Help centre ·Guide ·

What is the chart of accounts and which account should I use?

It is the list of buckets your money is sorted into: assets, liabilities, income, expenses, equity.

Every amount you record has to land in an account. The chart of accounts is that list, grouped into five kinds:

• Assets — what you own (cash, bank, stock, money customers owe you).
• Liabilities — what you owe (suppliers, loans, taxes).
• Income — what you earn (sales).
• Expenses — what you spend to earn it (rent, salaries, freight).
• Equity — the owner's stake.

If you are unsure, ask what the amount really is: money you own, money you owe, money earned, or money spent.

Still not sure? Ask it in the chat in the corner — no account needed, and a person answers whatever the assistant can't.