Chart of Accounts (COA) The Income Statement portion of the chart of accounts normally begins by listing Revenue Accounts followed by the Expense Accounts. 1430 PREPAID – Repairs & Maintenance �M. In order to produce the accurate and detailed reports you need for management decision-making you need a chart of accounts designed to meet the unique needs of a medical practice. 7150 Postage 7500 Utilities Expense Thus, each major category will begin with a certain number, and then the sub-categories within that major category will all begin with the same number. Suppose you start the year out tracking paper expenses in the Office Supplies Expenses account, but paper usage and its expense keeps increasing, so you decide to track the expense in a separate account beginning in July. according to the accounts they affect. The number of accounts included in the chart of accounts varies depending on the size of the company. 0000002179 00000 n . If you paid for healthcare expenses, you may be able to claim them as eligible medical expenses on your income tax and benefit return. 7900 Gain/Loss on Sale of Assets. 1730 NCA – Retainage Withheld, 1910 Organization Costs This tutorial explains the category account types, default category accounts, and default categories available in StudioCloud. Whereas, if liabilities accounts are classified by numbers starting with the digit 2, then, , the chart of accounts may include either few dozen, or a few thousand accounts. Administrative Services II 2711 Sullivan Drive BUILDER'S CHART of ACCOUNTS DESIGNED FOR USE WITH QUICKBOOKS PRO: GENERAL NOTES: L-M-S-R Labor - Material - Subcontract - Rental. 0000068006 00000 n 0000002725 00000 n 7000 Payroll Taxes Medical Services: Expense for payment of medical services. Specific accounts may be in place such as Office Supplies Expense, Store Supplies Expense, and Service Supplies Expense… These expenses include a wide range of products, procedures and services, such as: 1330 INV – Finished Goods 3400 Partners Capital In accounting, a standard chart of accounts is a numbered list of the accounts that comprise a company’s general ledger. 1350 INV – Unbilled Cost & Fees 0000004506 00000 n 5800 Inventory Adjustments 11. 6900 Meals and Entertainment Whereas, if a company is more sophisticated, then the chart of accounts can be either paper-based or, -based. Each company’s chart of accounts may look slightly different. 0000004808 00000 n 2250 Accrued – Workmen’s Comp The following points can improve the chart of accounts concept for a company: Consistency. H�b```"}�U� bE8��n`` P ��P�����0>`}!�@lA����NLO��� 2330 Accrued – Property Taxes 0000000725 00000 n Depending on the size of the company, the chart of accounts may include either few dozen accounts or a few thousand accounts. Thus, each major category will begin with a certain number, and then the sub-categories within that major category will all begin with the same number. 9 0 obj << /Linearized 1 /O 11 /H [ 815 203 ] /L 74062 /E 70833 /N 2 /T 73765 >> endobj xref 9 19 0000000016 00000 n Furthermore, a standard chart of accounts is organized according to a numerical system. Whereas, if a company is more sophisticated, then the chart of accounts can be either paper-based or computer-based. 0000001171 00000 n If assets are classified by numbers starting with the digit 1, then cash accounts might be labeled 101, might be labeled 103, and so on. Fees, Medical (Service to Employees) Employee Benefits - Other - Medical Expenses Fees, Notary G&A - Miscellaneous Ferns Direct Operating Exp. 1530 PPE – Vehicles See Also: 2320 Accrued – Interest The purpose of the sub-group is to categorize each account into classifications that you might need to present the balance sheet and income statement in accounting reports.. 4900 Sales Returns and Allowances 0000001330 00000 n You have a pretty good idea of how many widgets you usually sell in a day, but you never want to risk a lost sale, so you always buy a few extras when you purchase your supplies each morning. trailer << /Size 28 /Info 7 0 R /Root 10 0 R /Prev 73756 /ID[<4001bdda3615a99a369755f4b0f2e4ba><1242e9bb529d53f5b94bf6f2aebee1f1>] >> startxref 0 %%EOF 10 0 obj << /Type /Catalog /Pages 6 0 R /Metadata 8 0 R /PageLabels 5 0 R >> endobj 26 0 obj << /S 47 /L 102 /Filter /FlateDecode /Length 27 0 R >> stream 569913: Other Fees and Expenses: Expense for payment of non-employee fees/costs not defined by another expense account: 569914: Education and Research Services: Expense for payment of services provided for education or research. 1920 Patents & Licenses 6550 Freight Expense The standard chart of accounts list of categories may include the following: (See the following standard chart of accounts example below). If assets are classified by numbers starting with the digit 1, then cash accounts might be labeled 101, accounts receivable might be labeled 102, inventory might be labeled 103, and so on. The standard chart of accounts list of categories may include the following: The standard chart of accounts is also called the uniform chart of accounts. General and administrative expenses include expenses incurred while running the core line of the business and include executive salaries, R&D, travel and training, and IT expenses. Role of a Company Back Office. The practice’s chart of accounts is the basis for all accounting information recorded in its financial records. 0000001558 00000 n 0000002764 00000 n 621395 Recharge - Computer Center N E 625000 Medical, Dental and Optical Y E 621400 Recharge - Fees N E 625005 Employee Medical Physicals N E 621416 Recharge Research Information N E 625030 Medical Supplies N E 621417 Software Tech Recharge N E 631000 Miscellaneous Expenses Y E 621435 Ticket Master Outlet N E 631005 Cash Short N E sections to the sample chart of accounts. Expenses by nature. 4700 Other Income 4020 REVENUE – PRODUCT 2 6650 Insurance – General Chart of Accounts – Expenses. 1320 INV – Work-in-Progress Supplies Expense - cost of supplies (ball pens, ink, paper, spare parts, etc.) 3. The medical expense tax credit is a non-refundable tax credit that you can use to reduce the tax that you paid or may have to pay. H����v�6����I���trbNg1Ӆ�e��+D����� Furthermore, a standard chart of accounts is organized according to a numerical. Problems in Chart of Accounts Design You can use the following example of chart of accounts to set up the general ledger of most companies. 1240 A/REC Retainage Withheld Salaries Expense - compensation to employees for their services to the company; 12. 1010 CASH Operating Account Access your Strategic Pricing Model Execution Plan in SCFO Lab. Wages Expense. The standard chart of accounts is also called the uniform chart of accounts. 6750 Professional Fees When you present by nature, then you simply group the expenses by their nature regardless the role that they play in your company.. You do NOT reallocate them among various functions in your company. 1660 ACCUM DEPR Leasehold Improvements, 1710 NCA – Notes Receivable Examples of accounts under expenses include wages expense, supplies expense, prepaid expenses, bank charges, and depreciation expenses. In this sample chart of accounts template the sub-group column divides each group into the categories shown in the listings below. %PDF-1.3 %���� 1620 ACCUM DEPR Machinery & Equipment 2540 Deferred – FIT Current 1290 A/REC Allowance for Uncollectible Accounts, 1310 INV – Reserved 6400 Employee Benefit Program 0000048186 00000 n 2130 A/P Retainage Withheld Malcolm Ziman. 0000000815 00000 n 7350 Supplies Expense 3500 Member Contributions 2285 W/H – 401 K Employee Contribution, 2310 Accrued – Rent 5020 COGS – PRODUCT 2 Overview. 6200 Bank Charges 0000004050 00000 n https://www.myaccountingcourse.com/accounting-basics/chart-of-accounts 7300 Salaries Expense 2160 Bank Notes Payable First, you add the new account, Paper Expenses, to your Chart of Accounts. 2340 Accrued – Warranty Expense, 2510 Accrued – Federal Income Taxes When keeping a set of books and records this typical Chart of Accounts may be used: Advertising Expense; Automobile Expense: Mileage method using approximately 50¢ per business mile. 1930 Intangible Assets – Capitalized Software Costs, 2110 A/P Trade 2240 Accrued – Unemployment Taxes It is true that the standard IAS 1 suggests 2 different formats: Expenses by nature and; Expenses by function. Chart of Accounts As of Jul 31, 2001 7850 Travel - General Yes Expenses 7860 Meals Yes Expenses 7880 Hotel Yes Expenses 2150 Current Maturities of Long-Term Debt The Balance Sheet Accounts (Assets, Liabilities, & Equity) are presented first, followed by the Income Statement Accounts (Revenues & Expenses). Sample Chart of Accounts Account Category Account Code Account Title Current Assets 1000 Cash 1020 Accounts Receivable 1040 Inventory – Work in Progress 1060 Prepayments Property, Plant & Equipment 1100 Equipment – Lab 1101 Accumulated Depreciation – Lab Equipment 1110 Equipment – … Refer to the following sample chart of accounts. From the expense claim the business will post the following reimbursed expenses journal entry. CHART OF ACCOUNTS PREFACE .01 A Chart of Accounts is a listing of account titles, with numerical symbols, used in the compilation of financial data concerning the assets, liabilities, capital, revenues, and expenses of an enterprise. 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