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E1: 09: Overview of the Chart of Accounts (P0901/P09804/P0909/P0901WS/R09806/R09814/R0909R/R0909P/R09205P/R09206/R09207/R0901WS) (Doc ID 2394187.1)

Last updated on JULY 21, 2021

A chart of accounts provides the structure for your general ledger accounts. It lists specific types of accounts, describes each account, and includes account numbers. A chart of accounts typically lists asset accounts first, followed by liability and capital accounts, and then by revenue and expense accounts. To design your chart of accounts:

  • Begin your initial design with the major headings of your transactions.
  • Then add your detailed transaction descriptions.

The following example shows types of accounts and their associated headings:

Account Headings
Balance Sheet Accounts Types of headings for balance sheets include:
  • Assets
  • Liabilities
  • Owner's Equity
Income Statement Accounts Types of headings for income statements include:
  • Revenues
  • Expenses
  • After you have a complete list of transaction descriptions, you can assign numeric values to each description.
  • You should also allow for growth and change by leaving spaces in the account structure.
  • Define the last balance sheet account as the account for year-to-date net income or loss.

This document provides details on defining your Chart of Accounts and includes the following topics:

  • Account Formats
  • Defining the Chart of Accounts
  • Model Chart of Accounts
  • Dynamic Account Creation
  • Chart of Account Revisions
  • Reviewing the Chart of Accounts
  • Account Master Word Search

 

 

 

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