(The exceptions are contra accounts and expense accounts that add or deduct from other accounts to form a net amount.) Account Type Debits Credits Assets Increase asset accounts Decrease asset accounts Liabilities Decrease liability accounts Increase liability accounts Owner’s equity Decrease owner’s equity accounts Increase owner’s equity accounts Income Decrease income accounts Increase income accounts Expenses Increase expense accounts Decrease expense accounts. Remember: Assets=Liabilities +Owner’s Equity. Keeping Your Debits and Credits Straight in QuickBooks Simple Start To keep track of your debits and credits in QuickBooks Simple Start, remember that the left (debit) is the natural balance for asset accounts, and the right (credit) is the natural balance for liability and owner’s equity accounts. You must be logged in as the Administrator in both your QuickBooks Desktop for Mac company file and your QuickBooks Online account. If you are using a QuickBooks for Mac version older than 2016, download and install the free trial, before converting to QuickBooks Online. QuickBooks Online QuickBooks Desktop QuickBooks Desktop for Mac QuickBooks Self-Employed Accountants Payroll GoPayment QuickBooks.