Chart of Accounts
This page accompanies the chapter, Bookkeeping Basics (What You Don’t See Can Hurt You), in the book, Hire Your Job, Fire Yourself. Here you’ll find a brief recap of the chapter, additional information, and some helpful chart of accounts examples for your business.
“I don’t really care about money. I find money boring and accounting boring,
so I’m probably not going to ever make a lot of money.” –Juliana Hatfield
Please don’t forget about the fine print that accompanies this material.
About the Chapter, Bookkeeping Basics (What You Don’t See Can Hurt You)
There is a lot left to do in relation to this website. This section will come later, sorry.
Chart of Account Examples
The book does a thorough job of describing a Chart of Accounts and how to set it up. This page will show you a sample Chart of Accounts, starting with the primary accounts and then showing how you might build in subaccounts to provide your company with enough detail to help you track the health of your company on the financial reports.
Keep in mind that the Chart of Accounts will vary by industry and many of the better software systems will help you setup an initial Chart of Accounts that fits your industry. You will change and evolve this over time as you decide where you want to see more detail and where you can combine information because the detail is unnecessary.
Below is a sample of the account numbering.
Number Range | Major Account Name
1000 – 1999 | Asset Accounts
2000 – 2999 | Liability Accounts
3000 – 3999 | Equity Accounts
4000 – 4999 | Revenue Accounts
5000 – 5999 | Cost of Goods Sold
6000 – 6999 | Expense Accounts
7000 – 7999 | Other Revenue (e.g, Interest Income)
8000 – 8999 | Other Expense (e.g., Income Taxes)
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