P O W E R H O U S E A C C O U N T I N G – B L O G

Accounting for Ecommerce/Chart of Accounts:

Powerhouse Accounting Services, LLC

April 28, 2022

Managing your e-commerce QuickBooks online will not be more complicated, but rather an opportunity to have greater precision about the financial performance of your company in online sales.

Do you want to have a record of each purchase that your client makes in a product and post it correctly in the books? What is the income you get from it? Are the expenses you make for the sale of your products adequate? Is the money invested for the operation of your page adequate to continue growing?

The returns of your purchases / chargebacks, the inventory management of your items, the financial statements of your ecommerce can be evaluated by a professional in the accounting area.

If you don’t know where to start, one option is to find an accountant to set up your QuickBooks online chart of accounts. Excellent financial statements are based on a well-designed chart of accounts (COA)

A chart of accounts is a list of all the accounts that a company must have to divide and identify all the activities of its business.

Before setting up a chart of accounts, you should know that there are five main accounts: assets, liabilities, equity, income, and expenses.

Remember that the chart of accounts must be clean, consistent, and clear, and you will achieve that if you have a well-designed chart of accounts.

Do you need to set up a chart of accounts for your eCommerce store?

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