Overview of a default list of account types.
Under Accounting in InvoiceQuick, you will find a default list of account types that are categorized into three main categories: Income, Expenses, and Tax Presets.
Here's an overview of each category:
- Income
Under the Income category, you can create Services/Product and assign them to specific income accounts. When you create a Service/Product, you have the option to select an income account for it. If you prefer to leave some income unassigned, you can place it in the "Unassigned" category.
- Expenses
The Expenses category allows you to add any expenses that are relevant to your business. In the Transactions tab, you can add expenses by clicking on "Add New". Then, you can select the payment method and choose an expense account. This helps you keep track of how much money you have spent within each expense account.
- Tax presets
InvoiceQuick enables you to apply different taxes to each invoice item. You can select the applicable tax for an item by clicking on the tax options and choosing the desired tax. The taxes applied to the items will be shown in the subtotal at the bottom of the invoice, providing transparency for tax calculations. You can also "Add New" taxes to fulfill your taxing needs.
By utilizing these default account types, you can effectively manage your income, expenses, and taxes within InvoiceQuick. This ensures accurate tracking and reporting of financial data for your business.