Income vs Expense
To keep your books accurately, you will want to know how to classify Income vs Expense in the chart of accounts.Remember that you can do have categories and sub-categories within income and expenses, so gather your thoughts and make sure you design your blue prints as much as you can ahead of time. Of course, you will have to and and update things as things change.
Chart of Account Income and Expense
Anything that is sales and income under an "income" account. You can separate by categories and sub-categories to be as detailed as you want.
All bills and anything that is a company expense would be in the "expense" accounts. However, some purchases are large enough that they are considered an asset versus expense, so make sure to know the difference.
We hope that you have enjoyed and learned a bit from this video lesson in quickbooks on income vs expense.
Article Source: Quickbooks Tutorial
Resources: Quickbooks (Wikipedia) Accounting (GOV)
Thanks so much for this free resource. However, the voice over at the beginning is at a great volume (nice and loud) but then a few seconds in, it gets so quiet I cannot hear what you are saying. Can you fix the audio on this?
Thanks!!
Brittany
I just got a new mic and will have crystal clear audio going forward. If you have any specific questions of scenarios, simply post it up on the forum section. Dont forget to sign up to our Video Newsletter to get updated with lots of cool stuff.
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