Standard Chart Of Accounts
Standard Chart Of Accounts. What most entrepreneurs don't realize is that the chart of accounts represents the foundation of your accounting process, if you don't set up the chart of accounts correctly, your bookkeeping and financial records will have major negative impacts. The accounts are usually numeric, but can also be alphabetic or alphanumeric.
The chart of accounts, or COA, is a list of the account numbers and names relevant to your company.
The chart of accounts is the underlying structure for organizing financial information and reporting.
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All previous versions are now obsolete and should be destroyed. What most entrepreneurs don't realize is that the chart of accounts represents the foundation of your accounting process, if you don't set up the chart of accounts correctly, your bookkeeping and financial records will have major negative impacts. It does not represent an account per se.
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Arleen Butler
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