Types of accounts you can add

Depending on your account plan, you can add new accounts as your business grows and changes. For example, you might need to add the following accounts:

Account Type:

What the account is used for:

Bank Account

Helps you keep track of your banking activity.

Create an account in WorkingPoint for each of your bank accounts so you can track deposits, withdrawals, and other transactions affecting your account balance. You might also want to create a petty cash bank account to help manage your small, day-to-day cash needs.
 

Cost of Sales (COS)

Where you keep track of how much it costs to sell your goods and services as they are sold.

Have several sources of revenue? You can create a COGS account for each revenue source/account to easily view profitability per revenue source on your Income Statement for items sold that do not track inventory.

Every time you sell an item with inventory, WorkingPoint will record/transfer the cost of the item from the protected Inventory Asset to the protected Cost of Good Sold account so you can run accurate Income Statements. This way you  can see what you really made from your sales after you take into account what it cost you to buy the goods you sold.
 

Credit Card Liability

Helps you track your credit card charges, payments, and other credits.

Create an account in WorkingPoint for each of your credit cards.
 

Equity

Tracks shareholder and owner equity, including investments of capital, draws, and other investments.
 

Expense

Helps you keep track of how you are spending your money on things you don't resell.

Create as many accounts as you like and use them consistently so you can spot trends in your spending habits through dashboards and reports.
 

Fixed Asset

Helps you track big items you own that you are not likely to use up or sell in a year and that are likely to depreciate over time.

When tracking your fixed assets in WorkingPoint, you can get as detailed as you would like. For example, if you want to see a separate line item on your balance sheet for each asset, create a new account for each asset you own which has value above a certain limit (for example, $500.00).

Not such a stickler? Use a separate account for each category of assets you own. For example, track all your vehicles in one account called vehicles, and all your major equipment in another account so you can track their combined value on your balance sheet.
 

Inventory Asset

Helps you keep track of the value of the items you have on hand to sell.

Your account comes with a predefined account called  Inventory Asset. This account is used to track the value of the inventory you keep in stock. It is protected and cannot be modified or deleted.

Create a separate account for inventory you have on hand, but you don't want WorkingPoint to track the quantity available. For example, raw materials and supplies you use to produce your finished goods. You can adjust the value using an  adjusting entry on the General Journal.
 

Long-term Liability

Helps you keep track of debts that will take you more than one year to pay off.

Create a new account for each loan or debt you owe, for example, auto loans or your mortgage.
 

Other Asset

Helps you keep track of assets that do not fit in any other predefined asset categories (Inventory, Other Current, Fixed).

This might include loans you gave to others who are not likely to pay you back within the year, or a security deposit you put down on your storefront or warehouse you won't see again until you move out.
 

Other Current Asset

Helps you keep track of things you own that will be used or sold within a year, like prepaid insurance or prepayments you made for goods you will receive soon. This is because money you give to others who have not fulfilled your order or completed your service is still considered an asset (just like cash), even though your vendor has not completed their obligation to you. More
 

Other Current Liability

Helps you track debts you owe that you expect to pay off within the year.

This might include the short-term loan you got from a family member to get your business off the ground. It might also include money your customers gave to you on orders or services you have yet to earn or fulfill, payroll taxes, and other accrued expenses.
 

Revenue

Keeps track of the money brought in by the sales of your products and/or services. Create an account for each category of revenue you earn or expect to earn.  Get as detailed as you would like, for example, you can create a new revenue account for each of your service types, product lines, or locations where you do business.