Income & Expense Accounts

Income Accounts

These accounts are used to track income earned during the process of operating your business. The income of a business comes from sales to customers or fees for services or both. Some of the common names for income accounts are:

Ø Income from Sales

Ø Income from Freight

Ø Other Income

Expense Accounts

These accounts are used to track expenses incurred during the process of operating your business. Expenses include both the costs directly associated with creating products and general operating expenses. Some of the common names for expense accounts are:

• Cost of Sales

• Office Supplies

• Utilities

• Payroll Expenses

• Tax Expenses