Chapter 24
Top Ten Most Important Accounts for Any Bookkeeper
In This Chapter
Thinking about key asset accounts
Understanding critical liability accounts
Taking in money
Monitoring costs and expenses
Tracking the owner’s share
Each and every account has its purpose in bookkeeping, but all accounts certainly aren’t created equal. For most companies, some accounts are more essential than others, so in case you’re having trouble knowing where to start your account setup and what’s necessary, this chapter looks at the top must-have accounts for bookkeepers.
Cash
All your business transactions pass through the Cash account, which is so important that you actually need two journals, Cash Receipts and Cash Disbursements to track the activity. (I discuss these journals at length in Chapter 5.) As the bookkeeper, it’s your responsibility to be sure that all cash — whether it’s coming into the business or being sent out — is handled and recorded properly in the Cash account.
Accounts Receivable ...
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