Tag: Chart of Accounts (COA)

Chart of Accounts Numbering Convention

How to Number Your Chart of Accounts (COA) A standard chart of accounts (or COA) is organized according to a numerical system. The Chart of Accounts numbering convention states that each major category will begin with a certain number, and then the sub-categories within that major category will all begin with the same number. If […]

Chart of Accounts – Account Types (used in chart of accounts)

Understanding Account Types used in the Chart of Accounts This article explains the use of Chart of Accounts – Account Types. Here, various account types are defined and explained. We will explain what the (Chart of Account) account types are and how to use them to keep your contracting company’s finances organized and accurate. This […]

Adjusting Journal Entries

Introduction This advanced topic explains Journal Entries. They are also known as Adjusting Journal Entries or AJE for short. In traditional accounting, a record of a transaction in which the total amount in the Debit column equals the total amount in the Credit column, and each amount is assigned to an account on the chart […]

Chart of Accounts List

What is the Chart of Accounts (COA) The Chart of Accounts List is used to manage your financial accounts. The Chart of Accounts is often referred to as COA. Accounts are used to record and summarize the increases, decreases, and balances of each asset, liability and owner’s equity items (like accounts receivable, accounts payable, and […]

Chart of Accounts – A Detailed Overview

Understanding the Chart of Accounts (COA) The Chart of Accounts (COA) displays the account number, name of the account, type (expense, income, asset, payable, etc.) and a description of what the account would be used for. Accounts are used to indicate and summarize the increases or decreases to the balances of each asset, liability, and […]