![]() ![]() As your company grows, the total number of accounts in your GL grows. The parent/child approach organizes your financial statements but comes with limitations. For example, you might have accounts receivable set up as a parent account labeled 1100 with 1101 for subscription customers and 1102 for service customers. 8000s: Other expenses from income taxes and interest.Ī parent/child structure would nest similar accounts under broad segments within each of these ranges.7000s: Other income from interest, rent gains on the sale of assets, and gains from foreign exchange transactions.6000s: Accounts for operating expenses from salaries, rent, etc.5000s: Cost of revenue accounts, including things like support, hosting expenses, and third-party transaction fees. ![]()
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