Am I closing to the correct account?
Posted: Thu May 25, 2023 8:27 am
I needed to create a new account in our chart of accounts for Youth Camp. Does this look correct?
Youth Registration Income-4860-001
Restricted Expenses- Youth Registration's 5860-001
Youth Camp Expense-5120-002
They all close to an equity account- Youth Registration 4860-001
I know I need all income and expenses from these accounts tied together so that when I run an income and expense report it shows me activity between these accounts. Am I correct in having them all close to the same equity account?
Youth Registration Income-4860-001
Restricted Expenses- Youth Registration's 5860-001
Youth Camp Expense-5120-002
They all close to an equity account- Youth Registration 4860-001
I know I need all income and expenses from these accounts tied together so that when I run an income and expense report it shows me activity between these accounts. Am I correct in having them all close to the same equity account?