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General Accounting Discussions: Expense for Online Bookkeeping Service

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  1.  
    • CommentAuthorSuzanne4
    • CommentTimeOct 8th 2008
     
    I have a client who uses FreshBooks online bookkeeping software to track employees' time, invoice clients, receive payments, etc. How do I record the transactions for monthly fees for this service that are direct-debited from his business checking account? I am considering using one of the following expense accounts: Professional Services: Accounting Fees; or Computer Expense: Software Licensing. The transaction would be a debit to Cash - Checking and a credit to the appropriate expense account. Any suggestions as to what the proper expense account would be?

    Thanks!
  2.  
    Outside Services would be an appropriate account. Should you have additional services then setting up sub-accounts would be in order.

    You appear to be writing about expenses here and if that is correct you have your debit and credits reversed.

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