Accounts Reconciliation Blog

Every business needs a chart of accounts to smoothly run the accounting department. Below is a list of the different accounts.

1 – The assets accounts include any income or property owned by the business. This include bank accounts, accounts receivable, the land if owned and building, any vehicles, supplies, furniture and machines including computers.
2 – The liability accounts are any money that the business owes. This includes accounts payable, any taxes owed and if there are any bank loans.
3 – The revenue accounts include any sales revenue, sales discounts, sales returns and allowances and any interest income.
4 – With the expense account any business expenses go in here. This includes bank fees, depreciation expense, rent expense, income tax expense, utilities, advertisement costs and payroll tax costs.

These are all used in the accounts payable reconciliation which is done monthly.