CHART of ACCOUNTS for SMALL BUSINESSES

There is no official or prescribed or mandatory Chart of Accounts. The only requirement is that you keep track of your expenses. Here is a suggested start on how to categorize your expenses.

         Advertising (except for meals and entertainment)

          Auto (consider using mileage allowance)

          Communications

            cell phone, fax, internet

         Education - Continuing Education

         Entertainment and Meals (in town, not travel)

            need receipts showing all persons present and business relevance

Equipment Purchases

capital expenses, items expected to last more than a year

         Professional

            consultants

            assistants

            accounting help

            tax prep

         Promotion (gifts)

         Rent

         Supplies

consumables, things that last less than a year

         Taxes & Licenses

            State Income Tax (indicate for what period)

            Federal Income Tax (indicate for what period)

            Other taxes and licenses (indicate type and period paid)

         Travel – must be out of town and overnight

            Lodging (need receipts)

            Meals (consider using per diem)

            Transportation

         Utilities