Category: Quickbooks

Mastering the Chart of Accounts – Part 2: Balance Sheet Accounts: Assets, Liabilities, and Equity

The balance sheet is typically used to calculate the net worth of the business, and includes liabilities, cash, and equipment. A basic tenet of double-entry bookkeeping is that the total assets (what the company owns) should equal the liabilities plus equity, i.e. the books should balance. Subtracting the liabilities form the assets reveals the net worth of the business.

Read More »

Mastering the Chart of Accounts – Part 1: Income and Expense

Understanding the types and hierarchy of the line items in your chart of accounts will make it easier to maintain clean books, and use your accounting software properly. The chart of accounts categories fall under a few basic groups: income and expense, assets, liabilities and equity accounts.

Read More »

WIN A $200 GIFT CARD

Celebrate our 21st birthday with us!

Sign up for a free consultation by June 13th and be automatically entered to win a $200 gift card to Sparkman Cellars!

Terms and conditions apply