Journal Entries Updates
During February 2019, Journal Entries that were recorded prior to 2017 will be updated to be more compliant with GAAP standards. Journal Entries recorded after 2017 will not change.
The chart below shows the changes being made for this period. Please drop by this page before downloading your Journal Entries from FreshBooks to check for upcoming updates.
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 |