Chart of Accounts for Small Business

Account NameCodeFinancial StatementGroupSub-GroupNormally
Bank checking account1000Balance sheetCurrent assetsCash and cash equivalentsDebit
Bank savings account1010Balance sheetCurrent assetsCash and cash equivalentsDebit
Online savings account1020Balance sheetCurrent assetsCash and cash equivalentsDebit
Petty cash account1030Balance sheetCurrent assetsCash and cash equivalentsDebit
Paypal account1040Balance sheetCurrent assetsCash and cash equivalentsDebit
Accounts receivable1200Balance sheetCurrent assetsAccounts receivableDebit
Allowance for doubtful debts account1210Balance sheetCurrent assetsContra Accounts receivableCredit
Inventory1400Balance sheetCurrent assetsInventoryDebit
Prepayments1600Balance sheetCurrent assetsOther current assetsDebit
Property1800Balance sheetLong term assetsProperty, plant and equipmentDebit
Property Depreciation1810Balance sheetLong term assetsContra Property, plant and equipCredit
Plant1820Balance sheetLong term assetsProperty, plant and equipmentDebit
Plant depreciation1830Balance sheetLong term assetsContra Property, plant and equipCredit
Equipment1840Balance sheetLong term assetsProperty, plant and equipmentDebit
Equipment depreciation1850Balance sheetLong term assetsContra Property, plant and equipCredit
Accounts payable2000Balance sheetCurrent liabilitiesAccounts payableCredit
Payroll payable2200Balance sheetCurrent liabilitiesOther current liabilitiesCredit
Interest payable2210Balance sheetCurrent liabilitiesOther current liabilitiesCredit
Accrued expenses2220Balance sheetCurrent liabilitiesOther current liabilitiesCredit
Unearned revenue2230Balance sheetCurrent liabilitiesOther current liabilitiesCredit
Sales Tax payable2240Balance sheetCurrent liabilitiesOther current liabilitiesCredit
Purchase Tax payable2250Balance sheetCurrent liabilitiesOther current liabilitiesCredit
Payroll tax payable2260Balance sheetCurrent liabilitiesOther current liabilitiesCredit
Income tax payable2270Balance sheetCurrent liabilitiesOther current liabilitiesCredit
Mortgage loan2400Balance sheetLong-term liabilitiesMortgagesCredit
Other loans2600Balance sheetLong-term liabilitiesLoansCredit
Owners contributions3000Balance sheetEquityCapitalCredit
Owners draw3010Balance sheetEquityContra CapitalDebit
Retained earnings3020Balance sheetEquityRetained earningsCredit
Retail sales4000Income StatementIncomeRevenueCredit
Services4010Income StatementIncomeRevenueCredit
Discounts allowed4020Income StatementIncomeContra RevenueDebit
Materials purchased4400Income StatementCost of salesCost of salesDebit
Packaging4410Income StatementCost of salesCost of salesDebit
Discounts received4420Income StatementCost of salesContra Cost of salesCredit
Shipping costs4430Income StatementCost of salesCost of salesDebit
Import duty4440Income StatementCost of salesCost of salesDebit
Productive Labour4470Income StatementCost of salesCost of salesDebit
Research and development4800Income StatementExpenseResearch and developmentDebit
Sales commissions5000Income StatementExpenseSales and marketingDebit
Sales promotion5010Income StatementExpenseSales and marketingDebit
Advertising5020Income StatementExpenseSales and marketingDebit
Gifts & samples5030Income StatementExpenseSales and marketingDebit
Marketing expenses5040Income StatementExpenseSales and marketingDebit
Payroll5200Income StatementExpenseGeneral and administrativeDebit
Contract labor5210Income StatementExpenseGeneral and administrativeDebit
Payroll expenses5220Income StatementExpenseGeneral and administrativeDebit
Payroll benefits5230Income StatementExpenseGeneral and administrativeDebit
Payroll taxes5240Income StatementExpenseGeneral and administrativeDebit
Computer and internet5250Income StatementExpenseGeneral and administrativeDebit
Software5260Income StatementExpenseGeneral and administrativeDebit
Website5270Income StatementExpenseGeneral and administrativeDebit
Rent5280Income StatementExpenseGeneral and administrativeDebit
Property taxes5290Income StatementExpenseGeneral and administrativeDebit
Utilities5300Income StatementExpenseGeneral and administrativeDebit
Motor expenses5310Income StatementExpenseGeneral and administrativeDebit
Travelling5320Income StatementExpenseGeneral and administrativeDebit
Hotels5330Income StatementExpenseGeneral and administrativeDebit
Meals and entertainment5340Income StatementExpenseGeneral and administrativeDebit
Printing5350Income StatementExpenseGeneral and administrativeDebit
Postage & carriage5360Income StatementExpenseGeneral and administrativeDebit
Telephone5370Income StatementExpenseGeneral and administrativeDebit
Office supplies5380Income StatementExpenseGeneral and administrativeDebit
Professional fees5390Income StatementExpenseGeneral and administrativeDebit
Equipment hire5400Income StatementExpenseGeneral and administrativeDebit
Repairs & maintenance5410Income StatementExpenseGeneral and administrativeDebit
Housekeeping supplies and cleaning5420Income StatementExpenseGeneral and administrativeDebit
Bad debt expense5430Income StatementExpenseGeneral and administrativeDebit
Dues and membership fees5440Income StatementExpenseGeneral and administrativeDebit
Research and professional develop5450Income StatementExpenseGeneral and administrativeDebit
Insurance5460Income StatementExpenseGeneral and administrativeDebit
Security5470Income StatementExpenseGeneral and administrativeDebit
Suspense account5480Income StatementExpenseGeneral and administrativeDebit
Depreciation5600Income StatementExpenseDepreciationDebit
Interest expense5800Income StatementExpenseFinance costsDebit
Bank fees5810Income StatementExpenseFinance costsDebit
Interest income4200Income StatementIncomeOther IncomeCredit
Rent income4210Income StatementIncomeOther IncomeCredit
Income tax expense5900Income StatementExpenseIncome tax expenseDebit

Group
The group refers to the classification of the account into one of the headings shown below. It generally helps to keep the most used accounts towards the top of each group as this helps speed up locating the account and the posting of double entry transactions.

Current assets
Long term assets
Current liabilities
Long term liabilities
Equity
Income
Cost of sales
Expense

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