Accounting Software

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Chart of Accounts

accountingcoach.com/chart-of-accounts

COA template chosen - Sat Nov 28 09:14:22 MST 2015

From accountingcoach.com/chart-of-accounts

Impact Accounting LLC

Suggested Chart of Accounts

In many ways, the CHART OF ACCOUNTS you use for your business accounting will determine or, at the least, significantly impact (1) the amount of effort involved in doing the accounting process for your business and (2) the amount and quality of the information you get out of that process. Too much detail will multiply your workload, while too little detail will mask critical information that is required for understanding your financial information and making critical business decisions. A properly structured Chart of Accounts can help you manage your business more effectively!

The following is a descriptive outline of the generic Chart of Accounts we recommend for our clients. It lists the Balance Sheet and Income Statement accounts needed to properly account for most small businesses like yours. You will note that, in certain critical areas such as Sales, Cost of Sales, and Payroll Expense, this listing contains only a range of account numbers. These sections reflect the “personality” of your business and are unique to each company. We will be happy to sit down with you and carefully structure these sections of your own Chart of Accounts, to help minimize your accounting efforts and maximize the critical management information you need to run your business.

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Example of a Nonprofit’s General Ledger

Nonprofit organizations often receive funding from individual donors and other outside support. The need for clarity and disclosure becomes evident when soliciting contributions. However, whether the nonprofit seeks donors or not, a key part of managing any successful endeavor that involves taking in revenue and distributing services or products is a solid accounting system.