How are Goldenseal accounts different from “classic” bookkeeping accounts?
Many transactions and business operations are handled automatically by Goldenseal, and do not need to have an account created for them. Generally you only need accounts for tangible items. For job costing, you need to set up accounts only for each customer or project. Cost breakdowns within the job are handled automatically, so you do not need accounts for: Cost categories or divisions (e.g. Framing, Advertising, Repairs) Cost types (e.g. Labor, Materials, Equipment) Different locations, branches, divisions or phases Many basic business quantities are tracked automatically by Goldenseal without need for “artificial” accounts. You do not need to create accounts for intangibles such as Accounts Payable, Accounts Receivable, Pre-paid Expenses or Taxes, Undeposited Funds, Depreciation or Work in Progress. Although you probably don’t need them, you can use Utility accounts to create “classic” accounts for expenses, revenues or other items.
