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Chart-of-Accounts - Excel

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Chart-of-Accounts - Excel Powered By Docstoc
					Basic Chart of Accounts

prepared by Count Me In 2008

This is a basic Chart of Accounts that can work at the beginning of your business, or as a guideline for building your own Chart of Accounts. If you're looking for a more detailed Chart of Accounts, please see our Intermediate Chart of Accounts. You can customize this worksheet as you create your Chart of Accounts. Use the F column to make note of what goes into each account in your accounting system!

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Class Title Assets Current Assets

Account

Description

Type

Account Description

110 115 120

Cash - Checking Account (name) Cash - Undeposited Funds Cash - Savings Account (name)

Cash Cash Cash

A A A

125

Accounts Receivable

Receivables

A

130

Notes Receivable

Receivables

A

135 140 145

Inventory Current Assets - Other (name) Prepaid Expenses

Inventory Other Current Assets Prepaids

A A A

Represents the primary business checking account for most disbursements. Holds individual amounts received until combined into a deposit. Represents CD's, money market funds or savings accounts held in the company's name. Total balances due from customers for credit sales in the normal course of business. Other receivables or promissory notes owed to you from customers, employees or stockholders. Equipment, materials purchased with the intent to develop into finished good and/or sell. Other current items you want to track separately. Cash paid in advance for expenses that have not occurred yet. Typically, large payments are recorded here and charged to expense on a monthly basis.

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Fixed Assets 150 152 Vehicles - Original Cost Furniture & Fixtures - Original Cost Fixed Assets Fixed Assets A A Represents purchases of vehicles to be used in the normal course of business. Represents purchases of furniture and fixtures to be used in the normal course of business. Office furniture, shop storage racks, or any item that does not become a permanent part of the building. Represents purchases of machinery and equipment to be used in the normal course of business. These are large dollar items, usually costing $500 or more. Represents the cost of leasehold improvements to be used in the normal course of business. These are items that are usually attached to the building or property - window blinds, carpeting, new asphalt in the parking lot. Represents purchases of structures to be used in the normal course of business. Represents the accumulated decrease in the value of this asset. Represents the accumulated decrease in the value of this asset. Represents the accumulated decrease in the value of this asset. Represents the accumulated decrease in the value of this asset. Represents the accumulated decrease in the value of this asset.

154

Machinery, Equip & Tools - Original Cost

Fixed Assets

A

156

Leasehold Improvements - Original Cost

Fixed Assets

A

158 160 162 164 166 168

Building - Original Cost Vehicles - Accum Depr Furniture & Fixtures - Accum Depr Machinery, Equip & Tools - Accum Depr Leasehold Improvements - Accum Depr Building - Accum Depr

Fixed Assets Fixed Assets Fixed Assets Fixed Assets Fixed Assets Fixed Assets

A A A A A A

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Other Assets 170 Franchise Fee Other Assets A Initial Franchise Fee paid to Franchisor, to be amortized beyond one year. Goodwill is the value of the trade a business has built up over time. It can also be described as the excess of the price paid for a business over the fair market value. (Also called "Blue Sky.") Value of the Patents & Copyrights, to be amortized beyond one year. Represents the accumulated decrease in the value of the intangible assets.

175

Goodwill

Other Assets

A

180 185

Patents & Copyrights Accum Amortization

Other Assets Other Assets

A A

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Liabilities Current Liabilities 210 Customer Deposits Payables L This is the amount collected from customers the normal course of business for which product/service has not yet been delivered. This is the amount owed to Credit Card company reflecting purchases/expenses charged to the card but not yet paid. This is the amount owed to creditors from the normal course of business for which invoices have been received. Represents current portion of the Line of Credit balance for purchases/expenses made but not yet paid. This is the amount of Payroll tax withheld and note yet paid to the government. This is the amount of sales tax collected on paid sales which has not yet been paid to the state. Federal income tax for the company that has been recorded but not yet paid. State income tax for the company that has been recorded but not yet paid. Represents current portion of Long Term Debt, the amount due in current year.

215

Credit Card Balance Payable

Payables

L

220

Accounts Payable

Payables

L

225

Line of Credit Balance Payable

Payables

L

230 235

Accrued Payroll Taxes Accrued Sales Tax

Accrued Taxes Other Accrued Taxes Other

L L

240 245 250

Federal Income Tax Payable State Income Tax Payable Current Portion of Long Term Debt

Accrued Income Taxes Accrued Income Taxes Payables - Other

L L L

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Long Term Liabilities 260 270 Lease or Mortgage Payable (name) Notes Payable (name) Long Term Liabilities Long Term Liabilities L L The unpaid balance of a lease or mortgage owed by the company. Non-current portion (due beyond 12 months) of Long Term Debt, Notes owed by the company.

Equity 310 Common Stock Equity Q The par (or stated) value of ownership interest - recognized by certificates issued with specific dollar amounts. A special class of stock that may or may not have voting rights, ownership interest, priority or preferences to dividends/assets as opposed to common stockholders. Represents additional money paid in by the investors above and beyond the value of the stock. This is the accumulated total of profits (and losses) of the business from the beginning.

320

Preferred Stock

Equity

Q

330

Additional Paid-in Capital

Equity

Q

390

Retained Earnings

Equity

Q

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Income/Revenue 410 Sales - Service Sales I Revenue received for the sale of a service. This would include skilled labor hours or flat fees for services rendered. Revenue received for the sale of materials, products or "widgets." Revenue received for the sale of item #1. Revenue received for the sale of item #2. Other sales you want to track separately. Other sales you want to track separately. Money paid back to the customer either for billing errors or disputes. Money deducted from sales as a result of a promotion or advertised special.

420 430 435 440 445 Returns & Allowances 450 460

Sales - Materials Sales - Item #1 Sales - Item #2 Sales - Other (name) Sales - Other (name) Customer Refunds Coupons & Discounts

Sales Sales Sales Sales Sales Returns & Allowances Returns & Allowances

I I I I I I I

Direct Costs (COGS) 510 515 530 535 540 545 550 560 570 Cost of Sales - Labor Cost of Sales - Materials Cost of Sales - Item #1 Cost of Sales - Item #2 Cost of Sales - Other (name) Cost of Sales - Other (name) Cost of Sales - Commissions Cost of Sales - Subcontracotrs Cash Discounts Taken Direct Costs Direct Costs Direct Costs Direct Costs Direct Costs Direct Costs Direct Costs Direct Costs Direct Costs E E E E E E E E E The labor cost to provide the service sold. Your cost of materials sold. Your cost of materials sold for Item #1. Your cost of materials sold for Item #1. Other costs you want to track separately. Other costs you want to track separately. Commissions paid for a specific sale. Cost of non-employee services provided as part of your sale. Vendor discounts taken for paying supply bills, etc. on time.

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Operating Expenses 610 615 620 622 624 626 628 630 632 634 636 638 640 642 644 646 648 650 660 662 664 680 682 684 686 688 670 672 710 720 730 Payroll Payroll Taxes Rent Insurance Telephone Utilities Office Supplies Computer Gifts & Donations Collections of AR Bad Debt Janitorial Laundry Bookkeeping Repairs & Maintenance Security Vehicle Professional Services Advertising and Marketing Direct Mail Trade Shows Travel Entertainment Dues & Subscriptions Licenses & Permits Interest Bank Charges Credit Card Fees Depreciation Amortization Other Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E Wages or salaries paid to the owners and employees. Employer's cost of all Payroll taxes. You may want to add subaccounts for this account.

You may want to add subaccounts for this account. You may want to add subaccounts for this account.

Create and name other accounts as needed for YOUR business!

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Other Income 810 820 830 Interest Income Investment Income Gain on Sale of Assets Other Income Other Income Other Income E E E Interest received for money in savings/checking. Gain from sale of an investment, such as a stock owned by the company. If you sold a company owned asset for more than you paid for it, the gain would be reported here. Loss from sale of an investment, such as a stock owned by the company. If you sold a company owned asset for less than you paid for it, the loss would be reported here. Amount of federal income taxes owed by the company. Amount of state income taxes owed by the company. Amount of other income taxes owed by the company.

Other Expenses 910 920 Investment Loss Loss on Sale of Asset Other Expenses Other Expenses E E

Income Taxes 930 935 935 Federal Income Taxes State Income Taxes Other Income Taxes (name) Income Taxes Income Taxes Income Taxes E E E

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