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Documentation -> Accounting/Bookkeeping -> Chart of Accounts -> CoA Example: SMB - Accrual Method

 

Below is a Chart of Accounts example for a small/medium business. A sole proprietorship using the accrual method of accounting, in this case. The accounts included are just to demonstrate what types of accounts go where. You can use the accounts that you need for your organization, and drop the ones you don't. Name them how you wish, and be as specific or as general as you wish, in regards to the accounts you use. The level of detail flowlog is able to track, show, and include in reports, is dependent on the level of detail of your accounts. Hopefully, this example COA helps you create yours.


Assets

Current Assets
  • bank_0123
  • paypal
  • petty_cash
  • Notes Receivable
  • Accounts Receivable
  • Advances
  • inventory/supplies/material
  • prepaid expenses (short term)
Long Term Assets
  • land
  • buildings
  • rental_equipment
  • equipment
  • furniture
  • vehicles
  • investments
Prepaid Expenses
  • Prepaid Insurance
  • Prepaid Interest
  • Prepaid Income Tax
  • Prepaid Property Tax
  • Prepaid Sales Tax
  • Prepaid Rent
  • Prepaid Supplies
  • Prepaid Wages
  • Prepaid Expenses (other)

Liabilities

Current Liabilities
  • Notes Payable
  • Accounts Payable
  • Withheld Tax Federal
  • Withheld Tax State
  • Withheld Insurance
  • Withheld Union Dues
  • Accrued Taxes
  • Accrued Wages
  • Accrued Salaries
  • Accrued Bonuses
  • Accrued Commissions
  • Accrued Interest
  • Accrued Rent
Long Term Liabilities
  • Mortgage
  • Long Term Notes
  • Partner/Proprietor/Stockholder/Officer Loans

Equity

If Books Auto Close is enabled, Owner's Capital and Owner's Drawing (or Retained Earnings for corp) will be created automatically. Otherwise, you'll want to create Owner's Capital and Owner's Drawing accounts, assuming a sole proprietorship.

  • Various Stock Accounts go here
  • Capital/Earned/Paid In Surplus Accounts go here
  • Partner/Proprietor/Stockholder/Officer Loans
  • Investment
  • Estimated Income Tax

Incomes

Direct Incomes
  • field services
  • shop services
  • consulting services
Indirect Incomes
  • LTA (long term asset) sales

Expenses

Direct Expenses
  • parts/suppliers
  • providers/subcontractors
  • sales staff salary
  • product advertising
  • commissions
  • freight/shipping
  • travel
  • depreciation (auto created and managed if auto depreciation management is enabled)
  • rented equipment
Indirect Expenses
  • office salaries/wages accounts
  • general advertising
  • vehicle expenses
  • Bad Debt
  • delivery
  • cleaning
  • donations
  • depreciation (created automatically if Auto Book Depreciation is enabled)
  • dues and subscriptions
  • entertainment & food
  • licenses and permits
  • office supplies
  • rent
  • insurance
  • utilities
  • taxes
  • maintenance
  • bank fees