Asset Accounts

Using Asset Accounts

In Goldenseal accounting software, use Asset accounts for anything of value that is owned by the business.

There are seven basic classes of assets:

Account Name	Used For	Type
Cash Accounts	Petty cash and other cash on hand	Asset
Checking Accounts	Bank accounts with sequential check numbers	Asset
Equipment	Vehicles and large tools. Equipment is also listed as an asset.	Asset, Cost, Job
Inventory Accounts	Goods that you hold for resale or for use in projects.	Asset
Investments	Any assets that don't fit in one of the other categories.	Asset & Job
Real Estate	Real property that you own or manage.	Asset & Job
Savings Accounts	Bank account that don't have sequential checks.	Asset

Use Cash accounts for petty cash.

Use Checking and Savings accounts for bank accounts. The only difference between the two is that Checking accounts can have sequential checks, and Savings accounts don't.

Use Equipment accounts for vehicles and other equipment. Equipment accounts are unusual, since they can be considered as an Asset account on your balance sheet, as a Cost account when used on a project or other job, and as a Job account when you spend money on supplies or maintenance to run them.

Use Inventory accounts for groups of items that you buy and sell. You can also track inventory for items that you buy, hold a while, and then use on projects. Usually you will have one Inventory account for each retail location, warehouse, or other tangible location.

Use Investments for any assets that don't fit into one of the other classes. You can track expenses against an Investment account, so this is the place for any assets that have maintenance or storage costs, and that don't fit elsewhere.

Use Real Estate accounts for land, buildings, and other real property.