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CHART OF ACCOUNTS Codes to put on Bank Statements 200 201 220 221 222 274 277 285 287 289 302 313 317 320 325 327 329 336 340 353 376 382 384 410 425 427 431 435 440 441 450 454 456 458 460 462 464

How to fill out chart of accounts

How to Fill Out a Chart of Accounts:

1. Start by identifying the main categories or groups that you want to track in your financial records. These can include assets, liabilities, equity, income, and expenses.
2. Under each main category, create sub-categories or accounts that are specific to your business or organization. For example, under the expenses category, you may have sub-accounts for salaries, rent, utilities, supplies, etc.
3. Assign a unique account number or code to each account in the chart of accounts. This will help you easily identify and locate specific accounts when recording transactions.
4. Determine the account type for each account. For instance, assets accounts can be further classified as current assets, fixed assets, or intangible assets. Liabilities can be classified as current liabilities or long-term liabilities.
5. Make sure to include all necessary accounts that are required for accurate financial reporting. This may include cash, accounts receivable, accounts payable, loans payable, equity, sales, cost of goods sold, etc.
6. Review your chart of accounts periodically and make adjustments as needed. As your business grows or changes, you may need to add new accounts or modify existing ones to better reflect your financial activities.

Who Needs a Chart of Accounts:

1. Small businesses: A chart of accounts is essential for small businesses as it helps organize and track their financial transactions. It provides a clear representation of their assets, liabilities, income, and expenses, making it easier to generate meaningful financial reports and make informed decisions.
2. Non-profit organizations: Non-profits often have unique accounting requirements due to their tax-exempt status and the need to track and report donations, grants, and restricted funds. A well-structured chart of accounts helps ensure compliance with regulations and facilitates accurate financial reporting.
3. Large corporations: Large corporations deal with complex financial transactions and require a comprehensive chart of accounts to accurately record and report their financial activities. This helps them analyze the financial performance of different divisions, departments, or subsidiaries and supports strategic decision-making.
4. Government entities: Government agencies and entities have specific accounting standards and regulations that require a robust chart of accounts. This enables them to track and report public funds, grants, and expenditures accurately, ensuring transparency and accountability.
5. Auditors and accountants: Professionals in the field of accounting and auditing rely on a consistent and well-organized chart of accounts to effectively perform their duties. It serves as a reference tool to understand the financial structure of an organization and facilitates the analysis of financial statements.

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What is chart of accounts?

The chart of accounts is a list of all the accounts used by a company to record financial transactions.

Who is required to file chart of accounts?

All businesses, including sole proprietors, partnerships, corporations, and other entities, are required to file a chart of accounts.

How to fill out chart of accounts?

To fill out a chart of accounts, you need to classify each account by type (assets, liabilities, equity, income, and expenses) and assign a unique account number.

What is the purpose of chart of accounts?

The purpose of chart of accounts is to organize financial information, track transactions, and facilitate the preparation of financial statements.

What information must be reported on chart of accounts?

The chart of accounts must include the name of the account, account number, account type, and balance.