Difference between revisions of "Chart of Accounts"

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Line 14: Line 14:
 
* Expense accounts
 
* Expense accounts
  
====Example of Accounts====
+
====Example Chart of Accounts====
 
'''Assets'''
 
'''Assets'''
::Business Bank Account
+
:Business Bank Account
::Business Savings Account
+
:Business Savings Account
::Accounts Receivable (Trade Debtors)
+
:Accounts Receivable (Trade Debtors)
::Inventory
+
:Inventory
::Office equipment (Furniture and Fittings)
+
:Office equipment (Furniture and Fittings)
:::Less Accumulated Depreciation on Office equipment
+
::Less Accumulated Depreciation on Office equipment
 +
:Computer Equipment
 +
::Less Accumulated Depreciation on Computer equipment

Revision as of 04:53, 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
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