What Are The Differences Between Items And Accounts?

1.	What Are The Differences Between Items And Accounts?
Answer» Items: products and services that you sell. They are used on transactions such as invoices and purchase orders. All items MUST POINT to an account. Accounts: CATEGORIES in which FINANCIAL transactions are organized into reports, such as profit & loss and balance sheet. Some accounts carry BALANCES such as accounts receivable and accounts payable; some accounts report information over a period of time, such as income and expenses. Items: products and services that you sell. They are used on transactions such as invoices and purchase orders. All items must point to an account. Accounts: categories in which financial transactions are organized into reports, such as profit & loss and balance sheet. Some accounts carry balances such as accounts receivable and accounts payable; some accounts report information over a period of time, such as income and expenses.

Answer»

Items: products and services that you sell. They are used on transactions such as invoices and purchase orders. All items MUST POINT to an account.

Accounts: CATEGORIES in which FINANCIAL transactions are organized into reports, such as profit & loss and balance sheet. Some accounts carry BALANCES such as accounts receivable and accounts payable; some accounts report information over a period of time, such as income and expenses.

Items: products and services that you sell. They are used on transactions such as invoices and purchase orders. All items must point to an account.

Accounts: categories in which financial transactions are organized into reports, such as profit & loss and balance sheet. Some accounts carry balances such as accounts receivable and accounts payable; some accounts report information over a period of time, such as income and expenses.

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