Standard Chart of Accounts - NotesThe following Articles contain the fully formatted chart of accounts: These articles collectively show a single chart of accounts including accounts for each entity type (company, trust, partnership and sole trader). Normally a chart of accounts is produced for one entity type only. This has been done to avoid the need to produce a chart of accounts for each entity type, since 90% of the accounts are common to all types. Because sections of the chart of accounts for each entity type have been placed together, the “dummy” figures do not add up. In the chart of accounts layout, each account is given a balance of $1 and the transfers and addition is carried through the chart. However if the charts as shown are laid end to end the figures do not balance. This is no cause for alarm. Furthermore, since each account is given a balance of $1 without a corresponding contra value somewhere else, these charts do not balance properly anyway. This is because the purpose of the $1 balance is simply to show the summation in each section and how figures carry forward. Therefore you may note that NET ASSETS calculates to $11.00 whereas TOTAL SHAREHOLDERS DEFICIENCY calculates to -$525.00. In real life, these are the same. When searching for an account code, remember that some accounts appear in several sections, so you need to ensure the account you use is relevant. For example, Bank Charges appears as accounts 1070 (Primary Production Expenses), 5070 (A-Z profit and loss expenses) and 8510 (categorised profit and loss expenses). |