Setting Up Your Chart of Accounts: Sample, Default, and Custom Options
Sample Chart of Accounts
The Chart of Accounts is a fundamental part of your accounting setup in CustomBooks™. Below is a sample Chart of Accounts that provides a basic structure you can use as a reference or starting point. This sample includes common account categories such as Assets, Liabilities, Equity, Income, and Expenses:
| Category | Account Code | Description |
| Current Assets | 1000 | Petty Cash |
| 1010 | Cash on Hand (e.g. in cash registers) | |
| 1020 | Regular Checking Account | |
| 1030 | Payroll Checking Account | |
| 1040 | Savings Account | |
| 1050 | Special Account | |
| 1060 | Investments – Money Market | |
| 1070 | Investments – Certificates of Deposit | |
| 1100 | Accounts Receivable | |
| 1140 | Other Receivables | |
| 1150 | Allowance for Doubtful Accounts | |
| 1200 | Raw Materials Inventory | |
| 1205 | Supplies Inventory | |
| 1210 | Work in Progress Inventory | |
| 1215 | Finished Goods Inventory – Product #1 | |
| 1220 | Finished Goods Inventory – Product #2 | |
| 1230 | Finished Goods Inventory – Product #3 | |
| 1400 | Prepaid Expenses | |
| 1410 | Employee Advances | |
| 1420 | Notes Receivable – Current | |
| 1430 | Prepaid Interest | |
| 1470 | Other Current Assets | |
| Fixed Assets | ||
| 1500 | Furniture and Fixtures | |
| 1510 | Equipment | |
| 1520 | Vehicles | |
| 1530 | Other Depreciable Property | |
| 1540 | Leasehold Improvements | |
| 1550 | Buildings | |
| 1560 | Building Improvements | |
| 1690 | Land | |
| 1700 | Accumulated Depreciation, Furniture and Fixtures | |
| 1710 | Accumulated Depreciation, Equipment | |
| 1720 | Accumulated Depreciation, Vehicles | |
| 1730 | Accumulated Depreciation, Other | |
| 1740 | Accumulated Depreciation, Leasehold | |
| 1750 | Accumulated Depreciation, Buildings | |
| 1760 | Accumulated Depreciation, Building Improvements | |
| Other Assets | ||
| 1900 | Deposits | |
| 1910 | Organization Costs | |
| 1915 | Accumulated Amortization, Organization Costs | |
| 1920 | Notes Receivable, Non-current | |
| 1990 | Other Non-current Assets | |
| Liability Accounts | ||
| Current Liabilities | ||
| 2000 | Accounts Payable | |
| 2300 | Accrued Expenses | |
| 2310 | Sales Tax Payable | |
| 2320 | Wages Payable | |
| 2330 | 401-K Deductions Payable | |
| 2335 | Health Insurance Payable | |
| 2340 | Federal Payroll Taxes Payable | |
| 2350 | FUTA Tax Payable | |
| 2360 | State Payroll Taxes Payable | |
| 2370 | SUTA Payable | |
| 2380 | Local Payroll Taxes Payable | |
| 2390 | Income Taxes Payable | |
| 2400 | Other Taxes Payable | |
| 2410 | Employee Benefits Payable | |
| 2420 | Current Portion of Long-term Debt | |
| 2440 | Deposits from Customers | |
| 2480 | Other Current Liabilities | |
| Long-term Liabilities | ||
| 2700 | Notes Payable | |
| 2702 | Land Payable | |
| 2704 | Equipment Payable | |
| 2706 | Vehicles Payable | |
| 2708 | Bank Loans Payable | |
| 2710 | Deferred Revenue | |
| 2740 | Other Long-term Liabilities | |
| Equity Accounts | ||
| 3010 | Stated Capital | |
| 3020 | Capital Surplus | |
| 3030 | Retained Earnings | |
| Revenue Accounts | ||
| 4000 | Product #1 Sales | |
| 4020 | Product #2 Sales | |
| 4040 | Product #3 Sales | |
| 4060 | Interest Income | |
| 4080 | Other Income | |
| 4540 | Finance Charge Income | |
| 4550 | Shipping Charges Reimbursed | |
| 4800 | Sales Returns and Allowances | |
| 4900 | Sales Discounts | |
| Cost of Goods Sold | ||
| 5000 | Product #1 Cost | |
| 5010 | Product #2 Cost | |
| 5020 | Product #3 Cost | |
| 5050 | Raw Material Purchases | |
| 5100 | Direct Labor Costs | |
| 5150 | Indirect Labor Costs | |
| 5200 | Heat and Power | |
| 5250 | Commissions | |
| 5300 | Miscellaneous Factory Costs | |
| 5700 | Cost of Goods Sold, Salaries and Wages | |
| 5730 | Cost of Goods Sold, Contract Labor | |
| 5750 | Cost of Goods Sold, Freight | |
| 5800 | Cost of Goods Sold, Other | |
| 5850 | Inventory Adjustments | |
| 5900 | Purchase Returns and Allowances | |
| 5950 | Purchase Discounts | |
| Expenses | ||
| 6000 | Default Purchase Expense | |
| 6010 | Advertising Expense | |
| 6050 | Amortization Expense | |
| 6100 | Auto Expenses | |
| 6150 | Bad Debt Expense | |
| 6200 | Bank Fees | |
| 6250 | Cash Over and Short | |
| 6300 | Charitable Contributions Expense | |
| 6350 | Commissions and Fees Expense | |
| 6400 | Depreciation Expense | |
| 6450 | Dues and Subscriptions Expense | |
| 6500 | Employee Benefit Expense, Health Insurance | |
| 6510 | Employee Benefit Expense, Pension Plans | |
| 6520 | Employee Benefit Expense, Profit Sharing Plan | |
| 6530 | Employee Benefit Expense, Other | |
| 6550 | Freight Expense | |
| 6600 | Gifts Expense | |
| 6650 | Income Tax Expense, Federal | |
| 6660 | Income Tax Expense, State | |
| 6670 | Income Tax Expense, Local | |
| 6700 | Insurance Expense, Product Liability | |
| 6710 | Insurance Expense, Vehicle | |
| 6750 | Interest Expense | |
| 6800 | Laundry and Dry Cleaning Expense | |
| 6850 | Legal and Professional Expense | |
| 6900 | Licenses Expense | |
| 6950 | Loss on NSF Checks | |
| 7000 | Maintenance Expense | |
| 7050 | Meals and Entertainment Expense | |
| 7100 | Office Expense | |
| 7200 | Payroll Tax Expense | |
| 7250 | Penalties and Fines Expense | |
| 7300 | Other Taxes | |
| 7350 | Postage Expense | |
| 7400 | Rent or Lease Expense | |
| 7450 | Repair and Maintenance Expense, Office | |
| 7460 | Repair and Maintenance Expense, Vehicle | |
| 7550 | Supplies Expense, Office | |
| 7600 | Telephone Expense | |
| 7620 | Training Expense | |
| 7650 | Travel Expense | |
| 7700 | Salaries Expense, Officers | |
| 7750 | Wages Expense | |
| 7800 | Utilities Expense | |
| 8900 | Other Expense | |
| 9000 | Gain/Loss on Sale of Assets | |
This sample serves as a guide to help you envision how your Chart of Accounts could be organized, but it can be customized to fit your unique requirements. Download this sample in MS Excel format. See the attachments below.
Default Chart of Accounts
CustomBooks™ offers a Default Chart of Accounts that caters to various business needs. During the initial setup of the account through the Setup Wizard, you can choose from the following options:
- Full Default Chart of Accounts: This option includes an extensive list of accounts, covering all areas of financial management. It's ideal for businesses that want a comprehensive and ready-to-use accounting structure.
- Minimum Required Accounts: This option provides only the essential accounts needed to get started. It’s perfect for businesses that prefer a simple setup and want to add more accounts as they grow.
- Customized Chart of Accounts: If you want to tailor your Chart of Accounts to your specific needs, this option allows you to pick and choose which accounts to include from the full Default Chart of Accounts. This gives you flexibility while ensuring you have the accounts most relevant to your business.
The Setup Wizard in CustomBooks™ makes it easy to set up and use the Default Chart of Accounts, allowing you to configure your accounting system according to your preferences right from the start.
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