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Diocese of Rockford
Chart of Accounts
for
Parishes and Schools
Updated February 2017ACCOUNTING AND DATA PROCESSING OFFICE
P.O. BOX 7044
ROCKFORD, ILLINOIS 61125
(815) 3994300
PARISH UNIFORM ACCOUNTING
CHART
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How to fill out chart of accounts
How to fill out chart of accounts?
01
Start by determining the categories and sub-categories that you want to include in your chart of accounts. These categories will help you organize your financial transactions and make it easier to track and analyze them.
02
Assign a unique account number to each category and sub-category. This will make it easier to identify and locate specific accounts within your chart of accounts.
03
Decide on the level of detail you want to include in your chart of accounts. You can choose to have a more detailed chart with multiple sub-categories, or a more simplified chart with fewer categories.
04
Determine the appropriate account titles for each category and sub-category. Make sure the account titles accurately reflect the nature and purpose of the accounts.
05
Consider any specific industry or regulatory requirements that may apply to your business and incorporate them into your chart of accounts. This will ensure compliance and consistency in your financial reporting.
06
Establish a clear and consistent naming convention for your accounts. This will help you and your team easily understand and identify the purpose of each account.
07
Regularly review and update your chart of accounts to accommodate any changes in your business needs or industry requirements. This will help keep your financial records accurate and up-to-date.
Who needs a chart of accounts?
01
Small businesses: A chart of accounts is essential for small businesses to track their financial transactions, manage their cash flow, and generate accurate financial statements.
02
Medium to large-sized businesses: For medium to large-sized businesses, a chart of accounts becomes even more crucial as it helps in managing multiple accounts, departments, and cost centers.
03
Non-profit organizations: Non-profit organizations need a chart of accounts to carefully track and report their income, expenses, and funding sources to ensure transparency and compliance with regulatory guidelines.
04
Accountants and bookkeepers: Professionals in the accounting and bookkeeping field rely heavily on a chart of accounts to accurately record and analyze financial transactions for their clients.
05
Auditors and financial analysts: Auditors and financial analysts use a chart of accounts to review and assess the financial health of an organization or business, helping them make informed decisions and recommendations.
06
Government agencies and tax authorities: Chart of accounts is also important for government agencies and tax authorities as it provides a standardized and organized structure to review and verify financial records for tax purposes and regulatory compliance.
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What is chart of accounts?
The chart of accounts is a list of all the accounts an organization uses to record its financial transactions.
Who is required to file chart of accounts?
All businesses and organizations are required to have and maintain a chart of accounts.
How to fill out chart of accounts?
To fill out a chart of accounts, you need to categorize accounts by type (assets, liabilities, equity, revenue, and expenses) and assign a unique account number to each account.
What is the purpose of chart of accounts?
The purpose of a chart of accounts is to provide a systematic way to organize and track financial transactions.
What information must be reported on chart of accounts?
The chart of accounts should include account names, numbers, and balances for each account.
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