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This feature is particularly useful for maintaining accurate financial records and gaining insights into specific areas of expenditure. To create a new category, simply navigate to the Chart of Accounts section, click on the New button, and select the appropriate account type. QuickBooks Online ensures that changes you’ve made to categories are reflected across all …

How do I change a category name? Read More »

The balance sheet is also known as the statement of financial position and it reflects the accounting equation. The balance sheet reports a company’s assets, liabilities, and owner’s (or stockholders’) equity at a specific point in time. Like the accounting equation, it shows that a company’s total amount of assets equals the total amount of …

Accounting Equation Overview, Formula, and Examples Read More »