Owner’s equity measures how valuable the company is to the shareholders of the company. Consider integrating it with all your sales sources and payment systems to create a single chart of accounts numbering source of truth about your business finances. Book your free seat at our demo of try Synder for free to see how it can help you manage your business more efficiently.
In this sample chart of accounts template the sub-group column divides each group into the categories shown in the listings below. The purpose of the sub-group is to categorize each account into classifications that you might need to present the balance sheet and income statement in accounting reports. Creating an org chart from scratch can be tedious, so choose an org chart software with pre-made templates and a drag-and-drop editor to configure the charts to suit your organization’s structure. You should be able to add fields and import images and custom shapes for a personalized organizational chart.
Chart of Accounts Examples, Template, and Tips
The governance body should include key stakeholder groups, such as controllership, FP&A, tax, compliance, and business technology. In the sample chart of accounts for example, the expense accounts are sub-divided into business functions such as research and development, sales and marketing, and general and administrative expenses. This numbering system helps bookkeepers and accountants keep track of accounts along with what category they belong two.
For instance, if an account’s name or description is ambiguous, the bookkeeper can simply look at the prefix to know exactly what it is. This structure can avoid confusion in the bookkeeper process and ensure the proper account is selected when recording transactions. When considering an org chart software, ensure it has a user-friendly interface and is easy to learn.