The accounts list should be set up to provide a basic overview of the business’s overall performance. For example, a car dealership could set up their accounts to distinguish new and used car sales from service and parts income. The following income accounts could be used:
When entering a transaction, the appropriate account is allocated to each individual amount. A standard profit and loss statement can then be printed to show income and expenses generated by the business. However, at this level, it is difficult to see how well particular models are selling. Categories can manage this.
You can set up your accounts using the Easy Setup Assistant or in the
Accounts command center. For more information, see
Set up accounts.
