Chart of Accounts

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The Chart of Accounts

organization. The chart is used by the accounting software to aggregate information into an
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entity's financial statements.

The chart is usually sorted in order by account number, to ease the task of locating specific
accounts. The accounts are usually numeric, but can also be alphabetic or alphanumeric.
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Accounts are usually listed in order of their appearance in the financial statements, starting
with the balance sheet and continuing with the income statement. Thus, the chart of
accounts begins with cash, proceeds through liabilities and shareholders' equity, and then
continues with accounts for revenues and then expenses. Many organizations structure their
chart of accounts so that expense information is separately compiled by department; thus,
the sales department, engineering department, and accounting department all have the
same set of expense accounts.
Typical accounts found in the chart of accounts are:
Assets:
GAAP Guidebook
Cash
Hospitality Accounting
Marketable Securities
IFRS Guidebook
Accounts Receivable
Inventory Accounting
Prepaid Expenses
Investor Relations
Inventory
Lean Accounting Guidebook
Fixed Assets
Mergers & Acquisitions
Accumulated Depreciation (contra account)
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Other Assets
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This form does not yet
The chart of accounts is a listing of all accounts used in the general ledger of an
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Liabilities:
Accounts Payable
Accrued Liabilities
Taxes Payable
Wages Payable
Notes Payable
Stockholders' Equity:
Common Stock
Retained Earnings
Revenue:
Revenue
Sales returns and allowances (contra account)
Expenses:
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Cost of Goods Sold

Advertising Expense
Bank Fees
Depreciation Expense
Payroll Tax Expense
Rent Expense
Supplies Expense
Utilities Expense
Wages Expense
Other Expenses
There are a number of ways to structure the chart of accounts. Click here for an example of
three-digit codes, here for an example of five-digit codes, and here for an example of
seven-digit codes.
Chart of Accounts Best Practices
The following points can improve the chart of accounts concept for a company:
Consistency. It is of some importance to initially create a chart of accounts that is
unlikely to change for several years, so that you can compare the results in the same
account over a multi-year period. If you start with a small number of accounts and then
gradually expand the number of accounts over time, it becomes increasingly difficult to
obtain comparable financial information for more than the past year.
Lock down. Do not allow subsidiaries to change the standard chart of accounts without a
very good reason, since having many versions in use makes it more difficult to
consolidate the results of the business.
Size reduction. Periodically review the account list to see if any accounts contain
relatively immaterial amounts. If so, and if this information is not needed for special
reports, shut down these accounts and roll the stored information into a larger account.
Doing this periodically keeps the number of accounts down to a manageable level.
If you acquire another company, a key task is shifting the acquiree's chart of accounts into
the parent company's chart of accounts, so that you can present consolidated financial
results. This process is known as mapping the acquiree's information into the parent's chart
of accounts.
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Standardize the Chart of Accounts

accounts that differs from that of the acquirer. If the acquirer does not impose its own chart
Accounting Controls
of accounts on the acquiree, it must go through a mapping process at the end of each
reporting period to determine which acquiree accounts correspond to its own accounts. The
mapping is then used to consolidate the results of the entities and produce financial
statements.
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GAAP Guidebook
The same problem arises when a corporate parent allows any subsidiary to maintain its own
chart of accounts. This is an insidious problem, for it means that any number of corporate
subsidiaries may be continually altering their charts of accounts, making it extremely
difficult for the corporate accounting staff to consolidate financial statements. This a
particular problem when there are hundreds or even thousands of accounts that must be
consolidated.
The best solution is to create a company-wide chart of accounts and force every subsidiary
to use it, without any allowed variations. By doing so, the mapping problem is eliminated,
making consolidations much easier to complete.
A perfectly standardized chart of accounts is certainly the ultimate goal for the corporate
accounting staff, but it does not meet with such universal approval among the accounting
IFRS Guidebook
staffs of the subsidiary businesses. These other organizations may have substantially
different operations than that of the corporate parent, and so need to store information in
Investor Relations
other accounts. In such situations, at least require each subsidiary to formally notify the
corporate parent whenever it is creating a new account, so that the parents accounting
staff can develop a proper account mapping in advance of closing the books. A less intrusive
approach is to supply each subsidiary with the parents official chart of accounts, and
Payables Management
require the subsidiaries to map their results to that chart of accounts before forwarding
Payroll Management
their information at month-end. However, this latter approach relies on the ability of each
subsidiary to consistently map its accounts to the corporate chart of accounts over time,
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When a business acquires another company, the new subsidiary always has a chart of
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which may not be the case.

The most comprehensive way to ensure that a standardized chart of accounts is used is to
operate a centralized accounting system, which all subsidiaries must use for their day-today transactions. This approach gives the corporate accounting staff complete control over
the accounts being used, and how they map to the corporate-level accounts. Of course,
centralization also requires a lengthy implementation and considerable expense, which can
be difficult when a company is a serial acquirer. Doing so also mandates that subsidiaries
give up their local accounting systems.
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There are multiple discussions about the fast close in Episodes 16 through 25 of the
Accounting Best Practices podcast.
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Reduce the Chart of Accounts

The typical chart of accounts contains hundreds or even thousands of accounts, with most of
the accounts concentrated in the area of expenses. Most departments have roughly the
same accounts, which are copied forward into any new department that a company creates.
Accounting Controls
The result is quite a large chart of accounts, especially when there are many departments.

Budgeting
Business Ratios
Cash Management
CFO Guidebook
Having a large chart of accounts leads to the following issues:

Incorrect account usage. It is quite common for an expense to be charged to the wrong
Closing the Books
account within a department, which is discovered when the first draft of the financial
statements are printed and reviewed. The result is that someone must create a journal
Corporate Finance
Cost Accounting
Financial Analysis
GAAP Guidebook
IFRS Guidebook
entry to move the incorrect charge to a different account.

Immaterial balances. The majority of all accounts contain small balances that have little
impact on the readers understanding of a business. Instead, they tend to focus on just
a small number of accounts that contain the bulk of all transactions.
Training. New accountants may require extensive training before they are comfortable
with recording transactions into the correct accounts.
Audit cost. It takes longer for outside auditors to audit a lengthy chart of accounts,
which can increase the cost of an audit.
Financial statement links. If there are many account numbers, it can be difficult to map
these accounts into a coherent set of financial statements. The result may be financial
Investor Relations
statements that incorrectly reflect the contents of the general ledger.

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Payroll Management
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The Problem With a Large Chart of Accounts
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Reducing the Chart of Accounts

It may be possible to drastically shrink the number of expense accounts in use. In particular,
consider using just the following mega-accounts:
Direct costs. This account will probably contain the cost of materials and supplies used in
the production process, as well as freight costs, and not a great deal more.
Allocated costs. The major accounting frameworks require that overhead costs be
allocated. Therefore, have a single account that contains all factory overhead costs that
are to be allocated. The account would include production labor, since this cost is not a
direct cost of goods or services in most companies.
Employee compensation. This account contains an aggregation of hourly wages, salaries,
payroll taxes, and employee benefits.
Business operations. This account contains all of the expenses required to operate the
company on a day-to-day basis, such as non-factory rent, utilities, legal fees, and office
supplies.
In addition, there may be a need for a small number of accounts in which information is
aggregated for tax reporting or other specialized purposes, such as entertainment
expenses.
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When reducing the number of accounts, be aware that this makes it more difficult to
compare a companys financial statements to its historical financials. For example, an
account may have been merged into another one that is now located in a different line item
in the financial statements than was previously the case. This is a particular problem if
accounts are being closed part way through a fiscal year, so that financial statement line
items no longer show consistent results within the year. There is no easy workaround to this
issue, other than only closing down accounts at the beginning of each fiscal year.
The concept of a massive reduction in the number of accounts might illicit cries of outrage
from those accountants who are accustomed to breaking down expenses into a multitude of
buckets, which makes expenses easier to analyze. However, consider these points:
Usage of account analysis. Once the accounting staff has provided a detailed variance
analysis to management of the contents of each account, does anyone act on the
information? Usually, they do not.
Help or hindrance. How much time is spent by the accounting staff in reviewing accounts
and reporting variances to management, and how much time is spent by management
in investigating these items without taking any significant remedial action? In other
words, is account analysis really a continual cycle of uncovering issues and then
explaining them away?
Requirements of accounting standards. Accounting standards do not require a full
panoply of accounts. On the contrary, the standard-setting organizations have largely
kept away from the business of requiring the use of certain accounts.
Even if these points are not sufficiently persuasive to result in a wholesale reduction in the
number of accounts, at least use them as discussion points whenever anyone wants to
increase the number of accounts hopefully, these concepts will prevent the chart of
accounts from becoming more bloated than its current state.
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Alphanumeric Department Codes - AccountingTools
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Alphanumeric Department/Subsidiary Codes

The typicalaccount code structure uses a four or five digit numeric code that describes a
primary account, followed by a hyphen, and then a two or three digit numeric code that
describes a department. Historically, these codes have been stated in a numeric format.
Accounting Controls
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Cash Management
For example, the supplies expense account might be coded as 74000, with additional
department digits that look like this:
CFO Guidebook
74000-100 = Supplies expense, accounting department
Closing the Books
74000-200 = Supplies expense, production department
74000-300 = Supplies expense, marketing department
Corporate Finance
Cost Accounting
Alternatively, if a chart of accounts contains financial information for a number of

subsidiaries (rather than departments), the supplies expense code might appear as follows:
74000-100 = Supplies expense, Aerial Surveys division
Financial Analysis
74000-200 = Supplies expense, Ground Count division
74000-300 = Supplies expense, Underwater Anomalies division
GAAP Guidebook
IFRS Guidebook
Investor Relations
In either case, the employee entering journal entries or transactions must understand which
department or subsidiary codes to use, which are not overly clear.Though the accounting
software may state an account name somewhere on the computer screen, the employee
may not see it. If so, it is entirely possible that a transaction will be charged against the
wrong account code, which means that it may be charged against an incorrect department
or subsidiary.
An excellent technique for avoiding incorrect account coding is to associate specific expense
Payables Management
codes with each supplier, as well as by employing pre-built journal entry templates on a
Payroll Management
repetitive basis. Nonetheless, there is still a significant risk that unique or rarely-used
transactions will be coded incorrectly.
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The Problem With Numeric Account Codes
About
Alphanumeric Account Codes

A possible solution to coding errors is to use alphanumeric account codes. Doing so allows
you to assign a meaning to an account code. For example, the name of a department can
be contracted into a three-digit code, such as ACC for the accounting department or MAR
for the marketing department. This means the account codes in the preceding example for
the accounting department would change from 74000-100 to 74000-ACC. Similarly, the
74000-300 subsidiary code just noted could be changed to 74000-UND to denote the
Underwater Anomalies division. In short, using alphanumeric coding allows for the use of
account codes that have unique meanings, and which are therefore less likely to be coded
incorrectly.
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Three Digit Chart of Accounts - AccountingTools
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Three Digit Chart of Accounts

that can contain as many as 1,000 potential accounts.
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A three digit chart of accounts allows a business to create a numerical sequence of accounts
About
The three-digit format is most commonly used by small businesses that do not break out the
results of any departments or divisions in their financial statements. A sample three digit
chart of accounts is shown below:
Account Number
Description
010
Cash
020
Petty cash
030
Accounts receivable
040
Reserve for bad debts
050
Marketable securities
060
Raw materials inventory
070
Work-in-process inventory
080
Finished goods inventory
090
Reserve for obsolete inventory
100
Fixed assets Computer equipment
110
Fixed assets Computer software
120
Fixed assets Furniture and fixtures
130
Fixed assets Leasehold improvements
140
Fixed assets Machinery
150
Accumulated depreciation computer equipment
160
Accumulated depreciation Computer software
170
Accumulated depreciation Furniture and fixtures
180
Accumulated depreciation Leasehold improvements
190
Accumulated depreciation Machinery
200
Other assets
300
Accounts payable
310
Accrued payroll liability
320
Accrued vacation liability
330
Accrued expenses liability other
340
Unremitted sales taxes
350
Unremitted pension payments
360
Short-term notes payable
370
Other short-term liabilities
400
Long-term notes payable
500
Capital stock
510
Retained earnings
600
Revenue
700
Cost of goods sold materials
710
Cost of goods sold direct labor
720
Cost of goods sold manufacturing supplies
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730
Cost of goods sold applied overhead
800
Bank charges
805
Benefits
810
Depreciation
815
Insurance
825
Office supplies
830
Salaries and wages
835
Telephones
840
Training
845
Travel and entertainment
850
Utilities
855
Other expenses
860
Interest expense
900
Extraordinary items
In the example, each block of related accounts begins with a different set of account
numbers. Thus, current liabilities begin with 300, revenueitems begin with 600, and
cost of goods sold items begin with 700. This numbering scheme makes it easier for the
accounting staff to remember where accounts are located within the chart of accounts. This
type of account range format is also required by the report writing module in many
accounting software packages.
When a company increases in size and wants to track information for individual subsidiaries
or departments, it should instead adopt a 5-digit or 7-digit chart of accounts.
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Five Digit Chart of Accounts

The number of digits used to describe each account in a chart of accounts drives the level of
detail that can be recorded. A five digit chart of accounts is used by organizations that want
to track information at the departmental level. With a five-digit code, they can produce
separate income statements for each department.
Accounting Controls
Budgeting
Business Ratios
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Closing the Books
Corporate Finance
This format duplicates the account codes found in a three digit chart of accounts, but then
adds a two-digit code to the left, which indicates specific departments. The three-digit codes
for expenses (and sometimes also revenues) are then duplicated for each department for
which management wants to record information.
A sample of the five digit chart of accounts format follows, using the accounting and
production departments to show how expense account codes can be duplicated.
Cost Accounting
Account Number
Department
Description
00-010
xxx
Cash
00-020
xxx
Petty cash
Financial Analysis
00-030
xxx
Accounts receivable
00-040
xxx
GAAP Guidebook
00-050
xxx
00-060
xxx
IFRS Guidebook
00-070
xxx
00-080
xxx
Investor Relations
00-090
xxx
00-100
xxx
00-110
xxx
00-120
xxx
Payables Management
00-130
xxx
Payroll Management
00-140
xxx
00-150
xxx
Accumulated depreciation computer equipment
00-160
xxx
00-170
xxx
Accumulated depreciation Furniture and fixtures
00-180
xxx
Accumulated depreciation Leasehold improvements
00-190
xxx
00-200
xxx
Other assets
00-300
xxx
Accounts payable
00-310
xxx
00-320
xxx
00-330
xxx
00-340
xxx
00-350
xxx
00-360
xxx
00-370
xxx
00-400
xxx
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00-500
xxx
Capital stock
00-510
xxx
Retained earnings
00-600
xxx
Revenue
00-700
xxx
00-710
xxx
00-720
xxx
00-730
xxx
10-800
Accounting
Bank charges
10-805
Accounting
Benefits
10-810
Accounting
Depreciation
10-815
Accounting
Insurance
10-825
Accounting
Office supplies
10-830
Accounting
Salaries and wages
10-835
Accounting
Telephones
10-840
Accounting
Training
10-845
Accounting
10-850
Accounting
Utilities
10-855
Accounting
Other expenses
10-860
Accounting
Interest expense
20-800
Production
Bank charges
20-805
Production
Benefits
20-810
Production
Depreciation
20-815
Production
Insurance
20-825
Production
Office supplies
20-830
Production
Salaries and wages
20-835
Production
Telephones
20-840
Production
Training
20-845
Production
20-850
Production
Utilities
20-855
Production
Other expenses
20-860
Production
Interest expense
00-900
xxx
Extraordinary items
The preceding sample chart of accounts shows an exact duplication of accounts for each
department listed. This is not necessarily the case in reality, since some departments have
accounts for which they are the only probable users. For example, the accounting
department in the example has an account for bank charges that the production department
is unlikely to use. Thus, some accounts can be avoided by flagging them as inactive in the
accounting system. By doing so, they do not appear in the formal chart of accounts.
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Seven Digit Chart of Accounts - AccountingTools
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Seven Digit Chart of Accounts

The number of digits used to describe each account in a chart of accounts drives the level of
detail that can be recorded. The seven digit chart of accounts is needed by larger
Accounting Controls
organizations in which management wants to track information about departments within

divisions. The seven-digit coding structure requires the coding used for a five-digit system
as its baseline, plus two additional digits that are placed to the left of the five-digit codes to
designate company divisions. In those cases where a business also wants to track its assets
and liabilities by division, it will also be necessary to apply the additional two digits to
balance sheet accounts.
Budgeting
Business Ratios
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About
The following sample chart of accounts uses divisions located in Boston and Omaha to
demonstrate how a seven-digit chart of accounts could be structured.
Account No.
Division
Department
Description
10-00-010
Boston
xxx
Cash
10-00-020
Boston
xxx
Petty cash
10-00-030
Boston
xxx
Accounts receivable
10-00-040
Boston
xxx
10-00-050
Boston
xxx
10-00-060
Boston
xxx
10-00-070
Boston
xxx
10-00-080
Boston
xxx
10-00-090
Boston
xxx
10-00-100
Boston
xxx
10-00-110
Boston
xxx
10-00-120
Boston
xxx
10-00-130
Boston
xxx
10-00-140
Boston
xxx
10-00-150
Boston
xxx
Accumulated depreciation computer
10-00-160
Boston
xxx
10-00-170
Boston
xxx
Accumulated depreciation Furniture and
10-00-180
Boston
xxx
Accumulated depreciation Leasehold
10-00-190
Boston
xxx
10-00-200
Boston
xxx
Other assets
10-00-300
Boston
xxx
Accounts payable
10-00-310
Boston
xxx
10-00-320
Boston
xxx
10-00-330
Boston
xxx
10-00-340
Boston
xxx
10-00-350
Boston
xxx
10-00-360
Boston
xxx
equipment
fixtures
improvements
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10-00-370
Boston
xxx
10-00-400
Boston
xxx
10-00-500
Boston
xxx
Capital stock
10-00-510
Boston
xxx
Retained earnings
10-00-600
Boston
xxx
Revenue
10-00-700
Boston
xxx
10-00-710
Boston
xxx
10-00-720
Boston
xxx
10-00-730
Boston
xxx
10-10-800
Boston
Engineering
Bank charges
10-10-805
Boston
Engineering
Benefits
10-10-810
Boston
Engineering
Depreciation
10-10-815
Boston
Engineering
Insurance
10-10-825
Boston
Engineering
Office supplies
10-10-830
Boston
Engineering
Salaries and wages
10-10-835
Boston
Engineering
Telephones
10-10-840
Boston
Engineering
Training
10-10-845
Boston
Engineering
10-10-850
Boston
Engineering
Utilities
10-10-855
Boston
Engineering
Other expenses
10-10-860
Boston
Engineering
Interest expense
10-20-800
Boston
Sales
Bank charges
10-20-805
Boston
Sales
Benefits
10-20-810
Boston
Sales
Depreciation
10-20-815
Boston
Sales
Insurance
10-20-825
Boston
Sales
Office supplies
10-20-830
Boston
Sales
Salaries and wages
10-20-835
Boston
Sales
Telephones
10-20-840
Boston
Sales
Training
10-20-845
Boston
Sales
10-20-850
Boston
Sales
Utilities
10-20-855
Boston
Sales
Other expenses
10-20-860
Boston
Sales
Interest expense
10-00-900
Boston
xxx
Extraordinary items
20-00-010
Omaha
xxx
Cash
20-00-020
Omaha
xxx
Petty cash
20-00-030
Omaha
xxx
Accounts receivable
20-00-040
Omaha
xxx
20-00-050
Omaha
xxx
20-00-060
Omaha
xxx
20-00-070
Omaha
xxx
20-00-080
Omaha
xxx
20-00-090
Omaha
xxx
20-00-100
Omaha
xxx
20-00-110
Omaha
xxx
20-00-120
Omaha
xxx
20-00-130
Omaha
xxx
20-00-140
Omaha
xxx
20-00-150
Omaha
xxx
Accumulated depreciation computer
20-00-160
Omaha
xxx
20-00-170
Omaha
xxx
Accumulated depreciation Furniture and
20-00-180
Omaha
xxx
Accumulated depreciation Leasehold
20-00-190
Omaha
xxx
20-00-200
Omaha
xxx
Other assets
20-00-300
Omaha
xxx
Accounts payable
20-00-310
Omaha
xxx
20-00-320
Omaha
xxx
20-00-330
Omaha
xxx
20-00-340
Omaha
xxx
equipment
fixtures
improvements

<20-00-350
Omaha
xxx
20-00-360
Omaha
xxx
20-00-370
Omaha
xxx
<20-00-400
Omaha
xxx
20-00-500
Omaha
xxx
Capital stock
20-00-510
Omaha
xxx
Retained earnings
20-00-600
Omaha
xxx
Revenue
20-00-700
Omaha
xxx
20-00-710
Omaha
xxx
Cost of goods sold direct labor<
20-00-720
Omaha
xxx
20-00-730<
Omaha
xxx
20-10-800
Omaha
Engineering
Engineering -- bank charges
20-10-805
Omaha
Engineering
Engineering -- benefits
20-10-810
Omaha
Engineering
Engineering -- depreciation
20-10-815
Omaha
Engineering
Engineering -- insurance
20-10-825
Omaha
Engineering
Engineering -- office supplies
20-10-830
Omaha
Engineering
Engineering -- salaries and wages
20-10-835
Omaha
Engineering
Engineering -- telephones
20-10-840
Omaha
Engineering
Engineering -- training
20-10-845
Omaha
Engineering
Engineering -- travel and entertainment
20-10-850
Omaha
Engineering
Engineering -- utilities
20-10-855
Omaha
Engineering
Engineering -- other expenses
20-10-860
Omaha
Engineering
Engineering -- interest expense
20-20-800
Omaha
Sales
Sales -- bank charges
20-20-805
Omaha
Sales
Sales -- benefits
20-20-810
Omaha
Sales
Sales -- depreciation
20-20-815
Omaha
Sales
Sales -- insurance
20-20-825
Omaha
Sales
Sales -- office supplies
20-20-830
Omaha
Sales
Sales -- salaries and wages
20-20-835
Omaha
Sales
Sales -- telephones
20-20-840
Omaha
Sales
Sales -- training
20-20-845
Omaha
Sales
Sales -- travel and entertainment
20-20-850
Omaha
Sales
Sales -- utilities
20-20-855
Omaha
Sales
Sales -- other expenses
20-20-860
Omaha
Sales
Sales -- interest expense
20-00-900
Omaha
xxx
Extraordinary items
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Chart of Accounts

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Chart of Accounts

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