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Updated about 6 years ago,
Check out my Chart of Accounts please!
I am a data guru/excel junky and part of my professional gig is building automated tools using Excel and Access and lots of coding and macros. I have built a simple (in my highly automated subjective opinion) excel spreadsheet that allows you to add in line items/transactions through the months and monthly balance sheets and P&Ls are generated for the business as a whole AND for each property. I am just curious how my chart of accounts looks.
Too much? not enough? Should I be more detailed? Should I split some things up? Here is a list:
Asset Accounts:
| Asset Accounts: |
| Property 1 Building |
| Property 1 Land |
| Property 2 Building |
| Property 2 Land |
| Business Checking Account |
| Security Deposit Escrow Acct |
| Reserve Acct for CAPEX |
| Deferred Maintenance Acct |
| Accumulated Depreciation - Property 1 |
| Accumulated Depreciation - Property 2 |
| Equipment & Machinery |
| Maintenance Tools |
| Appliances, Extra parts |
| Office Equipment & Furnishings |
| Computers, Printers, Electronics |
| Furniture |
| Misc Office Supplies/Inventory |
| Other Assets |
| Liability Accounts: |
| Property 1 Mortgage |
| Property 2 Mortgage |
| Private Lender |
| Security Deposit Escrow Acct |
| Short Term Loans |
| Business Credit Card 1 |
| Business Credit Card 2 |
| Equity Accounts: |
| Owner Contributions/Draws |
| Retained Earnings |
| Income Accounts: |
| Rental Income |
| Pet Fees |
| Storage Fees |
| Interest Income |
| Security Deposit Forfeitures |
| Other Income |
| Expense Accounts: |
| Advertising |
| Automobile/Travel |
| Repairs/Maintenance |
| Commissions |
| Property Tax/Insurance Escrow Expense |
| Misc Fees |
| Mortgage Interest Paid |
| Other Interest Paid |
| Water & Sewer Utility |
| Taxes Other than property tax |
| Electric Utility |
| Gas Utility |
| Telephone |
| Wages |
| Travel/Entertainment |
| Depreciation Expense - Property 1 |
| Depreciation Expense - Property 2 |
| Other Expenses |
| Food/Restaurants |
| Supplies Expense |
| De Minimus Items for Rentals |
| Trash Utility Expense |
| Storage Expense |
| Property Acquisition Costs |
btw, I have never used nor do I want to use Quickbooks.... :-) Please don't recommend I go to an accountant, I have a tax advisor and thats all I need. I prefer to do the accounting myself since I do this professionally for a large company and have a finance degree and MBA.