Sample - Chart of Accounts

If you are setting up a new bookkeeping file in QuickBooks or Simply Accounting you may want to setup a new chart of accounts instead of using one of the program’s pre-defined account lists.

Here is a very simple chart of accounts that could be used for a small start-up consulting or manufacturing company.  I have included a Cost of Goods Sold section (Section 5000) if you buy and sell goods:

ASSETS
#1000 – Bank
#1200 – Accounts Receivable
#1300 – Prepaid Expenses
#1500 – Computers
#1501 – Accumulated Amortization – Computers
#1510 – Equipment
#1511 – Accumulated Amortization – Equipment

LIABILITIES
#2000 – Bank Overdraft
#2100 – Accounts Payable
#2200 – GST/HST Payable
#2210 – Payroll Tax Payable
#2300 – Federal Income Tax Payable
#2500 – Long Term Loans
#2700 – Shareholder Loan

EQUITY
#3100 – Share Capital
#3200 – Dividends Paid
#3300 – Retained Earnings

REVENUE
#4000 – Sales/Revenue
#4500 – Investment Income (interest/dividends)

COST OF GOODS SOLD (include this section if you buy and sell products or services)
#5000 – Purchases
#5100 – Salaries and benefits
#5200 – Contractors
#5300 – Other Direct Costs

EXPENSES
#6000 – Accounting and Legal
#6050 – Advertising and Promotion
#6100 – Amortization
#6200 – Bank Charges and Interest
#6250 – Consulting Fees
#6300 – Dues and Subscriptions
#6400 – Office Expenses
#6450 – Rent Expenses
#6500 – Salaries and Benefits
#6550 – Suspense
#6600 – Telecommunications
#6650 – Travel
#6700 – Utilities

Keep in mind, accounts can be added or deleted at any time

Feel free to use this chart of accounts as a guideline to setup your bookkeeping data file. 

NOTE: The Stewart + Associates 'Tips' are NOT intended to cover all tax issues. You should talk to your Stewart + Associates professional before making any decisions regarding the information found here.