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Tracking Your Debits and Credits in QuickBooks 2005

Part of the QuickBooks 2005 For Dummies Cheat Sheet

To keep tabs on your debits and credit in QuickBooks 2005, remember: the natural balance for asset accounts is on the left (debit); the natural balance for liability and owner’s equity accounts is on the right (credit). Assets = Liabilities + Owner’s Equity (The exceptions are contra accounts and expense accounts that add or deduct from other accounts to form a net amount.)

Account Type Debits Credits
Assets Increase asset accounts Decrease asset accounts
Liabilities Decrease liability accounts Increase liability accounts
Owner’s equity Decrease owner’s equity accounts Increase owner’s equity accounts
Income Decrease income accounts Increase income accounts
Expenses Increase expense accounts Decrease expense accounts
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