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The Complete Idiot's Guide® To Accounting by Lita Epstein, Shellie L. Moore

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Tracking General Expenses

When we first designed the chart of accounts, the greatest number of individual accounts was in the expense category. This category included accounts for things such as rent, utilities, interest expenses, insurance, office expenses, and supplies and vehicles, as well as expenses related to employees, contractors, and professional advisors. (Part 3 of this book covers employee-related expenses in much greater detail.)
First, let’s look at the operating expenses and how you should record them. When your staff members pay bills for the business, they will code each bill for the account or account numbers that will be charged for the expense. For example, you may need to pay a bill from Office Depot that includes office ...

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