everyday bank account
1-1200 - Savings bank account
If your business was selling water you could set up income accounts to track the income for the different types:
4-1100 - spring water
4-1200 - carbonated water
The accounts you allocate transactions to determines the financial reporting of your business, as such, if you're not sure it is recommended that you discuss this with your accountant.
Please let me know if you need further help.
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