The chart of accounts is not just a list but a powerful management tool. Have you looked at yours recently?
Setting this up to show the areas of your business you want to track is instrumental in getting a clear picture of your performance.
Cash or Accrual Basis... but what does it all meeean, Basil?!
HOW TO: Splitting 2 Tax Code Transactions
Internet and Phone, Produce, Insurance... to name a few of the common purchases that have multiple tax codes.
Here is an example, my phone bill is $180 (including $2.04 GST).....
Too much like hard work? We love this stuff.. don't waste your precious time crunching numbers when you could be chatting to customers, innovating or making sales!!!?
