Over the past decade many corporations, professionals, executives, individuals & organizations have a used a cost effective business solution often called the Virtual Assistant, to streamline their business. Create earnings assertion accounts in your chart of accounts. These are revenues and bills associated to the service enterprise. You decide on an account vary on your revenues, comparable to 4000 to 4999 and arrange these accounts inside this range. For instance, a service revenue account can be 4001 Consulting Income account. Expenses would have a spread of 5000 to 7999 and are created to track bills individually. For example, when you pay for hire, office supplies and insurance coverage, these transactions are recognized in three different accounts, resembling 5010 Rent Expense, 5003 Office Provides Expense and 5010 Insurance Expense. Don’t use the same account quantity on multiple account. If you’d like to know what accounts belong to the earnings statement, take …