Bookkeeping
Chart of accounts
A chart of accounts is the list of categories a business uses to record income, expenses, assets, debts and owner equity.
The chart of accounts is the filing system for your money. Each account has a name and number, such as sales income, rent, supplies or a loan balance. Every transaction goes into one of these accounts.
A clear chart makes reports easier to read. Too many accounts create clutter, and too few hide useful detail. Your CPA can help you choose categories that fit your tax filings. Changes mid-year can confuse comparisons, so plan the layout early. Our chart of accounts guide goes into detail.
The accounts feed your profit and loss statement and balance sheet. Peachtree VA's bookkeeping services include setup and upkeep alongside your CPA. Review the list once a year and retire accounts you no longer use.
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