As a professional trainer in the Accounting and bookkeeping disciplines, I know how important it is to ensure bookkeepers have all the practical knowledge in order to succeed. Be equipped by someone who has hands on experience in the field and with training others to excel and master the workload. I see many courses being offered, and those are a great start; but mastery comes with continued growth and knowledge. Mastering the Chart of Accounts is foundational to correct transaction allocation. Knowing what qualifies as expenses or capital purchases and which account is MOST appropriate is important. The IRS has guidelines we must follow when allocating purchases for a company. If the company purchases $3,000 worth of custom shipping boxes, those are to be allocated as a capital purchase, which means they are an asset, not an expense. Let's make sure we understand what would qualify for each: asset, equity, COGS, expense, liability, and income.