GL structure for RE investors?

[Jason Barnett]

I'm trying to set up my accounting General Ledger (GL) for my rental company (I manage / operate a 4-unit apartment building). Could some other folks here give me some feedback and let me know how you set up your chart of accounts? Mainly I am wondering how you all structure your income / COS / expense accounts.

I've got my income accounts: rent, Section 8 payments, repairs, gain on sale of assets, extraordinary income, finance charges

I've got cost of sales: utilities, HVAC materials, plumbing materials, lumber, contractors, (lots more... stuff to keep the actual apartment running)

I've got my expenses: hazard insurance, PMI, property taxes, cell phone, basically all things that are related to the business, but don't directly keep the apartment running

I've got fixed assets: land, building, computer

I've got current assets: cash, checking account, savings account, inventory (stock of repair materials for building), accounts receivable

I've got current liabilities: accounts payable, notes payable (current portion), taxes payable, tenant deposits

I've got long term liabilities: mortgage

I've got owner's equity: retained earnings, owner's contributions, owner's draws (currently I am just a sole proprietor)

The biggest item missing from my list is depreciation. Do you all consider it a cost of sale?