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Chart of Accounts 101 A chart of accounts (COA) is a list of all accounts—including asset, liability, expense, revenue, and equity—that are included in a business’s generalledger. The size of the company will largely determine the number of accounts listed in a company’s COA.
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This means that e-commerce sellers are dealing with massive amounts of transactions that need to appear in the generalledger correctly so that you can easily reconcile these transactions with a bank statement. I think we have to talk about the strangest story of 2020. It's the strangest thing of 2020, if you ask me.
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If you've ever tried to get your clients' Stripe, Square, or PayPal transactions into QuickBooks or Xero, you've probably pulled your hair out a few times trying to get income and fees recorded correctly so that the deposit amounts match the bank statement so you can reconcile. If everybody else is consolidating features.
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