Categorizing Transactions

Meeting Dates: 

• Learning Session: January 13th - 12 to 1:30 PM MST

• Office Hours: January 15th - 6 to 8 PM MST

Learning Session: The vast majority of the time you work in your financial software, you spend categorizing transactions. Transactions represent all of the instances in which money goes into and out of your accounts. Most of these transactions can be categorized as income or expenses. Some, though, are more difficult to categorize, such as loan payments or loan withdrawals, credit card payments, and asset or inventory purchases. We will practice categorizing transactions together, both for the account/category and the enterprise. You’ll get to explore an example chart of accounts so that you can compare it with your current chart of account. 

Weekly Deliverable: You will have updated your chart of accounts in your accounting software.