There are four basic types of accounts used in
Goldenseal accounting software:
NOTE-- Assets and liabilities are
the two "classic" types of accounts used in accounting.
Goldenseal also uses jobs and cost accounts, since
it is very focused on Job
Use Job Accounts for your customers, projects and other sources of
income. Job accounts consume expenses, and generate income (either directly
- Use Customer accounts for any people or businesses
that pay you money for sales, rentals or projects.
- Use Project accounts
for specific work you do, that is big enough
to deserve separate job cost tracking.
- Use Overhead accounts for any expenses that
can't be assigned to a customer or project.
NOTE-- Equipment, Investment and Real
are asset accounts, but they can also be considered as jobs, when you enter
expenses or income.
Asset accounts handle any tangible or intangible thing of value in your business. The value of each asset account will be included in the balance sheet
as a positive item.
- Use Cash accounts for petty cash.
- Use Checking accounts for bank accounts that have sequential check
- Use Equipment accounts for vehicles, computers, machinery, large
tools, and other equipment.
- Use Inventory accounts for items that you sell, or use in projects.
- Use Investment accounts for any type of asset that doesn't fall into
one of the other classes.
- Use Real Estate accounts for buildings, land, and other real property.
- Use Savings accounts for bank accounts that do not have sequential
Equipment, Investment and Real Estate accounts can also be considered
as job accounts, and Equipment accounts are also listed as cost accounts.
HINT-- Goldenseal automatically includes Accounts
Receivable as an asset on the balance sheet-- you do NOT need
to create an asset account to track it.
Liability accounts handle debts or other financial obligations. The value
of each liability account will appear on your balance sheet on the 'minus'
- Use Credit Card accounts for revolving credit cards that usually have a
- Use Loan accounts for installment loans and any other type of loan.
We also include two account classes here which are not really liabilities:
- Escrow Accounts do not appear on either side of the balance sheet- they are for accounts that you manage, but do not own (or
- Owner Equity is listed as a liability
since it appears on the 'minus' side of the balance
can consider it as money that the business 'owes' to the owners
HINT-- Goldenseal automatically includes accounts payable, unpaid payroll taxes and unpaid sales tax as a liability on
the balance sheet-- you do NOT need to create liability accounts to track them.
Just about any person or business to whom you pay money should be entered
as a Cost account.
- Use Employees for people that you hire. It
can also apply to partners, owners or working family members.
- Use Equipment for vehicles, computers
and other equipment (also considered as an Asset account).
- Use Material
Suppliers for people or companies that sell you tangible items.
- Use Subcontractors, for people or companies
that provide you with services.
- Use Other
Costs for tax agencies, insurance, advertising, and anything
else that doesn't fit
HINT-- In the Chart of Accounts window you can list Equipment accounts
as assets, as cost accounts, or as both.
Utility Accounts are
Bookkeeping accounts for abstract items like Accounts Payable. Goldenseal
already includes these accounts, and you don't need to set up any of
them, on your own.
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