USA Account Numbers Question

[333OnlyHalfEvil]

Hello everyone:

Quick question on account numbers. Is there a resource for GAAP account numbers? Like, are there a set of account numbers referenced/written down somewhere that everyone is using? or does every accountant and every business have different account numbers for different accounts?

Thanks in advance for your reply

 

[Steve-LevelUp]

Every business has their own account code structure based on the needs of the business. Setting account codes can be a simple or a complex process, depending on how you want to look at it. What are you looking to accomplish, and maybe we can help.

 

[Drmdcpa]

A basic chart of accounts assigns 100s to assets.

100 or 101 is Cash because it is the first account

105 A/R

110 inventory

120 other current assets

130 short term investments

150 fixed assets

170 intangibles

200s are for liabilities

201 short term

250 long term

300s equities

400s revenue

500 cogs

600 - 700 SGA

800 Other income

900 other expense

But this is just a basic framework. Sometimes they are thousands not hundreds.

Decimals are often used for sub accounts. E.G. 401 = Retail Sales, 401.1 = retail sales-SouthWest, 401.2 = retail sales - northwest et cetera or 401.1 = sales product A, 401.2 = sales product B

 

[Steve-LevelUp]

And sometimes there are country codes, or product codes. I've seen a 5 category GL code with each category representing a different component.