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Book keeping.... Help

Discussion in 'Starting a Lawn Care Business' started by Slcareco, Jan 19, 2006.

  1. Slcareco

    Slcareco LawnSite Senior Member
    Posts: 682

    I got a question what is on your chart of accounts? What is the diff between assets - revenue and whats the diff between liability - expenses?
  2. out4now

    out4now LawnSite Bronze Member
    from AZ
    Posts: 1,796

    OK seeing as how you're1 9 and haven't had accounting yet I suggest learning it ASAP! Look on the web and you will discover the terminology. You should go to the library and get a book that explains all of that. Really its best to take classes. See if you can't find a student companion website for a textbook.
    Alright did the searching for you, check this one out and see if you understand any of it. http://www.dwmbeancounter.com/tutorial/lesson01.html
  3. thill

    thill LawnSite Member
    Posts: 245

    out4now is right. there are a lot of basic accounting tutorials on line. Try em!

    Here is a very simple answer to your specific questions.

    Asset - something of value like cash, equipment, and the money owed to you by your clients.

    Revenue - income ..... payments received

    Liability - money you owe .... truck or equipment loans, electric or phone bills.

    Expenses - money you paid for everyday operating

    Good luck
  4. Slcareco

    Slcareco LawnSite Senior Member
    Posts: 682

    thank you guys, I took accounting I and II but dont know exactly how it should be done for landscaping, like say I buy my gas with a gas card, what gets debited and wat gets credited? materials,supplies (debit) cash in bank (credit) ? Do i record every transaction in the general journal then post it to the general ledger? and each month do a work sheet?
  5. out4now

    out4now LawnSite Bronze Member
    from AZ
    Posts: 1,796

    Not trying to sound mean or anything but how well did you do in accounting? Those are fairly basic concepts you should really know by taking two classes already. If you read through the tutorial it will help in the future for now you will have to hire a bookkeeper I think otherwise you're going to have some messed up books.

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