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8.3 CHART OF ACCOUNTS
SELECT GENERAL LEDGER THEN MAINTAIN CHART OF
ACCOUNTS
ADVANTAGE
Salon Software and
Spa Software
divides the Chart of Accounts into the five main account
categories. These categories are Assets, Liabilities, Equity, Income
and Expense accounts. You can also review all accounts by selecting the
all tab.
1. Asset Accounts - things of value owned by the business.
2. Liability Accounts - amounts owed to outsiders.
3. Owner's Equity Accounts - amounts owed by the business
to its owners (profit). If the business loses money the owners may
owe additional money to the business.
4. Revenue Accounts - Sources of income.
5. Expense Accounts - Payments necessary to run the business.
To add an account, select the plus icon on the tool
bar found on the top of the screen. A General Ledger account is a
combination of the account number and the department. You can use the
same account number for a different account if you have a different
department for each account. The power is in combination of the account
number and the department number therefore giving you the capability to
have your accounts departmentalized. For instance you can have an
account called Sales numbered 5000 with department 10 for Retail and
another sales account number 5000 but with department called 20. Review
the following examples to explain best.
Account
Name Department
5000 Sales
Retail 10 (Retail)
5000 Sales
Services 20 (Services)
6010 Cost of
Goods Sold –Retail 10 (Retail)
6010 Cost of
Goods Sold – Service 20 (Service)
This ability is great because it allows you the
capability to perform department and consolidated reporting for
financial reports.
When you use your general ledger chart accounts you
will see the account as follows
6010-10 for cost of goods sold-Retail and 6010-20
for cost of goods sold-service. Obviously this a very simple example
and you can expand this theme through out your general ledger chart of
accounts or keep it very simple and not use departments at all.
SAMPLE General Ledger CHART OF ACCOUNTS
Asset Accounts
Current Assets
1000 Petty Cash
1010 Regular Checking Account
1020 Payroll Checking Account
1030 Savings Account
1040 Special Account
1050 Investments-Money Market
1060 Investments-Certificates of Deposit
1100 Accounts Receivable
1140 Other Receivables
1150 Allowance for Doubtful Accounts
1200 Supplies Inventory
1210 Inventory
1400 Pre-paid Expenses
1410 Employee Advances
1420 Prepaid Interest
1430 Other Current Assets
Fixed Assets
1500 Furniture and Fixtures
1510 Equipment
1520 Vehicles
1530 Other Depreciable Property
1540 Leasehold Improvements
1550 Buildings
1560 Building Improvements
1690 Land
1700 Accumulated Depreciation, Furniture and Fixtures
1710 Accumulated Depreciation, Equipment
1720 Accumulated Depreciation, Vehicles
1730 Accumulated Depreciation, Other
1740 Accumulated Depreciation, Leasehold
1750 Accumulated Depreciation, Buildings
1760 Accumulated Depreciation, Building Improvements
Other Assets
1900 Deposits
1910 Organization Costs
1915 Accumulated Amortization, Organization Costs
1920 Notes Receivable, Non-Current
1990 Other Non-Current Assets
Liability Accounts
Current Liabilities
2000 Accounts Payable
2300 Accrued Expenses
2310 Sales Tax Payable
2320 Wages Payable
2430 401-K Deductions Payable
2335 Health Insurance Payable
2340 Federal Payroll Taxes Payable
2350 FUTA Tax Payable
2360 State Payroll Taxes Payable
2370 SUTA Payable
2380 Local Payroll Taxes Payable
2390 Income Taxes Payable
2400 Other Taxes Payable
2410 Employee Benefits Payable
2420 Current Portion of Long-term Debt
2440 Deposits from Customers
2480 Other Current Liabilities
Long-Term Liabilities
2700 Notes Payable
2702 Land Payable
2704 Equipment Payable
2706 Vehicles Payable
2708 Bank Loans Payable
2710 Deferred Revenue
2740 Other Long-term Liabilities
Equity Accounts
3010 Stated Capital
3020 Capital Surplus
3030 Retained Earnings
Revenue Accounts
4000 Sales of Service
4040 Sales - Retail
4080 Other Income
4540 Finance Charges Income
4550 Shipping Charges Reimbursed
4800 Sales Returns and Allowances
4900 Sales Discounts
Cost of Goods
Sold
5000 COGS Service
5010 COGS Retail
5100 Direct Labor Costs
5150 Indirect Labor Costs
5200 Heat and Power
5250 Commissions
5300 Miscellaneous Factory Costs
5700 Cost of Goods Sold, Salaries and Wages
5730 Cost of Goods Sold, Contract Labor
5750 Cost of Goods Sold, Freight
5800 Costs of Goods Sold, Other
5850 Inventory Adjustments
5900 Purchase Returns and Allowances
5950 Purchase Discounts
Expenses
6000 Default Purchase Expense
6010 Advertising Expense
6050 Amortization Expense
6100 Auto Expenses
6150 Bad Debt Expense
6200 Bank Fees
6250 Cash Over and Short
6300 Charitable Contributions Expense
6350 Commissions and Fees Expense
6400 Depreciation Expense
6450 Dues and Subscriptions Expense
6500 Employee Benefit Expense, Health Insurance
6510 Employee Benefit Expense, Pension Plans
6520 Employee Benefit Expense, Profit Sharing Plan
6530 Employee Benefit Expense, Other
6550 Freight Expense
6600 Gifts Expense
6650 Income Tax Expense, Federal
6660 Income Tax Expense, State
6670 Income Tax Expense, Local
6700 Insurance Expense, Product Liability
6710 Insurance Expense, Vehicle
6750 Interest Expense
6800 Laundry and Dry Cleaning Expense
6850 Legal and Professional Expense
6900 Licenses Expense
6950 Loss on NSF Checks
7000 Maintenance Expense
7050 Meals and Entertainment Expense
7100 Office Expense
7200 Payroll Tax Expense
7250 Penalties and Fines Expense
7300 Other Taxes
7350 Postage Expense
7400 Rent or Lease Expense
7450 Repair and Maintenance Expense, Office
7460 Repair and Maintenance Expense, Vehicle
7550 Supplies Expense, Office
7600 Telephone Expenses
7620 Training Expense
7650 Travel Expense
7700 Salaries Expense, Officers
7750 Wages Expense
7800 Utilities Expense
8900 Other Expense
9000 Gain/Loss on Sale of Assets
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