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

Need a hand?

Journal Entries Updates

Journal Entries Updates

Optional cookies and other technologies