{"id":270504,"date":"2024-07-08T15:48:28","date_gmt":"2024-07-08T03:48:28","guid":{"rendered":"https:\/\/www.reckon.com\/au\/?post_type=sbh&#038;p=270504"},"modified":"2024-07-11T17:54:10","modified_gmt":"2024-07-11T05:54:10","slug":"chart-of-accounts","status":"publish","type":"sbh","link":"https:\/\/www.reckon.com\/au\/small-business-resources\/bookkeeping\/chart-of-accounts\/","title":{"rendered":"Setting up a chart of accounts"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|phone&#8221; _builder_version=&#8221;4.23&#8243; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;0px||||false|false&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row column_structure=&#8221;1_3,2_3&#8243; _builder_version=&#8221;4.23&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; width=&#8221;100%&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_3&#8243; module_class=&#8221;table-contents&#8221; _builder_version=&#8221;4.23&#8243; background_color=&#8221;#f3f2f6&#8243; custom_padding=&#8221;25px||25px||true|false&#8221; sticky_position=&#8221;top&#8221; sticky_limit_bottom=&#8221;section&#8221; sticky_position_tablet=&#8221;top&#8221; sticky_position_phone=&#8221;none&#8221; sticky_position_last_edited=&#8221;on|desktop&#8221; pac_dcm_carousel_specific_module_num=&#8221;0&#8243; border_radii=&#8221;on|24px|24px|24px|24px&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text _builder_version=&#8221;4.23&#8243; text_font=&#8221;||||||||&#8221; global_colors_info=&#8221;{}&#8221; background__hover_enabled=&#8221;on|desktop&#8221;][\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; pac_dcm_carousel_specific_module_num=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Copy paste body text here&#8221; _builder_version=&#8221;4.23.1&#8243; header_2_font_size=&#8221;32px&#8221; header_2_font_size_tablet=&#8221;30px&#8221; header_2_font_size_phone=&#8221;26px&#8221; header_2_font_size_last_edited=&#8221;on|tablet&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Doing your own bookkeeping as a small business owner? Part of this process requires setting up and understanding your chart of accounts (COA).<\/p>\n<p>Done manually, through a tool like Excel, setting up your accounting chart can be extremely cumbersome and error-prone, so using proper accounting software is ideal.<\/p>\n<p>But first, let\u2019s get into the nuts and bolts of the subject: what <em>is<\/em> a chart of accounts? What does it do? And how do you set one up?<\/p>\n<h2>What is a chart of accounts?<\/h2>\n<p>In a nutshell, a chart of accounts lists all the accounts used in an organisation\u2019s general ledger.<\/p>\n<p>A standard chart of accounts lets you categorise each transaction in your general ledger by type. For example, a standard COA has subcategories (usually separate tabs in your accounting software) detailing a variety of transactions such as:<\/p>\n<ul>\n<li><strong>Income<\/strong> <strong>statement accounts<\/strong> \u2013 money your business earns.<\/li>\n<li><strong>Expense accounts<\/strong> \u2013 things you need to pay for.<\/li>\n<li><strong>Cost of goods sold (COGS) accounts<\/strong> \u2013 the total cost of providing an item for sale.<\/li>\n<li><strong>Asset accounts <\/strong>\u2013 what you own.<\/li>\n<li><strong>Liability accounts<\/strong> \u2013 debts you owe.<\/li>\n<li><strong>Equity accounts<\/strong> \u2013 ownership interest in the business.<\/li>\n<\/ul>\n<p>Configure the chart of accounts in your accounting software according to the types of financial statements you require and to fit your specific business needs. Within most modern<a href=\"https:\/\/www.reckon.com\/au\/accounting-software\/\">\u00a0accounting software<\/a>, there are many different categories that you can choose to display. Essentially, you need to know what your business\u2019s financial incomings and outgoings are, then organise your COA with these in mind.<\/p>\n<p>Tailoring your COA, you should consider whether you want to see your income statement and your liability accounts \u2013 or if you\u2019re a service business, you may not need certain elements such as COGS, but instead need to see accounts receivable.<\/p>\n<p>Other COA categories may include, inventory, <a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/bookkeeping\/managing-accounts-payable\/\">accounts payable<\/a>, petty cash, payroll liabilities, and work vehicles.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-257902 size-full\" src=\"https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2022\/11\/chart_of_accounts_infographic_2.png\" alt=\"COA display tabs\" width=\"900\" height=\"150\" srcset=\"https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2022\/11\/chart_of_accounts_infographic_2.png 900w, https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2022\/11\/chart_of_accounts_infographic_2-480x80.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 900px, 100vw\" \/><\/p>\n<h2>Why is a chart of accounts important for small businesses?<\/h2>\n<p>By indexing your general ledger into types or categories, accounting charts represent the financial position of your business or organisation. (Unless you memorise all your records, you will have to rely on your dedicated chart of accounts.)<\/p>\n<p>A properly organised chart of account system helps to easily identify your major accounts and the transactions which have been or are yet to be deposited or withdrawn. The system will ensure you have visibility over your entire financial position and can break it down into categories.<\/p>\n<p>So, if you want to drill down into assets, accounts payable, expenses, or any other transaction type, you can do so with your chart of accounts.<\/p>\n<p>Furthermore, your chart of accounts will be integral when reporting on your finances, doing taxes, or creating financial reports for various purposes.<\/p>\n<p>Let\u2019s say you want to <a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/bookkeeping\/small-business-succession-planning\/\">sell your business<\/a> or are seeking a loan or investors \u2013 you\u2019re going to need the granular breakdown of your financial health that is made possible by a properly organised chart of accounts.<\/p>\n<p>Using your COA, you can easily create financial statements, a balance sheet or determine things like income tax. Even if you are just going to see an accountant or advisor for advice or a <a href=\"https:\/\/partnersearch.reckon.com\/\">business health check<\/a> \u2013 you\u2019ll need to show them your COA, so they can evaluate your position effectively.<\/p>\n<p><em>Here, we will show the procedure within <\/em><em>Reckon accounting software<\/em><em> to give you an example.<\/em><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-257905 aligncenter size-full\" src=\"https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2022\/11\/6_steps_1.png\" alt=\"Chart of Accounts 6 Step Graphic\" width=\"902\" height=\"2180\" srcset=\"https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2022\/11\/6_steps_1.png 902w, https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2022\/11\/6_steps_1-480x1160.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 902px, 100vw\" \/><\/p>\n<div style=\"display: none;\">1) You can access the chart of accounts from the Administration icon, or from the Navigation bar.<br \/>2) The Chart of Accounts will display tabs for every account type.<br \/>3) You can personalise your COA by clicking the spanner icon. Now you can select and deselect what you see in your COA.<br \/>4) If you want to add a new account, just click on Add. You can designate the account as a header or sub account. You can have up to five sub account levels.<br \/>5) You can now edit the account details as required.<br \/>6) You can re-order your accounts as you see fit, to suit your business or common needs. Simply click on any account tab and select the reorganise option.<\/div>\n<p>[\/et_pb_text][ba_social_share icon_bg=&#8221;#03002e&#8221; icon_padding=&#8221;10px|12px|10px|12px|true|true&#8221; layout=&#8221;classic&#8221; show_text=&#8221;off&#8221; btn_padding=&#8221;0px|0px|0px|0px|false|false&#8221; btn_bg_color=&#8221;RGBA(255,255,255,0)&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;50px||||false|false&#8221; custom_padding=&#8221;25px||||false|false&#8221; custom_css_before=&#8221; content: %22SHARE THIS%22;|| font-size: 16px;|| font-weight: 700;|| line-height: 22px;|| letter-spacing: 0em;|| text-align: center;|| color: #ff5447;|| margin-bottom: 10px;|| display: inline-flex;|| position: absolute;|| margin-top: 10px;&#8221; border_width_top_main=&#8221;1px&#8221; border_color_top_main=&#8221;#e4e4e4&#8243; border_radii_icon=&#8221;on|5px|5px|5px|5px&#8221; global_colors_info=&#8221;{}&#8221; custom_css_before_last_edited=&#8221;off|desktop&#8221;][ba_social_share_child _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;facebook&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;linkedin&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;email&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][\/ba_social_share][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Managing an organised chart of accounts is an important part of small business bookkeeping. Your COA serves as the backbone for tracking financial transactions, categorising expenses, and generating accurate financial reports. To gain a thorough understanding  COA in the context of small business operations, read our comprehensive article.<\/p>\n","protected":false},"author":6,"featured_media":272897,"menu_order":0,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"sbh_category":[207],"class_list":["post-270504","sbh","type-sbh","status-publish","format-standard","has-post-thumbnail","hentry","sbh_category-bookkeeping"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Chart of Accounts | Small Business Resources | Reckon AU<\/title>\n<meta name=\"description\" content=\"Chart of accounts that have been categorically organised will help you understand the financial health of your business. Read more here.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/bookkeeping\/chart-of-accounts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Setting up a chart of accounts\" \/>\n<meta property=\"og:description\" content=\"Chart of accounts that have been categorically organised will help you understand the financial health of your business. 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