In fact, it is considered a very crucial aspect of the accounting system. The organized chart of accounts gives an insight of how your company is performing. by providing a full-proof financial report. This basically helps in understanding how much money the firm has, how much it owns, how much it owes etc. In simple words, it is basically a list of balances and accounts of the company. The QuickBooks Chart of Accounts (COA) is a list of accounts that assist in categorizing assets, owner’s’ equity amount, liabilities and income.
In this blog we will discuss about QuickBooks Chart of Accounts and it’s uses. QuickBooks has various features and every year when Intuit launches a new version of the application it comes with new and improved features. It is considered a boon for small and medium sized businesses as this software helps in managing their finances and accounting tasks, thereby streamlining their business operations.
It is a known fact, that QuickBooks is one of the best accounting software available now. All that you needed to know about setting up Charts of Accounts in QuickBooks