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Chart of Accounts – Numbering Convention

By |2021-08-17T15:54:34-05:00August 13th, 2021|0 Comments
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Introduction

A standard chart of accounts is organized according to a numerical system. 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 assets are classified by numbers starting with the digit 1, then cash accounts might be labeled 101, accounts receivable might be labeled 105, inventory might be labeled 112, and so on. Whereas, if liabilities accounts are classified by numbers starting with the digit 2, then accounts payable might be labeled 201, short-term debt might be labeled 202, and so on.

Chart of Accounts – Numbering Convention

Starting # Account Type* Comments
1000 Bank
1100 Accounts Receivable
1200 Other Current Asset This would contain your Inventory account
1300 Fixed Asset
1400 Other Asset
2000 Accounts Payable
2100 Credit Card
2200 Other Current Liability
2300 Long Term Liability
2500 Equity
4000 Income
5000 Cost of Goods Sold
6000 Expense AKA: Overhead. Contains fixed and variable.
9000 Other Income
9500 Other Expense

Tips

  • These are the fifteen different account types found in Total Office Manager. Within each type, you would enter your own specific account. An example would be “Rent” or “Utilities”.
Chart of Account Types

Chart of Account Types

  • When entering your accounts, please be sure to separate each account by at least ten numbers (such as 1010, 1020, 1030, etc).

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