The Chart of Accounts in an accounting system is a list of accounts, which categorised into Incomes, Cost of Sales, and Expenses to form the Profit and Loss statement; and Assets, Liabilities, and Equities of the Balance Sheet.

Software: MoneyWorks v7 accounting software After verified the tax code (GST code) and tax rate (GST rate) are correct, you need to create the accounts in the Chart of Accounts list. If you have a few hundreds or thousands of accounts, the easier way is to import the account list into the MoneyWorks. Below are […]

I had a customer who was always very busy with meetings. She doesn’t even have times to create the name list in QuickBooks. She asked me whether QuickBooks allowed her to import those customer and supplier name list from a spreadsheet. What are those things that can be imported into QuickBooks? At user level, QuickBooks […]

Last week, I did a QuickBooks implementation for one of my client. I discovered that they had an amount in the Opening Bal Equity account. According to the user, this amount was there since she took over the account two months ago. We traced back the amount and discovered that this amount was in the […]