A Chart of Accounts (COA) is a structured list of financial accounts used by a business to classify and record transactions. It typically follows a numerical system to organize different types of accounts.
Here's Propras general breakdown of the Chart of Accounts from 1000 to 9000:
1XXX – Assets
2XXX – Liabilities
3XXX – Equity
4XXX – Revenue (Income Accounts)
5XXX – Utilities
6XXX – Repairs and Maintenance
7XXX – Administration
8XXX – Extraordinary or Other Items
9XXX – Reserves (Condos)
Here is a list of code breakdown for creating your Chart of Accounts
Written by Karyn Millar
Updated yesterday