Asset Accounts

Using Asset Accounts

In Goldenseal accounting software, use Asset accounts for anything of value that is owned by the business.

There are seven basic classes of assets:

Account Name Used For Type
Cash Accounts Petty cash and other cash on hand Asset
Checking Accounts Bank accounts with sequential check numbers Asset
Equipment Vehicles and large tools. Equipment is also listed as an asset. Asset, Cost, Job
Inventory Accounts Goods that you hold for resale or for use in projects. Asset
Investments Any assets that don't fit in one of the other categories. Asset & Job
Real Estate Real property that you own or manage. Asset & Job
Savings Accounts Bank account that don't have sequential checks. Asset

Use Cash accounts for petty cash.

Use Checking and Savings accounts for bank accounts. The only difference between the two is that Checking accounts can have sequential checks, and Savings accounts don't.

Use Equipment accounts for vehicles and other equipment. Equipment accounts are unusual, since they can be considered as an Asset account on your balance sheet, as a Cost account when used on a project or other job, and as a Job account when you spend money on supplies or maintenance to run them.

Use Inventory accounts for groups of items that you buy and sell. You can also track inventory for items that you buy, hold a while, and then use on projects. Usually you will have one Inventory account for each retail location, warehouse, or other tangible location.

Use Investments for any assets that don't fit into one of the other classes. You can track expenses against an Investment account, so this is the place for any assets that have maintenance or storage costs, and that don't fit elsewhere.

Use Real Estate accounts for land, buildings, and other real property.