Chart of Accounts

USA Discussion in 'General Accountancy Discussion' started by Vincent Dinh, Jan 9, 2018.

  1. Vincent Dinh

    Vincent Dinh

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    Hello There, could someone let me know if there is any official guidance on GL Account Code from authorized organizations, such as FASB, AICPA?
     
    Vincent Dinh, Jan 9, 2018
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  2. Vincent Dinh

    kirby VIP Member

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    No guidance. Just use the structure that makes sense to you. It helps to start from a chart of accounts you are familiar with and improve on that.
     
    kirby, Jan 11, 2018
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  3. Vincent Dinh

    ESSAM

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    there is some standard COA but better to do it by your self as per your business need
     
    Last edited by a moderator: Jan 20, 2018
    ESSAM, Jan 19, 2018
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  4. Vincent Dinh

    bklynboy VIP Member

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    No official guidance but some general structure considerations would be:
    - Start each account with the group it belongs to (i.e. 1 for assets, 2 for liabilities, 3 for for equity, 4 for revenue, 5 for expense, etc)
    - Consider using first 3 numbers for type of account (101 for any bonds, 401 for sales, etc)
    - Leave gaps in numbering so that you can add new accounts in the future
    - use the last 3 digits in each account for the sub ledger of the group (i.e. 401101 - Sales Revenue West Cost, 401102 - Sales Revenue East Coast

    You need to see what works best for your needs - lots of good information on the Web to use as real examples
     
    bklynboy, Jan 19, 2018
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