This is part 2 of a two-part blog which will give you an in-depth explanation about the working parts of a chart of accounts. Revisiting, from part 1 of this blog, the chart of accounts is simply a list of all of the account types you might use when recording your business income and expenditure […]Continue Reading...
The chart of accounts is simply a list of all of the account types you might use when recording your business income and expenditure activities. The “account types” include assets, liabilities, equity, income, expenses, other income and other expenses. The accounts are separated like this for reporting purposes and are used to build the balance […]Continue Reading...
The foundation of any good accounting system is the chart or list of accounts. A good accounts list will enable you to accurately account for income and expenditure and will assist accounting professionals to report on your financial health. It’s important to make sure that the chart is set up correctly before you begin to […]Continue Reading...
This video in the Xero Essentials series explains how the Chart of Accounts works in Xero.Continue Reading...