Getting the most from QuickBooks financial reports relies heavily on the structure from which the reports are built. The chart of accounts provides the framework for the basic financial reports (Profit and Loss, Balance Sheet and Statement of Cash Flows). In order for the reports to be meaningful to the reader, it must be well organized and easily understood.
Concise and to the point is the key feature to strive for when designing the chart of accounts. QuickBooks software has several ready-to-use charts (industry-based) to choose from during file setup that include most of the basic income and expense …read more
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