A chart of accounts is an index of your ledger accounts which assign a folio number to each account for ease of tracking. A chart of accounts is based upon your business type and structure, however; some accounts are standard throughout all business types. Your accountant or bookkeeper can help you determine what accounts you should have for correct accounting of your business as it is not a 'one fits all' scenario.
An example chart of accounts is listed below. The folio numbering could consist any method you desire, as long as its expandable for growth.
| 1 Revenues | |
| 11 Operating Revenue | |
| 11010 | Sales |
| 11010.1 | Sales - Taxable |
| 11010.2 | Sales - GST Free |
| 11010A | Sales returns and allowances |
| 11020 | Service fees revenues |
| 11020.1 | Service fees revenues - Taxable |
| 11020.2 | Service fees revenues - GST Free |
| 11030 | Commission revenue |
| 11040 | Interest revenue |
| 11050 | Rent revenue |
| 11060 | Discount revenue |
| 11070 | Gain on disposal of non-current assets |
| 11080 | Bad debts recovered |
| 12 Extraordinary Revenue | |
| 12010 | Gain on sale of investments (not acquired for resale) |
| 2 Expenses | |
| 21 Cost of Sales | |
| 21010 | Purchases |
| 21010A | Purchases returns and allowances |
| 21020 | Customs duty |
| 21030 | Cartage on purchases |
| 21040 | Packaging expenses |
| 21050 | Cost of goods sold |
| 22 Cost of Services | |
| 22010 | Supplies expenses |
| 23 Selling Expenses | |
| 23010 | Advertising |
| 23020 | Cartage on sales |
| 23030 | Delivery vehicle expenses |
| 23040 | Depreciation on delivery vehicle |
| 23050 | Sales salaries |
| 23060 | Sales commissions |
| 24 Administrative Expenses | |
| 24010 | Accounting fees |
| 24020 | Bank charges |
| 24030 | Cleaning |
| 24040 | Depreciation on buildings |
| 24050 | Depreciation on equipment |
| 24060 | Depreciation on office equipment |
| 24070 | Electricity |
| 24080 | Insurance |
| 24090 | Motor vehicle expenses |
| 24100 | Office expenses |
| 24110 | Postage |
| 24120 | Rates |
| 24130 | Rent expense |
| 24140 | Stationery |
| 24150 | Telephone expenses |
| 24160 | Wages and salaries |
| 25 Financial Expenses | |
| 25010 | Bad debts |
| 25020 | Discount expense |
| 25030 | Interest expense |
| 26 Extraordinary Expenses | |
| 26010 | Loss from theft |
| 3 Assets | |
| 31 Current Assets | |
| 31010 | Petty cash |
| 31020 | Cash on hand |
| 31030 | Cash at bank |
| 31040 | Accounts receivable |
| 31040A | Provision for doubtful debts |
| 31041 | Other receivables |
| 31050 | Short-term loans |
| 31060 | Inventories |
| 31070 | Accrued revenue |
| 31080 | Prepaid expenses |
| 32 Property, Plant & Equipment | (32 - 34 non-current assets) |
| 33 Investments | |
| 34 Intangibles | |
| 34010 | Goodwill |
| 34020 | Patents |
| 35 Other Non-Current Assets | |
| 4 Liabilities | |
| 41 Current Liabilities | |
| 41010 | Bank overdraft |
| 41020 | Accounts Payable |
| 41030 | Other payables |
| 41040 | GST clearing |
| 41040.1 | GST collected |
| 41040.2 | GST paid |
| 41050 | Superannuation payable |
| 41060 | Short-term loan |
| 41070 | Bills payable |
| 41080 | Accrued expenses |
| 41090 | Revenue received in advance |
| 42 Non-Current Liabilities | |
| 42010 | Loan |
| 42020 | Mortgage |
| 5 Owners Equity | |
| 51010 | Capital |
| 51010A | Drawings |
| 51020 | Trading |
| 51030 | Profit and loss |