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Three digit chart of accounts

Accounting Tools

This type of account range format is also required by the report writing module in many accounting software packages. When a company increases in size and wants to track information for individual subsidiaries or departments, it should instead adopt a 5-digit or 7-digit chart of accounts.

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Chart of accounts definition

Accounting Tools

Related Courses Bookkeeping Guidebook New Controller Guidebook What is the Chart of Accounts? The chart of accounts is a listing of all accounts used in the general ledger of an organization. The chart is used by the accounting software to aggregate information into an entity's financial statements.

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Cash receipts procedure

Accounting Tools

Related AccountingTools Courses Bookkeeping Guidebook Optimal Accounting for Cash Step 3. Apply Cash to Invoices Access the accounting software, call up the unpaid invoices for the relevant customer , and apply the cash to the invoices indicated on the remittance advice that accompanies each payment from the customer.