How to Set Up Chart of Accounts

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Setting up a chart of accounts should include the company's checking account, accounts receivable, accounts payable, inventories, fixed assets, expense accounts and costs of goods sold. Use accounting software to more effectively organize an accounts chart with information from an accounting professor in this free video on business.

Part of the Video Series: Business Accounting
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Hi, my name is Shawn Jones, adjunct professor at Argosy University. Today we're talking about....discussing the topic of how to set up a chart of accounts within your accounting software, or ERP system that your company or organization may be using. It's very important that you get the chart of accounts set up in a way that will allow for your reports to be accurate, and be able for you to process and understand the accounting information that is needed. The chart of accounts is set up simply by entering the necessary accounts for your business to function. All chart of accounts should include your checking account and other bank accounts. It will include accounts for accounts receivable, for accounts payable, keeping track of your inventories, fixed assets, along with various costs of goods sold, and expense accounts for you to be able to keep track of what your business is doing from a financial perspective. Again, whether the ERP or accounting software system you're using is Great Plains or QuickBooks, there are simple startups and fields for you to set up your chart of accounts for you being able to access your information. For more information about this topic, please visit our website at argosy.edu. There you can find our phone number or an address to come and visit our Salt Lake City campus.

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