Small Business Chart of Accounts

Account Name

Code

Financial Statement

Group

Sub-Group

Bank checking account

1000

Balance sheet

Current assets

Cash and cash equivalents

Debit

Bank savings account

1010

Balance sheet

Current assets

Cash and cash equivalents

Debit

Online savings account

1020

Balance sheet

Current assets

Cash and cash equivalents

Debit

Petty cash account

1030

Balance sheet

Current assets

Cash and cash equivalents

Debit

Paypal account

1040

Balance sheet

Current assets

Cash and cash equivalents

Debit

Accounts receivable

1200

Balance sheet

Current assets

Accounts receivable

Debit

Allowance for doubtful debts account

1210

Balance sheet

Current assets

Accounts receivable

Credit

Inventory

1400

Balance sheet

Current assets

Inventory

Debit

Prepayments

1600

Balance sheet

Current assets

Other current assets

Debit

Property

1800

Balance sheet

Long term assets

Property, plant and equipment

Debit

Property Depreciation

1810

Balance sheet

Long term assets

Property, plant and equipment

Credit

Plant

1820

Balance sheet

Long term assets

Property, plant and equipment

Debit

Plant depreciation

1830

Balance sheet

Long term assets

Property, plant and equipment

Credit

Equipment

1840

Balance sheet

Long term assets

Property, plant and equipment

Debit

Equipment depreciation

1850

Balance sheet

Long term assets

Property, plant and equipment

Credit

Accounts payable

2000

Balance sheet

Current liabilities

Accounts payable

Credit

Payroll payable

2200

Balance sheet

Current liabilities

Other current liabilities

Credit

Interest payable

2210

Balance sheet

Current liabilities

Other current liabilities

Credit

Accrued expenses

2220

Balance sheet

Current liabilities

Other current liabilities

Credit

Unearned revenue

2230

Balance sheet

Current liabilities

Other current liabilities

Credit

Sales Tax payable

2240

Balance sheet

Current liabilities

Other current liabilities

Credit

Purchase Tax payable

2250

Balance sheet

Current liabilities

Other current liabilities

Credit

Payroll tax payable

2260

Balance sheet

Current liabilities

Other current liabilities

Credit

Income tax payable

2270

Balance sheet

Current liabilities

Other current liabilities

Credit

Mortgage loan

2400

Balance sheet

Long-term liabilities

Mortgages

Credit

Other loans

2600

Balance sheet

Long-term liabilities

Loans

Credit

Owners contributions

3000

Balance sheet

Equity

Capital

Credit

Owners draw

3010

Balance sheet

Equity

Capital

Credit

Retained earnings

3020

Balance sheet

Equity

Retained earnings

Credit

Retail sales

4000

Income Statement

Income

Revenue

Credit

Services

4010

Income Statement

Income

Revenue

Credit

Discounts allowed

4020

Income Statement

Income

Revenue

Debit

Materials purchased

4400

Income Statement

Cost of sales

Cost of sales

Debit

Packaging

4410

Income Statement

Cost of sales

Cost of sales

Debit

Discounts taken

4420

Income Statement

Cost of sales

Cost of sales

Debit

Shipping costs

4430

Income Statement

Cost of sales

Cost of sales

Debit

Import duty

4440

Income Statement

Cost of sales

Cost of sales

Debit

Opening inventory

4450

Income Statement

Cost of sales

Cost of sales

Debit

Closing inventory

4460

Income Statement

Cost of sales

Cost of sales

Credit

Productive Labour

4470

Income Statement

Cost of sales

Cost of sales

Debit

Research and development

4800

Income Statement

Expense

Research and development

Debit

Sales commissions

5000

Income Statement

Expense

Sales and marketing

Debit

Sales promotion

5010

Income Statement

Expense

Sales and marketing

Debit

Advertising

5020

Income Statement

Expense

Sales and marketing

Debit

Gifts & samples

5030

Income Statement

Expense

Sales and marketing

Debit

Marketing expenses

5040

Income Statement

Expense

Sales and marketing

Debit

Payroll

5200

Income Statement

Expense

General and administrative

Debit

Contract labor

5210

Income Statement

Expense

General and administrative

Debit

Payroll expenses

5220

Income Statement

Expense

General and administrative

Debit

Payroll benefits

5230

Income Statement

Expense

General and administrative

Debit

Payroll taxes

5240

Income Statement

Expense

General and administrative

Debit

Computer and internet

5250

Income Statement

Expense

General and administrative

Debit

Software

5260

Income Statement

Expense

General and administrative

Debit

Website

5270

Income Statement

Expense

General and administrative

Debit

Rent

5280

Income Statement

Expense

General and administrative

Debit

Property taxes

5290

Income Statement

Expense

General and administrative

Debit

Utilities

5300

Income Statement

Expense

General and administrative

Debit

Motor expenses

5310

Income Statement

Expense

General and administrative

Debit

Travelling

5320

Income Statement

Expense

General and administrative

Debit

Hotels

5330

Income Statement

Expense

General and administrative

Debit

Meals and entertainment

5340

Income Statement

Expense

General and administrative

Debit

Printing

5350

Income Statement

Expense

General and administrative

Debit

Postage & carriage

5360

Income Statement

Expense

General and administrative

Debit

Telephone

5370

Income Statement

Expense

General and administrative

Debit

Office supplies

5380

Income Statement

Expense

General and administrative

Debit

Professional fees

5390

Income Statement

Expense

General and administrative

Debit

Equipment hire

5400

Income Statement

Expense

General and administrative

Debit

Repairs & maintenance

5410

Income Statement

Expense

General and administrative

Debit

Housekeeping supplies and cleaning

5420

Income Statement

Expense

General and administrative

Debit

Bad debt expense

5430

Income Statement

Expense

General and administrative

Debit

Dues and membership fees

5440

Income Statement

Expense

General and administrative

Debit

Research and professional development

5450

Income Statement

Expense

General and administrative

Debit

Insurance

5460

Income Statement

Expense

General and administrative

Debit

Security

5470

Income Statement

Expense

General and administrative

Debit

Suspense account

5480

Income Statement

Expense

General and administrative

Debit

2015 www.double-entry-bookkeeping.com

Normally

322946781.xlsx

Small Business Chart of Accounts

Account Name

Code

Financial Statement

Group

Sub-Group

Normally

Depreciation

5600

Income Statement

Expense

Depreciation

Debit

Interest expense

5800

Income Statement

Expense

Finance costs

Debit

Bank fees

5810

Income Statement

Expense

Finance costs

Debit

Interest income

4200

Income Statement

Income

Other Income

Credit

Rent income

4210

Income Statement

Income

Other Income

Credit

Income tax expense

5900

Income Statement

Expense

Income tax expense

Debit

2015 www.double-entry-bookkeeping.com

322946781.xlsx

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