™ can help. We are expert bookkeepers that can help your small business with its bookkeeping needs. Here’s a short explanation of what Chart of Accounts means. If we can be of more help explaining what Chart of Accounts is or if we can help you with any of your small business bookkeeping needs, give us a call at 888-552-6657(888-55Books)™ provides a way for small businesses to have outsourced bookkeeping at a significant savings. We provide our clients with pre-printed envelopes. You stuff the envelopes and our expert team does the rest with detailed reports and timely compliance support. Not to mention, you now have a team of experts at your disposal should you have questions or last-minute needs. Let’s start with answering what Chart of Accounts means:

From time to time, you may hear a bookkeeper or accountant refer to a business’ chart of accounts. The chart of accounts is a basic listing of all accounts that the business uses.

The chart of accounts will be ordered numerically. Typically the chart of accounts will group similar account types in specific ranges of numbers. Since the nature of each business is different the chart of accounts will be structured specifically to each business. For example, a company may use:

  • 1000 – 1999: asset accounts
  • 2000 – 2999: liability accounts
  • 3000 – 3999: equity accounts
  • 4000 – 4999: revenue accounts
  • 5000 – 5999: cost of goods sold accounts
  • 6000 – 6999: expense accounts
  • 7000 – 7999: other revenues & gains
  • 8000 – 8999: other expenses & losses
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