Xero most importantly allows you to import and export any existing chart of accounts from another system. Moreover, you can set your usual naming convention and codes from your old system within some clicks. Xero has its own default chart of accounts when you set it up for your business. You can easily use that and customise it according to your business need.

• This post will help you understand how it is structured, why the length and names of your accounts is important and how the list changes with your business.
• Cloud accounting software is software that is hosted online.
• Archiving the account will not hamper or lose...

QuickBooks’ small business accounting software allows your bookkeeper, accountant, or colleagues to log in simultaneously and work directly with your data online. With the QuickBooks mobile app you can keep an eye on cash flow, use time tracking, and process payments, all from your phone. QuickBooks on the cloud, also known as QuickBooks Hosting, is a service that allows you to access and use the QuickBooks accounting software from any internet-enabled device. It combines the power of QuickBooks with the flexibility and accessibility of cloud technology.

Cloud-based accounting software uses your internet connection to connect...

After a few years, our corporate tax preparer told me that the financial statements I had given him were the best statements he had ever seen from a client. He asked me if I would be interested in providing QuickBooks training to his clients. I get...

You have also not incurred any expenses yet for rent, electricity, cable, internet, gas or food. This means that the current balance of these accounts is zero, because they were closed on December 31, 2018, to complete the annual accounting period. Our discussion here begins with journalizing and posting the closing entries (Figure 5.2). These posted entries will then translate into a post-closing trial balance, which is a trial balance that is prepared after all of the closing entries have been recorded. Now that the journal entries are prepared and posted, you are almost ready to start...