//
you're reading...
Uncategorized

Need to Start Keeping Books for Your Business

The Web Accountant

The first thing that you must do whenever you begin properly keeping your books is to set up a chart of

accounts. The chart of accounts is a list of accounts that are specific to your business that will be used to record all business activity. As transactions occur you enter the amount in two different accounts from the chart of accounts at the same time.

The main task of keeping the books is putting the amount in the proper two accounts. All the accounts boil down to Revenue, Expenses, Asset, Liability and Capital.

I will set up your chart of accounts and show you how to determine which two accounts to use to record the amount of each transaction. This is known as double-entry bookkeeping. You will get the hang of it before you know and I will help you along the way when you need it. At year…

View original post 36 more words

About The Web Accountant

Justin is a seasoned accountant with over 10 years experience in business and accounting including public accounting, corporate accounting, government contracting, real estate, retail, individual and business tax preparation. Justin has a bachelor of science degree in finance with a concentration in advanced accounting from the University of Maryland. Justin is an IRS Registered Tax Professional and works via the web with clients anywhere in the world and is available in person to clients in the Maryland, Washington D.C. and Virginia area.

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: