What Is a Chart of Accounts & How to Set One Up?
Likewise, vague names like “Miscellaneous,” “General Expenses,” or “Other Income” don’t tell you much about the nature of the transactions. Over time, these accounts become a dumping ground for anything that doesn’t have a clear place, making reports harder to interpret. For instance, decide whether you’ll use singular or plural names (e.g., “Utility Expense” vs. …