We are disappointed to share that we will not be able to offer a Catalina-compliant version of AccountEdge - now or in the future.

IMPORTANT NOTICE FOR MAC USERS

We are disappointed to share that we will not be able to offer a Catalina-compliant version of AccountEdge - now or in the future. Read more.

  • Section: Accounts
  • Last updated: June 28, 2019, 3:27 p.m.

Debits & Credits by Account

Balance Sheet Accounts

Assets = Liabilities + Owner's Equity
or
Assets -- Liabilities = Owners Equity

1-xxxx Asset Account - Anything you own that has value. E.g., Checking, Accounts Receivable, Inventory, Fixed Assets (furniture, computers, etc

  • DEBIT increases
  • CREDIT decreases

2-xxxx Liability Account - Money you owe. E.g., Accounts Payable, Credit Cards, Taxes, Loans

  • DEBIT decreases
  • CREDIT increases

3-xxxx Owner's Equity Accounts - E.g., Retained Earnings, Current Year Earnings, Historical Balancing

  • DEBIT decreases
  • CREDIT increases

Profit & Loss or Income Statement Accounts

Income -- Cost of Goods Sold -- Expenses = Profit or (Loss)

4-xxxx Income Accounts - E.g., Money received from sales or other sources

  • DEBIT decreases
  • CREDIT increases

5-xxxx Cost of Goods Sold Accounts - E.g., Expenses incurred to purchase an item or make an item sold

  • DEBIT increases
  • CREDIT decreases

6-xxxx Expense Accounts - E.g., Expenses such as rent, office supplies, wages, etc.

  • DEBIT increases
  • CREDIT decreases