Acounting 101: Looking for examples of typical charges for standard accounts?

[Fran]

- In most software accounting packages they provide a chart-of-accounts...

- The actual accounts may vary depending on personal use or business type

- What seems to be missing is a good list of typical charges for each account type that may guide the novice user... and assist in helping them more properlly allocating expenses and incomes to the proper categories...

- For instance...what would typically be charged to an account category named "Other Transporation" ?

When there may already be categories named "Transportation", "Travel", etc.

Thanks for any help.

 

[Accountancycrusader]

Hi Fran,

it really depends on the nature of the business,

for example, if the business regularly uses Trains, and its quite a high cost, you may want to allocate Taxis, Buses, Planes etc to a different account to keep the costs seperate, this is were you could use the "other transportation" account. strickly speaking though you don't need to use every account in the chart of accounts, so you could just post All travel to the same account