Accounting

Accounting Modules

Key Concepts

Double-Entry Accounting

Quick Accounting uses double-entry accounting principles where every transaction affects two accounts - a debit and a credit. This ensures your books always balance.

Account Types

• Assets: What your business owns (cash, equipment, inventory)
• Liabilities: What your business owes (loans, accounts payable)
• Equity: Owner's investment and retained earnings
• Income: Revenue from sales and services
• Expenses: Costs of running your business

Accounting Equation

Assets = Liabilities + Equity

This fundamental equation must always balance in your accounting records.

Common Accounting Tasks

• Create and manage accounts
• Set up tax rates and rules
• Reconcile bank statements
• Record journal entries
• Process payments
• Generate financial reports

Best Practices

• Set up your chart of accounts carefully before recording transactions
• Reconcile your bank accounts regularly
• Review your financial reports monthly
• Keep accurate records of all transactions
• Use consistent naming conventions for accounts
• Maintain proper documentation for all entries

Getting Help

For more information on specific accounting topics, see:

• Accounting Guidance
• Troubleshooting
• Contact Support