Get the Most out of your Chart of Accounts

Quickly customize your business chart of accounts to get the most out of your accounting software.

In the Quick Start Guide to QuickBooks post, we talked a little about naming your revenue and expense accounts. The list of all your account names is called your Chart of Accounts.

The Importance of your Chart of Accounts

As a new small business owner, you may be tempted to just use the account names and chart of accounts already provided to you in QuickBooks. However, with just a tiny bit of thought and effort, you can create your own chart of accounts that will provide financial information to you that is actually meaningful. After all, the point of bookkeeping is to provide financial records that are useful, meaningful, and aid in decision making! (This post does contain affiliate links for products I use and recommend.)

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Can I Write-off the Purchase of Business Books?

Today’s question is from Elizabeth of Paper Bliss Designs.

 

Can I write-off business books or business planners/workbooks at tax time?

 

Great question Elizabeth! As with most things regarding the IRS, every situation is unique and there is a lot of room for interpretation. The general rules regarding business expenses are that they must be ordinary and necessary for your trade or profession. Most likely business books to help you grow your business or learn more about your line of business would qualify.

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