Getting Started with Accounting Software: A Beginner's Guide
Accounting Basics
Building a solid foundation in accounting principles
Fundamentals
Accounting Systems
Financial Statements
Analysis & Reporting
Welcome to your starting point for learning accounting. This section covers the essential concepts and practices that form the foundation of accounting. Whether you're a business student, entrepreneur, or simply looking to understand financial statements better, mastering these basics will give you the knowledge you need.
Work through these modules in order, or jump to specific topics you want to explore. Each module builds upon previous concepts, so if you're completely new to accounting, we recommend starting from the beginning.
Essential Accounting Concepts
The Accounting Equation
The fundamental equation that balances all accounting transactions:
Assets = Liabilities + Equity
Learn how this equation forms the basis of double-entry bookkeeping and ensures that accounts always balance.
Debits and Credits
Understand the core mechanics of accounting entries:
- Which accounts increase with debits vs. credits
- The T-account visualization system
- How to record basic transactions
Chart of Accounts
The organizational framework for classifying financial transactions:
- Standard account categories and numbering
- Creating an effective chart of accounts
- Customizing for different business types
Journal Entries
The process of recording financial transactions:
- Basic journal entry format and requirements
- Step-by-step examples for common transactions
- Posting to the general ledger
Accounting Terminology Glossary
New to accounting? Confused by the jargon? Our comprehensive glossary explains key accounting terms in plain English to help you navigate the world of accounting with confidence.
Sample Terms
- Accounts Payable
- Money owed by a business to its suppliers, shown as a liability on the balance sheet.
- Accounts Receivable
- Money owed to a business by its customers, shown as an asset on the balance sheet.
- Accrual Accounting
- An accounting method where revenue and expenses are recorded when they are earned or incurred, regardless of when cash is exchanged.
- Depreciation
- The systematic allocation of an asset's cost over its useful life, reflecting its consumption, obsolescence, or other decline in value.
Learning Resources
Practice Exercises
Test your understanding with interactive exercises and problems with solutions.
