Accounting 101

First rule of thumb: Keep your business expenses seperate from personal expenses. Otherwise it can get very messy later on.

Chart of Accounts is a complete list of business accounts and their balances

When keeping books for your company, you will need to keep track of:
1. Where the income is coming from e.g. customers
2. Where you are going to put it e.g. savings or checking account
3. What are the expense for e.g. vendors
4. What you have used to pay the expenses e.g. saving or checking account

Types of
Accounts   Debit(DR)     Credit(CR)
Asset                    +                       -
Liability              -                       +
Capital                -                       +
Income                -                       +
Expense              +                       -

Note: '+' indicates which account will increase and '-' indicates which account will decrease.