Chart of Accounts for Small Business

Account Name	Code	Financial Statement	Group	Sub-Group	Normally
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	Contra 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	Contra Property, plant and equip	Credit
Plant	1820	Balance sheet	Long term assets	Property, plant and equipment	Debit
Plant depreciation	1830	Balance sheet	Long term assets	Contra Property, plant and equip	Credit
Equipment	1840	Balance sheet	Long term assets	Property, plant and equipment	Debit
Equipment depreciation	1850	Balance sheet	Long term assets	Contra Property, plant and equip	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	Contra Capital	Debit
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	Contra 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 received	4420	Income Statement	Cost of sales	Contra Cost of sales	Credit
Shipping costs	4430	Income Statement	Cost of sales	Cost of sales	Debit
Import duty	4440	Income Statement	Cost of sales	Cost of sales	Debit
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 develop	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
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

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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