Explanation
A clean chart of accounts produces clean financial statements; a messy one obscures performance and triggers lender stipulations.
Accounts are typically grouped into assets, liabilities, equity, revenue, and expenses.
Examples
- •1000s — Assets
- •2000s — Liabilities
- •3000s — Equity
- •4000s — Revenue
- •5000s — Cost of goods sold
- •6000s+ — Operating expenses
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