The Chart of Accounts: The “Meat and Potatoes” of Bookkeeping 🍽️

Why is it so important? Because every single debit and credit is tied to an account. It’s the backbone of accurate financial reporting.

Most industries use these five core categories:

✅ Assets: Cash, Accounts Receivable, Inventory, Prepaid Expenses, Equipment

✅ Liabilities: Accounts Payable, Loans Payable, Accrued Expenses

✅ Equity: Owner’s Equity, Retained Earnings

✅ Revenue: Sales of Products, Service Income, Interest Earned

✅ Expenses: Operating Expenses, Marketing, Payroll, Utilities, Office Supplies

👉 Check out this link to Intuit® for a more comprehensive list based on industry. https://lnkd.in/eJUF8rfN