Accounts

An account refers to assets, liabilities, income, expenses, and equity, as represented by individual ledger pages, to which changes in value are chronologically recorded with debit and credit entries.

An asset as something your company owns that can provide future economic benefits. Cash, inventory, accounts receivable, land, buildings, equipment these are all assets.

A liability is a company's financial debt or obligations that arise during the course of its business operations. Liabilities are settled over time through the transfer of economic benefits including money, goods or services.

Income is money that an individual or business receives in exchange for providing a good or service or through investing capital.  Income is consumed to fuel day-to-day expenditures.

Expenses may be in the form of actual cash payments (such as wages and salaries), a computed expired portion (depreciation) of an asset, or an amount taken out of earnings (such as bad debts).

Account Menu list are: