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Typical charts of accounts have five primary accounts: assets, liabilities, equity, expenses and revenue. These accounts are used to generate balance sheets and income statements: Income statement = Expense + Revenue accounts. Balance sheet = Assets + Liabilities + Equity accounts.

The chart of accounts organizes your finances into five major categories, called accounts: assets, liabilities, equity, revenue and expenses.

How to Create Chart of Accounts (COA) Account GroupEnter the Chart of Accounts key in which the Account Group is to be created.Enter unique Account Group key.Enter Description for the Account Group.Enter the number range for the G/L account to be created in the Account Group.

Here's a step-by-step guide to making a chart of accounts:Create Parent Accounts. The parent accounts help you organize your unique business sub-accounts by category.Create Your Business's Accounts. When you create the accounts for your business, think about the type of business you run.Assign Account Numbers.

For example, if you buy a ladder for your roofing company, you can put it in the "equipment" account under assets, instead of dedicating an entire account to "ladders." Typical charts of accounts have five primary accounts: assets, liabilities, equity, expenses and revenue.

You just studied 61 terms! Five types of accounts are included here: assets, liabilities, and equity, as well as revenues and expenses.

The Chart of Accounts usually includes at least three columns:Account: Lists the account names.Type: Lists the type of account asset, liability, equity, income, cost of goods sold, or expense.Description: Contains a description of the type of transaction that should be recorded in the account.