Note: If the user has imported GL Accounts from QuickBooks, it is recommended that the user do not make any changes to the imported accounts found here to stay consistent and in sync with QuickBooks.
Following the link "Settings > GL Account Name" allows the user to setup GL transaction categories that will be used to flag transactions within the system.
The four categories of GL Accounts supported are listed here:
- Income Accounts - to categorize income from sales
- COGS Accounts - to categorize costs incurred to generate product sales (Cost of Goods Sold) including cost of acquisition of inventory
- Expense Accounts - to categorize business expenses
- Asset Accounts - to categorize assets (e.g. inventory, cash)
The user needs to customize this list to reflect the accounting method used or planned to be used by the business. When the transactions are exported to your accountant or accounting software, appropriate categorization will facilitate bookkeeping. See screens below for an example of these accounts.
Updated 2 days ago