Chart of Accounts
Table of Contents:
Set Your Business with a Chart of Accounts
Expanding on using double-entry, we set up different accounts to track specifically where your money goes. Making it easier to make financial decisions in the future because you know exactly what you spend your money on. Example of different accounts is accounts receivable, accounts payable, sales, purchases, payroll expenses, owner’s equity, retained earnings, etc. They change for each specific business, for example, a seafood restaurant may have an account called “Lobster” whereas an Italian restaurant may have an account called, “Bread.”