Chart of Accounts

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The chart of accounts is where all the financial transactions from the General Ledger are organised. These accounts are then use to enable the creation of financial statements.

The chart is generally listed in the following order:

Balance Sheet Accounts

  • Assets
  • Liabilities
  • Owners Equity

Profit and Loss accounts (Income Statement)

  • Revenue accounts
  • Expense accounts

Example Chart of Accounts (Very Simple)

Assets

Business Bank Account (Cash at Bank)
Business Savings Account
Accounts Receivable (Trade Debtors)
Inventory
Office equipment (Furniture and Fittings)
Less Accumulated Depreciation on Office Equipment
Computer Equipment
Less Accumulated Depreciation on Computer Equipment

Liabilities

Credit Card
Accounts Payable (Trade creditors)
PAYG Withholdings Payable
Superannuation Payable
Wages Payable
GST (Xero)
GST Collected (MYOB)
GST Paid (MYOB)
Loans

Equity

Retained Earnings

Expenses

Advertising
Entertainment
Bad Debts
Accounting Fees
Printing and Stationery
Staff Amenities
Wages and Salaries
Superannuation
Commissions
Telephone and internet
Electricity
Insurance
Bank Fees
Interest Expense
Cost of Goods Sold (Direct Costs)
Purchases

Income (Revenue)

Sales
Other Revenue
Interest Income