Charts of Accounts


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Hi, I need help about making Charts of accounts if anyone can do please let me know.
Looking forward to your kind response.
 

Steve-LevelUp

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Typically, Accounts are broken down into segments (eg, Country, product, department, class, etc).
For example, a cash account could be 00 (US) - 11000 (bank) - 00 (default) - 00 (default)

IF you have multiple bank accounts, then it would be 11001, 11002, 11003, etc. If they are in different countries, then you can change it to 01, 02, 03, etc.

The Chart of Accounts itself can be broken down into sections. Eg, anything starting with a 1 (eg, 11000, 15000, 19000) could all be current assets. 20000 - 29999 could be fixed assets.
30000-39999 - Liabilities & equity.

Within each section, you can break it down. EG, AR could be 12000, US Ar could be 12010, CAD AR 12020, etc.

I know this was quick, but I hope this helps. If you want to take this as a starting point, you can post your proposed Chart of Accounts, and we can provide additional feedback.
 
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Sir I want ask about some account heads in charts of account where we record make these heads.
If if you can guide please let me know i will share with you.
Looking forward to your kind response.
 

Steve-LevelUp

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I'm not sure that I understand the question. I have never heard the term 'heads' in relation to chart of accounts.
 
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Fidget

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I think they mean a hierarchy, so you might have something like:

001 - Income
- 0011234 - income stream 1
- 0011235 - income stream 2

002 - Staff Costs
- 0021234 - Salaries
- 0021235 - Taxes

and so on.
 

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