Accounting

Chart of Accounts

A chart of accounts is a comprehensive list of accounts utilised by a business to record its financial transactions. This compilation provides a systematic organisation and categorisation of financial data, offering a clear and concise summary of the business' financial well-being. Humblebear CRM facilitates the creation and management of a personalised chart of accounts, allowing customisation to suit your business requirements and preferences.

Journals

In accounting, journals serve as a chronological record of financial transactions. They document the changes to the accounting equation resulting from each transaction and are also referred to as books of original entry, as they are where transactions are initially recorded. Different types of journals exist for various purposes, including sales journals, purchase journals, cash receipts journals, cash payments journals, and more. Each journal entry includes the date, description, and debit and credit amounts of the transaction. The double-entry system of accounting requires the debit and credit amounts to be equal. Journals serve as the foundation for creating financial statements and other reports, providing a permanent record of all financial transactions conducted by a business.