I am looking for a sample of a chart of accounts and income statement for a professional service company.
Chart of accounts
Answers
Arthur
Would you mind sharing which system you are using?
My response to you would differ if you had:
-
-Intacct
-Great Plains
to name a few.
Reason is the technical design of the system could drive your approach to a best choice of a chart of accounts.
1
I use Intacct.
Are you dealing with multiple lines of service, multiple locations, departments, etc? Are you planning these in the future?
It's often easier to build in the potential for growth at the beginning instead of scrambling to try to fit things in later.
1
I have multiple lines of service with multiple locations.
Arthur-In addition to the questions above, how are you segmented? In other words, how do you run the business .....geographically, by line of business only or some other division? I may have an old COA for a service business I was in, but it may not fit if your
Arthur,
Intacct's design can be very flexible to support multiple
-legal entities
-locations
-lines of business
-departments
etc.
The dimension feature, separate from the list of natural accounts, within company setup is a key element of the design.
That way you can design your "chart of accounts" to help you generate reports and analyses by dimension almost "out the box.".
Contact me if you wish to go into more detail --your design requirements are critical, and Richard's comments above are very relevant.
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Accounting