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Standard Chart of Accounts
In accounting, a standard chart of accounts is a numbered list of the accounts that comprise a company’s general ledger. The company chart of accounts is basically a filing system for categorizing all of a company’s accounts and classifying all transactions according to the accounts they affect. The chart of accounts list of categories may include assets, liabilities, owners' equity, revenues, cost of goods sold, operating expenses, and other relevant accounts. The standard chart of accounts is sometimes also called the uniform chart of accounts. A chart of accounts template is used to prepare the basic chart of accounts for any subsidiary companies or related entities in order to make consolidation easier.
A standard chart of accounts is organized according to a numerical system. Each major category will begin with a certain number, and then the sub-categories within that major category will all begin with the same number. For example, if assets are classified by numbers starting with the digit 1, then cash accounts might be labeled 101, accounts receivable might be labeled 102, inventory might be labeled 103, and so on. And if liabilities accounts are classified by numbers starting with the digit 2, then accounts payable might be labeled 201, short-term debt might be labeled 202, and so on.
Depending on the size of the company, the chart of accounts may include a few dozen accounts or it may include a few thousand accounts. The chart of account is useful for analyzing past transactions and using historic data to forecast future trends.
(source: http://www.wikicfo.com)
Sample Chart of Accounts
1000 ASSETS
1010 CASH Operating Account
1020 CASH Debitors
1030 CASH Petty Cash
1200 RECEIVABLES
1210 A/REC Trade
1220 A/REC Trade Notes Receivable
1230 A/REC Installment Receivables
1240 A/REC Retainage Withheld
1290 A/REC Allowance for Uncollectible Accounts
1300 INVENTORIES
1310 INV - Reserved
1320 INV - Work-in-Progress
1330 INV - Finished Goods
1340 INV - Reserved
1350 INV - Unbilled Cost & Fees
1390 INV - Reserve for Obsolescence
1400 PREPAID EXPENSES & OTHER CURRENT ASSETS
1410 PREPAID - Insurance
1420 PREPAID - Real Estate Taxes
1430 PREPAID - Repairs & Maintenance
1440 PREPAID - Rent
1450 PREPAID - Deposits
1500 PROPERTY PLANT & EQUIPMENT
1510 PPE - Buildings
1520 PPE - Machinery & Equipment
1530 PPE - Vehicles
1540 PPE - Computer Equipment
1550 PPE - Furniture & Fixtures
1560 PPE - Leasehold Improvements
1600 ACCUMULATED DEPRECIATION & AMORTIZATION
1610 ACCUM DEPR Buildings
1620 ACCUM DEPR Machinery & Equipment
1630 ACCUM DEPR Vehicles
1640 ACCUM DEPR Computer Equipment
1650 ACCUM DEPR Furniture & Fixtures
1660 ACCUM DEPR Leasehold Improvements
1700 NON - CURRENT RECEIVABLES
1710 NCA - Notes Receivable
1720 NCA - Installment Receivables
1730 NCA - Retainage Withheld
1800 INTERCOMPANY RECEIVABLES
1900 OTHER NON-CURRENT ASSETS
1910 Organization Costs
1920 Patents & Licenses
1930 Intangible Assets - Capitalized Software Costs
2000 LIABILITIES
2100 PAYABLES
2110 A/P Trade
2120 A/P Accrued Accounts Payable
2130 A/P Retainage Withheld
2150 Current Maturities of Long-Term Debt
2160 Bank Notes Payable
2170 Construction Loans Payable
2200 ACCRUED COMPENSATION & RELATED ITEMS
2210 Accrued - Payroll
2220 Accrued - Commissions
2230 Accrued - FICA
2240 Accrued - Unemployment Taxes
2250 Accrued - Workmen's Comp
2260 Accrued - Medical Benefits
2270 Accrued - 401 K Company Match
2275 W/H - FICA
2280 W/H - Medical Benefits
2285 W/H - 401 K Employee Contribution
2300 OTHER ACCRUED EXPENSES
2310 Accrued - Rent
2320 Accrued - Interest
2330 Accrued - Property Taxes
2340 Accrued - Warranty Expense
2500 ACCRUED TAXES
2510 Accrued - Federal Income Taxes
2520 Accrued - State Income Taxes
2530 Accrued - Franchise Taxes
2540 Deferred - FIT Current
2550 Deferred - State Income Taxes
2600 DEFERRED TAXES
2610 D/T - FIT - NON CURRENT
2620 D/T - SIT - NON CURRENT
2700 LONG-TERM DEBT
2710 LTD - Notes Payable
2720 LTD - Mortgages Payable
2730 LTD - Installment Notes Payable
2800 INTERCOMPANY PAYABLES
2900 OTHER NON CURRENT LIABILITIES
3000 OWNERS EQUITIES
3100 Common Stock
3200 Preferred Stock
3300 Paid in Capital
3400 Partners Capital
3500 Member Contributions
3900 Retained Earnings
4000 REVENUE
4010 REVENUE – PRODUCT 1
4020 REVENUE – PRODUCT 2
4030 REVENUE – PRODUCT 3
4040 REVENUE – PRODUCT 4
4600 Interest Income
4700 Other Income
4800 Finance Charge Income
4900 Sales Returns and Allowances
4950 Sales Discounts
5000 COST OF GOODS SOLD
5010 COGS – PRODUCT 1
5020 COGS – PRODUCT 2
5030 COGS – PRODUCT 3
5040 COGS – PRODUCT 4
5700 Freight
5800 Inventory Adjustments
5900 Purchase Returns and Allowances
5950 Reserved
6000 - 7000 OPERATING EXPENSES
6010 Advertising Expense
6050 Amortization Expense
6100 Auto Expense
6150 Bad Debt Expense
6200 Bank Charges
6250 Cash Over and Short
6300 Commission Expense
6350 Depreciation Expense
6400 Employee Benefit Program
6550 Freight Expense
6600 Gifts Expense
6650 Insurance – General
6700 Interest Expense
6750 Professional Fees
6800 License Expense
6850 Maintenance Expense
6900 Meals and Entertainment
6950 Office Expense
7000 Payroll Taxes
7050 Printing
7150 Postage
7200 Rent
7250 Repairs Expense
7300 Salaries Expense
7350 Supplies Expense
7400 Taxes – FIT Expense
7500 Utilities Expense
7900 Gain/Loss on Sale of Assets
The structure of a chart of account is specified by the customer. Seradex can assist you in basic account setup, however, we recommend that you consult an accredited professional to ensure your chart of accounts is setup to support your business needs.
Chart of Accounts Field Listing
Tab
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Field
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Description
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Main
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Account No
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The GL Account #
New accounts are added via the lookup menu in the profile bar
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Name
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The description of the account
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Type
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What type of GL the account is.
Account types are controlled by OrderStream. Users may see additional types if they were previously integrated with a 3rd party financial system. Note that these account types will not be used.
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Control Account
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Identifies if this account should be recognized as a control account.
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Subaccount of
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Used to create an indented chart of accounts. The indented structure of an account allows users to see a summary of all sub accounts in a GL listing.
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Functional Currency
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Specifies the currency of the GL
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Notes
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This field can be used to store brief notes about the Account
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Bank Name
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Only used for accounts of the type "Bank"
Enter the Bank Name for this account
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Bank Account No
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Enter your bank account number for this account
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Routing No
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Enter the routing number of the bank account
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Notes
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Enter any notes related to this bank account
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Enable this account for Online Account Access
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This feature is under development
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Inactive
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Used to specify that the account is now inactive and should not be used
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Status
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Used for custom reporting solutions
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Segment
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Used for custom reporting solutions
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Report Group
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Used for custom reporting solutions
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Location
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Used for custom reporting solutions
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Job Cost Category
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Used for custom reporting solutions
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Cell
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Used for custom reporting solutions
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Post in All Currencies
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Specifies that entries will be accepted in all currencies currently setup in the system.
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Post in Specified Currencies
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Specifies that only the specified list of currencies will be accepted.
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Functional Currency
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Indicates the normal functional currency of the account
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Revalue
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Revaluation Code
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Adding New GL Accounts
| 1. | Press the add button on the bottom of the form to clear the screen and set the form to accept new data entry. |
| 2. | Enter your account number. |
| 3. | Enter a description of the account |
| 4. | Specify the type of account you are setting up. |
| a. | If setting up a BANK account, you will be required to enter the Bank Name, Account # and Routing #. |
| 5. | Specify the functional currency of the account. |
| 6. | Indicate if this is a control account |
| 7. | Indicate if this is a sub account of another account. |
The above is the minimum amount of information that is required to setup a GL account. All other fields are optional.
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