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Journal Entries Updates

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