A well-designed Chart of Accounts should make it easy to quickly see where your company’s finances are going and how it’s performing year after year. A professional chart of accounts that don’t fluctuate from year to year is the ultimate goal. This gives you valuable insight into how you are managing your business’s finances.
When you install CheckMark MultiLedger, a folder called “COAs” is installed in the “MLedger” folder. This folder contains several charts of accounts that you can use for your small business. The professional chart of accounts is available in the “Sample COAs” folder on your local disk.
You can adapt your current chart of accounts, create a new one, or copy and then modify an existing chart of account from one of the MultiLedger sample companies or the Sample COAs folder.
Request a demo of CheckMark MultiLedger today to learn how it can help you keep track of your accounts without all the annoying paperwork.
To help you best manage your COA, here are some accounts to consider:
Professional Chart of Accounts
|1010||Cash In Bank – Checking Acct.||6200||Bad Debts|
|1020||Money Market Account||6300||Bank Charges|
|1200||Prepaid Expenses||6600||Depreciation Expense|
|1700||Leasehold Improvements||6700||Dues & Memberships|
|1720||Off ice Furniture & Equipment||6800||Insurance – General|
|1740||Vehicles||6900||Insurance – Group|
|1800||Accum. Depr.- Leasehold||7000||Insurance – Owner|
|1820||Accum. Depr.- Office||7100||Legal& Accounting Services|
|1840||Accum. Depr.- Vehicles||7110||Professional Fees|
|2100||Accounts Payable||7120||Commissions Paid|
|2200||Sa les Tax Payable||7200||Meals & Entertainment|
|2300||Federal Withholding Tax||7300||Miscellaneous Expense|
|2400||State Withholding Tax||7400||Office Supplies|
|2SOO||FICA Tax Payable||7500||Pension/Prof it Sharing Expense|
|2S50||State Disability Tax||7600||Postage|
|3100||Owners Draw||7800||Repairs & Maintenance|
|3200||Retained Earnings||7900||Payroll Salaries|
|4100||Fee Income||7950||Payroll Taxes|
|6000||Automobile Expense||9100||Interest Earned|