New Limited Company Chart Of Accounts

New Limited Liability Company

New Limited Liability Company

I have set up a new Limited Company.

Where on the chart of accounts would I put personal money and goods that I contributed to the company to start it up?

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May 25, 2018
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starstarstarstarstar 		Limited Liability Company
by: Stephanie

Thank you for your question about how to account for the money you put into your new limited liability company.

The money you put into your LLC can be accounted for by setting up a Contribution equity account that can keep track of all of the personal money and goods/assets you have contributed.

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Sage Chart of Account

by Madi
(London)

Sage Chart of Accounts

Sage Chart of Accounts

How do we print a report listing the nominal ledger accounts and their location with in the chart of accounts in Sage??

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Jan 07, 2018
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starstarstarstarstar 		Sage Nominal Leger Accounts
by: Lousia

Thank you for your question about how to print a report listing the nominal ledger accounts in Sage.

Sage uses a report writer system that must have the segment and dependency selections checked in order to include that level of detail on the report.

Normally, the report prints at the summary level. So, you will have to check those in order to include those sub-details.

It is done by going into the "tree" and identifying the segment in the tree.

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New Business Chart of Accounts

by Robyn
(MS)

New Business Chart of Accounts

New Business Chart of Accounts

I have a new business and am trying to see if you have a place I can go to set a sample COA for a Sole Proprietor, LLC. There is no need for Inventory. I don't have any employees, only subcontractors. Please help. Thanks, ROBYN

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Jan 03, 2018
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starstarstarstarstar 		New Business Sample Chart of Accounts
by: Stephanie

Thank you for your question regarding seeing a sample COA for a new business Sole Proprietor, LLC. Following is a sample Chart of Accounts list with number system that includes Inventory and Payroll. You don't have to include any of the accounts listed below that are not being used in your own business:

1000 ASSETS
1010 CASH Operating Account
1020 CASH Petty Cash

1200 RECEIVABLES
1210 A/R Trade
1220 A/R Notes Receivable
1230 A/R Installment Receivables
1250 A/R Allowance for Bad Debts

1300 INVENTORIES

1400 PREPAID EXP. & OTHER CURRENT ASSETS
1410 PREPAID – Insurance
1420 PREPAID – Real Estate Taxes
1430 PREPAID – Repairs & Maintenance
1440 PREPAID – Rent
1450 PREPAID – Deposits

1500 PROPERTY PLANT & EQUIPMENT
1510 PP&E – Buildings
1520 PP&E – Machinery & Equipment
1530 PP&E – Vehicles
1540 PP&E – Computer Equipment
1550 PP&E – Furniture & Fixtures
1560 PP&E – Leasehold Improvements

1600 ACCUMULATED DEPRECIATION & AMORTIZATION
1610 AD Buildings
1620 AD Machinery & Equipment
1630 AD Vehicles
1640 AD Computer Equipment
1650 AD Furniture & Fixtures
1660 AD Leasehold Improvements

1700 NON – CURRENT RECEIVABLES
1710 NCA – Notes Receivable
1720 NCA – Installment Receivables

1800 INTERCOMPANY RECEIVABLES

1900 OTHER NON-CURRENT ASSETS
1910 Organization Costs
1920 Patents & Licenses
1930 Intangible Assets

2000 LIABILITIES

2100 PAYABLES
2110 A/P Trade
2120 A/P Accrued Accounts Payable
2160 Bank Notes Payable
2170 Construction Loans Payable

2200 ACCRUED COMPENSATION & RELATED ITEMS
2210 Accrued – Payroll
2220 Accrued – Commissions
2230 Accrued – FICA
2240 Accrued – Unemployment Taxes
2250 Accrued – Workmen’s Comp
2260 Accrued – Medical Benefits
2270 Accrued – 401 K Company Match
2275 Accrued - FICA W/H
2280 Accrued – Medical Benefits W/H
2285 Accrued – 401 K Employee Contribution W/H

2300 OTHER ACCRUED EXPENSES
2310 Accrued – Rent
2320 Accrued – Interest
2330 Accrued – Property Taxes

2500 ACCRUED TAXES
2510 Accrued – Federal Income Taxes
2520 Accrued – State Income Taxes
2530 Accrued – Franchise Taxes
2540 Deferred – FIT Current
2550 Deferred – State Income Taxes

2600 DEFERRED TAXES
2610 D/T – FIT
2620 D/T – SIT

2700 LONG-TERM DEBT
2710 LTD – Notes Payable
2720 LTD – Mortgages Payable
2730 LTD – Installment Notes Payable

2800 INTERCOMPANY PAYABLES

2900 OTHER NON CURRENT LIABILITIES
3000 OWNERS EQUITIES
3100 Common Stock
3200 Preferred Stock
3300 Paid in Capital
3400 Partners Capital
3500 Member Contributions
3900 Retained Earnings

4000 REVENUE
4010 REVENUE – SERVICE/PRODUCT 1
4020 REVENUE – SERVICE/PRODUCT 2
4600 Interest Income
4700 Other Income
4800 Finance Charge Income
4900 Sales Returns and Allowances
4950 Sales Discounts

5000 COST OF GOODS SOLD
5010 COGS – Service/Product 1
5020 COGS – Service/Product 2
5700 Freight
5800 Inventory Adjustments
5900 Purchase Returns and Allowances
5950 Reserved

6000 – 7000 OPERATING EXPENSES
6010 Advertising Expense
6050 Amortization Expense
6100 Auto Expense
6150 Bad Debt Expense
6200 Bank Charges
6250 Cash Over and Short
6300 Commission Expense
6350 Depreciation Expense
6400 Employee Benefit Program
6550 Freight Expense
6600 Gifts Expense
6650 Insurance – General
6700 Interest Expense
6750 Professional Fees
6800 License Expense
6850 Maintenance Expense
6900 Meals and Entertainment
6950 Office Expense
7000 Payroll Taxes
7050 Printing
7150 Postage
7200 Rent
7250 Repairs Expense
7300 Salaries Expense
7350 Supplies Expense
7400 Taxes – FIT Expense
7500 Utilities Expense
7900 Gain/Loss on Sale of Assets
Apr 19, 2011
Rating
starstarstarstarstar 		Chart of Accounts Sample
by: Anonymous

Following is a sample Chart of Accounts:


NAME - TYPE

Checking - Bank
Savings - Bank
A/R - A/R
Inventory - Other Asset
Undeposited Funds - Other Asset
Equipment - Fixed Asset
Vehicles - Fixed Asset
Building - Fixed Asset
Accumulated Depr. - Fixed Asset
A/P - Accounts Payable
Credit Cards - Credit Card
Loan Payable - Other Liability
Payroll Liabiliy - Other Liability
Retained Earnings - Equity
Opening Balance - Equity
Owner's Equity - Equity
Owner's Draw - Equity
Services - Income

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Quickbooks Chart of Accounts Setup

by Amanda
(Adelaide)

Quickbooks Chart of Accounts Setup

Quickbooks Chart of Accounts Setup

Could you please advise how I set up a "Personal Drawings" account in the QuickBooks chart of accounts? I recall being told not to put it as an expense but set it up as "Equity"? Would this be correct? Thanks

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Jan 07, 2018
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starstarstarstarstar 		Setting Up Chart of Accounts in Quickbooks
by: Louisa

Thank for your question about creating a Personal Drawings account in the QuickBooks Chart of Accounts. Yes, it is correct to set up a Personal Drawings account under the Equity category heading.

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Office Assistant Chart of Accounts Help

by Lori
(NY)

Office Assistant Chart of Accounts Help

Office Assistant Chart of Accounts Help

A friend is using QuickBooks (QB), she sent me 5 months of bills to put into QB. She told me to put them all in using the date that I was doing it and put them all in as one chart of account Expense. I had asked her questions at the beginning but followed her advice.

I have gone through and changed the chart of accounts for each bill to reflect the cost of good appropriate category. Is it needed for me to go through and put the actual date of bill?

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Dec 12, 2017
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starstarstarstarstar 		Chart of Accounts Transactions Date
by: Stephanie

Thank you for your questions about which date should be used when entering old transactions into the Chart of Accounts all at one time.

The best was is to enter each transaction by actual date for audit purposes as well as for financial reporting.

However, this is not a necessity as long as all expenses and income are being accounted for and everything is still able to be tracked if there was ever an audit.

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