Transcription of CHART OF ACCOUNTS - Mike Civalier, CPA: …
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CHART OF ACCOUNTS - Mike Civalier, CPA: …
CHART OF ACCOUNTS A contractor s CHART of ACCOUNTS is the heart of the accounting system. Of particular importance is the cost of sales section (beginning in the 41000 series and ending in 43000). This is the area that distinguishes the contractor from most other industries and causes the most confusion for the bookkeeper. Many transactions, such as repairing a vehicle, could be recorded in different ACCOUNTS . If the repair is for a construction vehicle, the invoice amount should be coded to account 41231. However, if the expense is for a vehicle used for office personnel, the expense should be coded to account 77100. The following CHART is generic and should be considered a guide only. Because it was developed as a learning tool, each generic account is accompanied by a brief description of the transaction type that should be coded to the account .
A contractor’s chart of accounts is the heart of the accounting system. Of particular importance is the cost of sales section (beginning in …
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