Difference between revisions of "Chart of Accounts"

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====Example Chart of Accounts====
 
====Example Chart of Accounts====
 
'''Assets'''
 
'''Assets'''
:Business Bank Account
+
:Business Bank Account (Cash at Bank)
 
:Business Savings Account
 
:Business Savings Account
 
:Accounts Receivable (Trade Debtors)
 
:Accounts Receivable (Trade Debtors)

Revision as of 05:00, 22 November 2018

In Progress

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

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