In our last 2 blogs we explored the chart of accounts. We looked at the accounts within the chart in detail and explained that each account has a special part to play within the profit and loss report and the balance sheet. This week we thought it would be a good idea to review balance […]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...