There are some accounts you may not need, like health insurance if it’s not offered and others that are required, like federal income tax payable, to comply with payroll laws. When it comes to mastering these tools, bookkeepers often undergo formal training and continuous professional development. Popular software programs such as QuickBooks and Microsoft Excel …
How do I set up a contra account or control the natural balance of a GL account in Quickbooks Online?
You can also record contra revenue within the sales account, but this means that it will be buried within the total amount of revenue reported, so that management cannot easily determine the amount of contra revenue. If your company has minimal contra revenue activity, it is acceptable to record these transactions within the revenue account. …