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Chart of Accounts

Examples of Charts of Accounts
  1. The "MYOB" Chart of Accounts
    Certain accounts in MYOB are linked to others and shouldn't be changed without changing the "links"

  2. "QuickBooks" Chart of Accounts
    There are two main types of accounts in the QuickBooks Chart of Accounts: Balance sheet accounts and Income and expense accounts. Detailed description of Accounts in Quickbooks

  3. "Oracle " Chart of Accounts
    Targets medium to large sized business.

  4. Property Development Expenses
    An example of a spreadsheet for recording Property Development expenses for an individual property which would provide an ongoing balance.


The Chart of Accounts or Accounts List provides the account numbers and descriptions for data entry and posting of the data to the ledgers.

  Customising the Chart of Accounts

The Chart of Accounts is usually designed to meet Tax Reporting requirements as well as customised to meet the particular needs of the business. Setting up new accounts will involve selecting a GST tax code. Note: N-T codes are not reportable on the BAS.

  1. The initial chart of accounts should be input according to the last Profit and Loss and Balance Sheet prepared by the Accountant. If it is a new business, you may wish to start with a standard chart of accounts provided in your Accounting Software and modify to suit the business needs.

  2. All current assets such as bank accounts, accounts receivable, loans and inventory should have N-T / EXEMPT as the tax code

  3. Fixed asset accounts, such as plant and equipment, motor vehicles, furniture, computer equipment etc should have CAP 10% as the tax code.

  4. All liability and equity accounts should have N-T/EXEMPT as the Tax Code.

  5. Most income accounts should have GST 10% as the tax code. If the business sells GST free Goods or services, the tax code should be FRE or EXEMPT.

  6. To ensure the correct GST codes are applied to accounts, header and detail accounts may be added or accounts may be grouped together. e.g.

      Header: Bank Charges
    • Detail: bank fees - GST FRE or EXEMPT
    • Detail: merchant fees - GST 10%
    • Detail: interest - GST FRE or EXEMPT

      Header: Legal Expenses
    • Detail: Debt Collection - GST FRE or EXEMPT
    • Detail: Solicitors Fees - GST 10%
    • Detail: Stamp Duty - GST FRE or EXEMPT

      Header: Motor Vehicle Expenses
    • Detail: Depreciation - GST FRE or EXEMPT
    • Detail: Fuel and Oil - GST 10%
    • Detail: Insurance Part GST 10% as advised.
    • Detail: Interest on HP GST FRE or EXEMPT
    • Detail: Leasing Costs GST 10%
    • Detail: Licence Renewal GST FRE or EXEMPT
    • Detail: Private use NT or EXEMPT
    • Detail: Registration - GST FRE or EXEMPT
    • Detail: Repairs and Maintenance GST 10%

      Header: Staff Expenses
    • Detail: Directors Fees - NT or EXEMPT
    • Detail: First Aid Supplies - GST FRE or EXEMPT
    • Detail: Milk, Tea, Coffee - GST FRE Non Ded.
    • Detail: Salary & Wages - NT or EXEMPT
    • Detail: Subcontractors GST 10%
    • Detail: Subcontractors- non reg FRE or EXEMPT
    • Detail: Superannuation - NT or EXEMPT

      Header: Telephone
    • Detail: Broadband - GST 10%
    • Detail: Fax line - GST 10%
    • Detail: Phone card GST FRE
    • Detail: Mobile - GST 10%
    • Detail: Telephone - GST 10%

      Header: Travelling Expenses
    • Detail: Domestic - GST 10%
    • Detail: Overseas - GST FRE or EXEMPT