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  1. Polaris Tax & Accounting
    https://polaristaxandaccounting.com › chart-of-accounts-the-ultimate-guide-with-examples

    Chart of Accounts: The Ultimate Guide with examples

    • Learn how to set up and use a chart of accounts, a listing of all accounts tracked by your business in your accounting software general ledger. See examples of a common chart of accounts and … See more

    What Is The Chart of accounts?

    As we discussed in our article: Bookkeeping Services for Small Business, the chart of accounts is a listing of all accounts tracked by your business in your accounting … See more

    Polaris Tax & Accounting
    Why Is The Chart of Accounts Important?

    Think about the chart of accounts as the foundation of a building, in the chart of accounts you decide how your transactions are categorized and reported in your financial st… See more

    Polaris Tax & Accounting
    Chart of Accounts Examples

    In virtually all accounting software, chart of accounts are grouped in a specific numeric range that identifies the type of account and where is reported in the financial statements… See more

    Polaris Tax & Accounting
    Chart of Accounts Contra Accounts

    You will notice in the example above that account code 480 Refunds is listed as a revenue account, but you might ask yourself: isn’t refunds a reduction of sales? Yes, these … See more

    Polaris Tax & Accounting
    How are accounting numbers assigned in a chart of accounts?
    Accounting numbers are assigned in a Chart of Accounts based on a numbering system that groups similar accounts. Typically, the sequence starts with assets, followed by liabilities, equity, revenue, and expenses. Assets might be assigned numbers starting with 1, liabilities with 2, and so forth.
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    Table of Contents
    What Is The Chart of accounts?
    Why Is The Chart of Accounts Important?
    Chart of Accounts Examples
    Chart of Accounts Contra Accounts
    How are accounting numbers assigned in a chart of accounts?
     
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