An accounting account is a record where all the transactions that are generated within a company (income and expenses) are detailed. This tool allows you to have control over the distribution of resources and assets generated by your business, thus avoiding future losses and improving the financial performance of your company.
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Keeping your accounting accounts in order will make your business grow, which is why it is important to have the professional advice of an accountant.
Classification of ledger accounts
Real accounts
In this type of account, the assets, rights and obligations of the company are recorded, that is, assets, liabilities and capital. Among other words they represent what your company really has and what it owes. At the end of the accounting period they will be reflected in the balance sheet of your company.
- Assets
- Passives
- Patrimonies
Nominal accounts
These are temporary accounts that represent income and expenses, product of the economic activity that your company carries out in certain periods and that represent losses and profits.
- Income
- Costs
- Expenses
Mixed accounts
Mixed accounts are those accounts whose balance is made up of a real part and a nominal part. When making your financial closing, all the balance must be real.
It is important that all the financial information generated by your company is recorded, in this way you will understand why the balance in your accounts increases or decreases. Create a financial statement that guides you to make the best decisions for your business..
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At QuAdrans law and finance we have highly trained accountants capable of providing you with the best financial advice, the advice is personalized and adaptable to the needs of your company. If you want more information contact us.
