Chart of Accounts

When keeping a set of books and records this typical Chart of Accounts may be used:

• Advertising Expense
• Automobile Expense:
  • Mileage method using approximately $0.38 per business mile
  • Actual expense method: gasoline, insurance, maintenance/repairs, property taxes
• Parking Fees & Tolls
• Bank Service Charges
• Charitable Donations (limited deductibility)
• Cleaning & Maintenance
• Commissions Paid
• Consultants Paid
• Credit Cards (payments received from your customers)
  • Vendor service fees (discount fees)
• Credit Cards (used to pay for business expenses)
  • Do not charge to "credit card"  Assign each item to another classification on this page
  • Interest and finance fees are assigned to Interest Expense
  • Other service fees are assigned to Bank Service Charges or Office Expense
• Dues & Subscriptions
• Employee Costs:
  • Salary & Wages
  • Employee Benefits Programs
  • Payroll Tax Expense
  • Subcontracted Labor
• Fines and Penalties (these are not tax deductible)
• Heat, Light & Power (Utilities)
• Insurance:
  • Business Liability
  • Employee Health Plans
  • Owner Health Plan
  • Employee Disability
  • Owner Disability
  • Employee Life
  • Owner and key-man Life
• Interest expense on funds used for the business
• Internet ISP fees and Cable Access fees
• Legal & Accounting (Professional Services)
• Licenses & Permits
• Maintenance & Repairs of Equipment
• Meals and Customer Entertainment
• Merchandise bought for resale
• Miscellaneous Expense (not listed elsewhere and kept to a bare minimum)
• Office Supplies & Expense
• Office in the Home:
  • Mortgage Interest
  • Real Estate Taxes
  • Insurance
  • Repairs
  • Utilities
  • Rent Paid
  • Condominium Common Charges
• Outside Services /  Outside Help
• Pension and Retirement Plan Contributions
• Pension and Retirement Plan Administration Expenses
• Postage and Delivery Expense
• Rent:
  • Real Estate
  • Equipment
• Repairs & Maintenance of Equipment
• Sales & Promotional Expenses
• Software Costs
• Small Tools used in your trade or business
• Supplies
• Telephone
• Cell Phone
• Taxes:
  • Business Property Taxes
  • Payroll Taxes
  • Secretary of the State fees and taxes
  • State Income Taxes on Business Income
  • IRS Income Taxes on Business Income
• Travel Expense:
  • Airfare
  • Train / Limousine
  • Taxi
  • Hotel/Motel
  • Temporary Living Quarters / Apartment
  • Meals while away over night

• Furniture
• Equipment:
  • Computers
  • Automobiles
  • Passenger Vehicles weighing over 6,000 pounds
  • Trucks
  • Office Equipment
  • Machinery
• Principal Payments on Bank Loans
• Owner Loans
• Owner's IRS Taxes
• Owner's State Income Taxes