What are Debits and Credits?

Objective:

  • Debit and Credit
  • Mapping to Quickbooks Online (QBO)
  • Mapping to Quickbooks Desktop
  • Mapping to Xero
  • General Ledger

Environment:

  • Clio Web App
  • Quickbooks Desktop
  • Quickbooks Online
  • Xero

Additional Information:

When setting up accounting integrations, you may need the help of your bookkeeper or accountant.

Answer:

Debits and Credits are accounting terms used to describe Increases and Decreases to General Ledger Accounts.  The General Ledger is the list of accounts used by bookkeepers to keep track of all accounting activity.  The General Ledger can differ from one firm to another depending on their needs.

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