Suggested General Ledger Accounts
A list of common general ledger accounts is shown below. Depending on your type of business, you will use many, but probably not all, of these account names. On financial statements, they should generally be placed in the order shown.
Balance Sheet Accounts:
Assets:
- petty cash (if you maintain a petty cash fund)
- cash in checking (a separate ledger account for each bank account)
- cash in savings
- accounts receivable
- reserve for bad debts
- inventory
- prepaid expenses
- office supplies (if you maintain a significant amount of office supply inventory)
- utility deposits
- notes receivable
- investments
- organization expenses
- vehicles
- accumulated depreciation — vehicles
- furniture and fixtures
- accumulated depreciation — furniture and fixtures
- equipment
- accumulated depreciation — equipment
- buildings
- accumulated depreciation — buildings
- land
- goodwill
Liabilities
- accounts payable
- sales tax payable
- federal withholding taxes payable
- FICA taxes payable
- state withholding taxes payable
- unemployment taxes payable
- accrued wages
- unearned revenue
- accrued income taxes
- note payable
Capital Accounts:
Income Statement Accounts:
Income:
- sales
- revenues
- sales returns and allowances
- sales discounts
- investment income
- gain (loss) on sale of assets
Expenses:
- purchases (if you purchase inventory for resale)
- freight (if you purchase inventory for resale)
- purchases returns and allowances (if you purchase inventory for resale)
- cost of goods sold: materials
- cost of goods sold: labor
- cost of goods sold: direct expenses
- cost of goods sold: indirect expenses
- advertising
- amortization
- bad debt expense
- bank charges
- charitable contributions
- commissions expense
- contract labor
- credit card fees expense
- delivery expense
- depreciation expense
- dues and subscriptions
- entertainment
- income taxes
- insurance
- interest expense
- maintenance
- miscellaneous
- office expense
- operating supplies
- payroll taxes
- permits and licenses
- postage
- professional fees
- property taxes
- rent
- repairs
- telephone
- travel
- utilities
- vehicle expenses
- wages
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Have you been running your business for a while, and are just now trying to take over some of the basic bookkeeping? If you've had financial statements prepared by an accountant in the past, look at last year's balance sheet and income statement. You can get started by setting up general ledger accounts for each account title shown on those financial statements.
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Disclaimer: The material on this site is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed with the understanding that the publisher is not engaged in rendering legal, accounting or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. Full Disclaimer |
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