The name of the account in the general ledger. The account names will depend on your type of business, but the classification and grouping should be similar to the sample cha… See more

Each account is given an account code or reference. In this sample chart of accounts, the code is a number, but could be any appropriate system which allows accounts to be group… See more

This column shows the financial statement in which the account appears, and for a profit making business is either the balance sheet of the income statement. See more

The group refers to the categorization of the account into one of the headings shown below. It generally helps to keep the most used accounts towards the top of each group as th… See more