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
- 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
- Purchases
- Cost of Goods Sold (Direct Costs)
Income (Revenue)
- Sales
- Other Revenue
- Interest Income