A Chart of Accounts (COA) is a structured list of all the accounts used by an organization to record its financial transactions. The COA is grouped into categories like Asset, Liabilities, Equity, Income and Expenses. Each account is assigned a unique number or Id to make it easier to classify and track various types of transactions.
Account Types in Chart of Accounts #
Asset Accounts
- Accounts Receivable
- Bank
- Cash
- Inventory
- Prepaid
- Other Current Asset
- Fixed Asset
- Other Asset
Liability Accounts
- Accounts Payable
- Credit Card
- Payroll Payable
- Income Tax Payable
- Sales Tax Payable
- Other Current Liability
- Long Term Liability
- Other Liability
Equity Accounts
- Equity
Income Accounts
- Sales Income
- Other Income
Expense Accounts
- Cost of Sales
- Expense
- Other Expenses
