Chart of Accounts Design Services.

The Chart of Accounts is a listing of a business’ entire ledger accounts used to classify all of the activity of that business. These accounts are categorized according to the business’ balance sheet and operating statement – asset accounts, liability accounts, stockholders’ (or owners’) equity accounts, income accounts, and expense accounts. All monies received and spent by the business must be classified (coded) to an existing account to be properly accounted for. Each account in the chart of accounts will have an account name and number to identify it. The name briefly describes the account, while the account number fosters accuracy…read classification of accounts...

Designing a chart of account for any organization requires a lot of skill in understanding first the organization and its operation.

Some organisations on having their chart of accounts review, will be surprised to find out a huge disparity of information that their current chart of account is capturing or was designed to capture and the organisations operations and size. It could be found that some information that should have been captured in its own ledger is being lamped up together in one account in addition to redundant accounts or accounts capturing unimportant or outdated information while leaving out useful information or wrongly capturing it. 

JW & PARTNERS can help you review your current chart of accounts and also re-design for you a brand new chart of accounts. This template will be useful when configuring your accounting software application.

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