Chart of Accounts

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
  

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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