Chart of Accounts: The Financial Taxonomy
The Chart of Accounts (COA) is the backbone of your financial reporting. It categorizes every monetary transaction into standardized buckets.
Account Types
- Assets: Cash, Inventory, Accounts Receivable.
- Liabilities: Accounts Payable, Loans, Accrued Expenses.
- Equity: Retained Earnings, Capital Contributions.
- Revenue: Sales Income, Service Fees.
- Expenses: Cost of Goods Sold, Operating Expenses.
Caution: Modifying the COA after transactions have been posted can break historical reports. Always consult your accountant before restructuring.
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