Overview of the Chart of Accounts
The chart of accounts is a complete list of all the accounts in a business. The chart of accounts can vary depending on the type and size of the business as well as the level of detail a business wants or needs to track. The chart of accounts is organized by and includes the account types: asset, liability, income, expense, and others.
A chart of accounts typically includes some sort of numbering scheme that varies in complexity depending on the size of the business and the number of accounts. A typical chart of accounts might look like this:
• 1000 - 1999: asset accounts
• 2000 - 2999: liability accounts
• 3000 - 3999: equity accounts
• 4000 - 4999: revenue accounts
• 5000 - 5999: cost of goods sold
• 6000 - 6999: expense accounts
NOTE: If you will be importing payroll transactions from the CMS Professional Payroll module, make sure your Denali ledger accounts match your CMS Professional ledger accounts. If the accounts don’t match, import errors will occur or the wrong account will be adjusted in Denali. |
Published date: 09/30/2021