When a business makes a sale, purchases new computers, pays employees or takes a loan from the bank, all these financial transactions must be recorded. And that’s where a chart of accounts comes in. A chart of accounts organizes all the company’s financial accounts,...
The profit and loss report is also known as an “income statement”. It shows how much money your business made (income) and how much money your business spent (expenses) over a specified period of time. The profit & loss report shows how profitable your business...
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