Need a hand?
Find what you need on the FreshBooks Support page. From Client tips to Invoice tricks and everything in between.
Rather speak to a human? Give our award-winning Support team a shout:
Journal Entries Updates
Journal Entries Updates
From the period of 2017 - 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 | ||||||