UK About chart of accounts


Joined
May 13, 2019
Messages
4
Reaction score
0
Country
Sri Lanka
Hi all im new to here. My name is sanjana and im implementing a software for an animal hospital. Do note that my accounting knowledge is just basic because my major is computer science. i need to know what are the standard things that should come inside the profit and loss sheet. currently i have added revenues,cost of sales,gross profit,other operating exp,marketing selling & distribution expenses and administrative expenses. what else should be there? i have attached a screenshot of the balance sheet and profit & loss.
609
 

kirby

VIP Member
Joined
May 12, 2011
Messages
1,538
Reaction score
212
Country
United States
Unless this is a newly opened hospital, there must be someone who handles their bookkeeping. That is the person you need to speak with. If newly opened, either teach the bookkeeper how to add accounts or be available to do so. Also the account numbering is too close together to allow for adding detail accounts. Look at sample numbering schemes on the internet.
 
Ad

Advertisements

J

John Baker

Are you trying to provide accounting services for various clients? Are you trying to go into business for yourself?
If the answer to both questions is "yes" - do not provide services. Your questions are so basic and fundamental to this profession, even way below a file clerk's position.
You seem to have similarities to anther poster who has the same lack of professional competency. This is not a profession, like minding the counter at an all night gas station. Your competency is expected to impact the well being of an important part of someone's livelihood. Think about that for a moment.
 
Last edited by a moderator:

bklynboy

VIP Member
Joined
Oct 12, 2011
Messages
547
Reaction score
99
Country
United States
You want to think about structure so that it makes sense. For instance Assets start with 1, liabilities with 2, revenue with 3 expenses with 4 capital/equity with 5. Within each category get further grouping, for instance, bonds start with 101, common stock with 103, etc. You could also make it where all invested assets are between 100 and 125. You really need to think about how the COA will be used to develop proper reporting or it will be a beast to get good reporting off that structure.

Also you have Gross profit with a code - this is not booked to but is a calculation so does not belong in a COA.
 
Joined
May 13, 2019
Messages
4
Reaction score
0
Country
Sri Lanka
Are you trying to provide accounting services for various clients? Are you trying to go into business for yourself?
If the answer to both questions is "yes" - do not provide services. Your questions are so basic and fundamental to this profession, even way below a file clerk's position.
You seem to have similarities to anther poster who has the same lack of professional competency. This is not a profession, like minding the counter at an all night gas station. Your competency is expected to impact the well being of an important part of someone's livelihood. Think about that for a moment.
bro just like i said i dont know accounting like you. and they way you replied my question is so BS ! i humbly said that i only have the basic accounting knowledge. if you looking for professional questions then go and look for a one. why even wasting your time replying to a noob accounting question? im a software engineer and im lacking the accounting knowledge to complete my task. once i have the proper guidance of accounting i will complete my task and satisfy my customer. dont you dare worry about that. that why i asked what is wrong with my COA. do not question my profession or my knowledge. you are the one who isnt a professional because you dont know how to answer a question. you only know how to bash someone. professional pfft my ass.
 
Last edited:
Joined
May 13, 2019
Messages
4
Reaction score
0
Country
Sri Lanka
You want to think about structure so that it makes sense. For instance Assets start with 1, liabilities with 2, revenue with 3 expenses with 4 capital/equity with 5. Within each category get further grouping, for instance, bonds start with 101, common stock with 103, etc. You could also make it where all invested assets are between 100 and 125. You really need to think about how the COA will be used to develop proper reporting or it will be a beast to get good reporting off that structure.

Also you have Gross profit with a code - this is not booked to but is a calculation so does not belong in a COA.
i see thank you for the answer. that @John Baker dumbass doesnt even know how to speak to someone. you are a good guy thanks !
 
Ad

Advertisements

Joined
May 13, 2019
Messages
4
Reaction score
0
Country
Sri Lanka
Unless this is a newly opened hospital, there must be someone who handles their bookkeeping. That is the person you need to speak with. If newly opened, either teach the bookkeeper how to add accounts or be available to do so. Also the account numbering is too close together to allow for adding detail accounts. Look at sample numbering schemes on the internet.
i already has their previous COA but i showed it to an audit officer and he said that some gl are wrong. thanks anyways bro
 
Last edited:

Becky

Administrator
Joined
Aug 26, 2011
Messages
548
Reaction score
53
Are you trying to provide accounting services for various clients? Are you trying to go into business for yourself?
If the answer to both questions is "yes" - do not provide services. Your questions are so basic and fundamental to this profession, even way below a file clerk's position.
You seem to have similarities to anther poster who has the same lack of professional competency. This is not a profession, like minding the counter at an all night gas station. Your competency is expected to impact the well being of an important part of someone's livelihood. Think about that for a moment.
This forum exists to help people - it is a place where accountants can chat with other accountants, where non-accountants can come for advice, and where students can learn. Please consider that posts like these do not help anyone. We all started somewhere, and someone should never be shamed for seeking to increase their knowledge.

@nekroaxd my apologies.
 
J

John Baker

Your question required a reality check - for whatever reason(s) others on this site failed to pick up on. Getting into a field that you have little or no experience in, especially in the accounting profession, is just asking for trouble. Likewise, if someone here asked you to advise them about your field. Why? Because once you start down this path of picking up responsibilities, regardless how small, in this profession, others will ask you for more input. Input that will go beyond your initial applications and ability to respond. Don't box yourself into that corner.
I know my remarks were rough around the edges, and for a reason. Because once you, or anyone else for that matter, starts to dabble in this profession without the proper education and experience, others will expect more from you than you can handle. That last remark should have been a response from the Administrators, at a minimum.
Now about this forum - yes it's there to help people. I gave you professional advise that you will get from anyone who has experience picking up the pieces of a company, from people that meant well but fell short on experience. I realize that your trying to do just that - you mean well. But -you're about to engage yourself in showing others that you have more experience that you do - professionally. Don't go there.
And to wind this post up, professional credentials come in all shapes and forms when addressing any business. Language and methods of correspondence is just one. I would suggest you address that, and give up the - dumb ass remark. You can respond to, whatever, in a manner that is your calling card in the business world. There's another reality check for you to think about.
 

bklynboy

VIP Member
Joined
Oct 12, 2011
Messages
547
Reaction score
99
Country
United States
Your question required a reality check - for whatever reason(s) others on this site failed to pick up on. Getting into a field that you have little or no experience in, especially in the accounting profession, is just asking for trouble. Likewise, if someone here asked you to advise them about your field. Why? Because once you start down this path of picking up responsibilities, regardless how small, in this profession, others will ask you for more input. Input that will go beyond your initial applications and ability to respond. Don't box yourself into that corner.
I know my remarks were rough around the edges, and for a reason. Because once you, or anyone else for that matter, starts to dabble in this profession without the proper education and experience, others will expect more from you than you can handle. That last remark should have been a response from the Administrators, at a minimum.
Now about this forum - yes it's there to help people. I gave you professional advise that you will get from anyone who has experience picking up the pieces of a company, from people that meant well but fell short on experience. I realize that your trying to do just that - you mean well. But -you're about to engage yourself in showing others that you have more experience that you do - professionally. Don't go there.
And to wind this post up, professional credentials come in all shapes and forms when addressing any business. Language and methods of correspondence is just one. I would suggest you address that, and give up the - dumb ass remark. You can respond to, whatever, in a manner that is your calling card in the business world. There's another reality check for you to think about.
I'll add my two cents around this topic. I think OP is not trying to do accounting or be an accountant but is a software engineer being asked to build a COA in their systems. I deal with tech people all the time who have to write code to fulfil my accounting needs and they struggle with it as its not their base education. Now internally, there should be a resource to help guide him but what I find is that people either are vague about what they want or dont make the time. I think OP was just looking for some outside guidance on how best to think about this so he can ask better questions and support the business client better in their ask.
 
Ad

Advertisements

Becky

Administrator
Joined
Aug 26, 2011
Messages
548
Reaction score
53
Your question required a reality check - for whatever reason(s) others on this site failed to pick up on. Getting into a field that you have little or no experience in, especially in the accounting profession, is just asking for trouble. Likewise, if someone here asked you to advise them about your field. Why? Because once you start down this path of picking up responsibilities, regardless how small, in this profession, others will ask you for more input. Input that will go beyond your initial applications and ability to respond. Don't box yourself into that corner.
I know my remarks were rough around the edges, and for a reason. Because once you, or anyone else for that matter, starts to dabble in this profession without the proper education and experience, others will expect more from you than you can handle. That last remark should have been a response from the Administrators, at a minimum.
Now about this forum - yes it's there to help people. I gave you professional advise that you will get from anyone who has experience picking up the pieces of a company, from people that meant well but fell short on experience. I realize that your trying to do just that - you mean well. But -you're about to engage yourself in showing others that you have more experience that you do - professionally. Don't go there.
And to wind this post up, professional credentials come in all shapes and forms when addressing any business. Language and methods of correspondence is just one. I would suggest you address that, and give up the - dumb ass remark. You can respond to, whatever, in a manner that is your calling card in the business world. There's another reality check for you to think about.
You are missing the point. As @bklynboy rightly says, OP is not an accountant they are a computer programmer who has been tasked with developing a piece of software. It is unreasonable to expect that a software developer should be fully trained in whichever field they are doing work for - be it accountancy or any other profession - it just doesn't make sense.

As you have requested to leave the site via PM I have granted your request. It is a shame that it came to this.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top