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There are some basic reports to look at every month, just to stay on top of everything and make sure things are going smoothly with your finances. One of these reports is your Chart of Accounts (CoA). Are you familiar with this? We hope so! For those that could use a little breakdown on your CoA, here we go!
Your Chart of Accounts is basically a screenshot of various components of your business and how they’re doing, financially speaking. It’s important to know that this is not just a chart of all your bank accounts - the word “account” can be used interchangeably with “category” or “component.” When we say “account,” this does not mean a bank account. Keep that in mind! One of the reasons we love QuickBooks is that it a