Accounting Classification by iTax Bookkeeping
iTax Bookkeeping makes categorizing each of your deals user-friendly and quick. Categories iniTax Bookkeeping (understood in accountant-speak as your “Chart of Accounts”) are utilized across the application, so you understand precisely where each cent of your business goes. Categorize deals one by one with a click-minimizing, color-coded choice process, or utilize mass categorization to do bulk or catch-up work in an immediate.
- Chart of Accounts
iTax Bookkeeping arranges whatever in one easy-to-use location with a Chart of Accounts– recognized inside the app as Categories– so you can continue top of each of your accounts as needed. Search for the total amount of your inventory, make sure your accounts payable aren’t past due or take a look at how much money you’ve got on hand in a snap.
- Default Accounts
iTax Bookkeeping immediately produces a group representing your organization. These are things like Accounts Receivable, Expenses, Revenue, and Accounts Payable.
We’ve evaluated the most common and valuable categories, so your defaults are an excellent place to get begun. As these categories are very basic, you can easily create others that more precisely define your organization activities.
- Custom Accounts
To get much deeper insight into where every cent of your cash is originating from, and precisely where it’s being used, you can quickly develop additional accounts that are customized to your company.
For example, you might separate revenue into Sales Revenue and Service Revenue, or you might specify the various types of expenses you incur, such as Office Snacks and Office Supplies Expense.