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Journal Entries Updates

Journal Entries Updates

From the period of Oct 2017 - May 2018, the journal entries have undergone a change to become more GAAP compliant.

The following chart will outline changes that have taken place during this time period. Please drop by this page for more upcoming updates before downloading your journal entries in FreshBooks.

Restructured Legacy
Account Type
No.
Account
Sub-categories (examples)
Name Account Type Account SubType
Asset
1000
Cash
Bank Account 1
Bank Account 1 [xxxx] asset bank
Bank Account 2
Bank Account 2 [yyyy] asset bank
Petty Cash

Cash (formerly Payments Received / Expense Paid)

asset
Asset
1200
Accounts Receivable
Accounts Receivable
Accounts Receivable asset
Customer Deposits
Asset
1500
Property, Plant, and Equipment
Office Equipment
Furniture
Asset 1600 Deferred Discount Deferred Discount
Liability
2000
Accounts Payable
Accrued Payroll
Accrued Rent
Liability
2xxx
Taxes Payable
Tax Name 1
Tax Name 1 Tax Payable liability
Tax Name 2
Tax Name 2 Tax Payable liability
Liability
2xxx
Unearned Revenue
Unearned Revenue
Unearned Sales liability
Liability
2xxx
Customer Credit
Customer Credit
Customer Credit liability
2xxx Credit Card American Express Credit Cards - US [zzzz] American Express Credit Cards - US [zzzz] liability credit_card
Mosaic Credit Card
Master Card
Owner’s Equity
3000
Owner’s Equity
Common Stock
Retained Earnings
Income
4000
Revenue
1
Sales
Other Income Sales (formerly Sale of Item) income
2
Billed Expenses
Billed Expenses income
Discounts Discounts (contra-income) income
Expense
5000
Cost of Goods Sold
Travel
Travel expense cogs
Materials
Materials expense cogs
Returns & Allowances
Expense
6000
Operating Expense
Office Supplies
Office Supplies expense
Advertising
Advertising expense
Meals & Entertainment
Meals & Entertainment expense
6xxx
Taxes Paid
Tax Name 1
Tax Name 1 Paid on Expenses expense
Tax Name 2
Tax Name 2 Paid on Expenses expense