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Chart of Accounts

Chart of Accounts Explained Part 2

This is part 2 of a two-part blog which will give you an in-depth explanation about the working parts of a chart of accounts. Revisiting, from part 1 of this blog, the chart of accounts is simply a list of all of the account types you might use when recording your business income and expenditure activities. The “account types” include assets, liabilities, equity, income, expenses, other income and other expenses. In part 1 we covered off assets, liabilities and equity which are accounts used to formulate the balance sheet report. In part 2 we will look at the remainder of the account types within the chart of accounts.

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Chart of accounts FREE download!

The foundation of any good accounting system is the chart or list of accounts. A good accounts list will enable you to accurately account for income and expenditure and will assist accounting professionals to report on your financial health. It’s important to make sure that the chart is set up correctly before you begin to record your business data. So where do you start? Knowing what goes into an accounts list is half the battle. To make things a little easier, I am sharing with you, my standard accounts lists for sole traders, companies, trusts and partnerships. They are all free to download.

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