Accountant Chart of Accounts Setup Guide ======================================== Create a chart of accounts setup guide for [Business Type] in [industry]. Business details: - Business type: [LLC/Corp/Nonprofit] - Industry: [specific industry] - Software: [QuickBooks/Xero/Sage/other] - Size: [revenue/employees] - Special needs: [job costing/department tracking/grants] CHART OF ACCOUNTS GUIDE ACCOUNT NUMBER STRUCTURE Recommended numbering system: 1000-1999: Assets 2000-2999: Liabilities 3000-3999: Equity 4000-4999: Revenue 5000-5999: Cost of Goods Sold 6000-6999: Operating Expenses 7000-7999: Other Income 8000-8999: Other Expenses ASSETS (1000-1999) CURRENT ASSETS 1010: Checking Account — [Primary] 1020: Checking Account — [Secondary if needed] 1030: Savings Account 1040: Petty Cash 1100: Accounts Receivable 1110: Allowance for Doubtful Accounts 1200: Inventory (if applicable) 1300: Prepaid Expenses 1310: Prepaid Insurance FIXED ASSETS 1500: Equipment 1510: Accumulated Depreciation — Equipment 1520: Vehicles 1530: Accumulated Depreciation — Vehicles 1540: Furniture and Fixtures 1600: Leasehold Improvements LIABILITIES (2000-2999) 2010: Accounts Payable 2100: Credit Cards Payable 2200: Payroll Liabilities 2210: Federal Payroll Tax Payable 2220: State Payroll Tax Payable 2300: Sales Tax Payable 2400: Short-term Loans 2500: Long-term Debt EQUITY (3000-3999) 3000: Owner Equity / Common Stock 3100: Retained Earnings 3200: Owner Draw / Distributions REVENUE (4000-4999) 4010: [Primary Revenue Stream] 4020: [Secondary Revenue] 4030: [Service Revenue] 4900: Other Income EXPENSES (6000-6999) 6010: Rent and Lease 6020: Utilities 6030: Internet and Phone 6040: Office Supplies 6050: Software and Subscriptions 6100: Payroll Expense 6110: Employee Benefits 6200: Marketing and Advertising 6300: Professional Fees 6310: Accounting Fees 6320: Legal Fees 6400: Insurance 6500: Vehicle Expense 6600: Travel and Entertainment 6700: Depreciation Note: Customize for your specific industry and consult your CPA for proper setup Source: https://promptzyo.com/prompt/accountant-chart-of-accounts-setup-guide