2 A contractor s chart of accounts is the heart of the accounting system. Of particular importance is the cost of sales section (beginning in the series and ending in 43000). This is the area that distinguishes the contractor from most other industries and causes the most confusion for the bookkeeper. Many transactions, such as repairing a vehicle, could be recorded in different accounts. If the repair is for a construction vehicle, the invoice amount should be coded to account However, if the expense is for a vehicle used for office personnel, the expense should be coded to account The following chart is generic and should be considered a guide only. Because it was developed as a learning tool, each generic account is accompanied by a brief description of the transaction type that should be coded to the account.
3 ASSETS CURRENT ASSETS CASH CASH - PETTY - Control for all petty cash accounts whether in office or by construction superintendent in the field CASH - GENERAL - Demand deposits in banks for all regular trade receipts and disbursements CASH - PAYROLL - Imprest accounts for payroll checks. Replenish each pay period by an amount equal to the total of all paychecks issued SHORT-TERM INVESTMENTS SAVINGS DEPOSITS - Funds deposited in banks, brokage houses, and saving and loan accounts for the purpose of obtaining interest income OTHER (NAME) - Other investments maturing in the current year such as PBGs or SLCs RECEIVABLES CONTRACTS RECEIVABLE, TRADE - Amounts due for services and materials performed on open account CONTRACTS RECEIVABLE, RETENTION - Balance due on the portion of contracts receivable, trade which are held until the work is deemed complete or the job is complete ACCOUNTS RECEIVABLE, OTHER - Amounts due from persons or organizations which do not arise from typical functions of business NOTES RECEIVABLE, TRADE - Unpaid balance of notes received in full or partial settlement of open or short-term accounts NOTES RECEIVABLE, OTHER - Notes due from persons or organizations which do not arise from typical functions of business UNDERBILLINGS - Contracts and estimated earnings in excess of billings on uncompleted jobs ACCRUED INTEREST RECEIVABLE - Interest accrued but not received from all sources, e.g., bonds, notes, etc ALLOWANCE FOR DOUBTFUL ACCOUNTS - Amounts provided to cover estimated loss from uncollectible accounts and notes receivable.
4 13000 INVENTORY MERCHANDISE INVENTORY - Control account for book value of construction materials purchased and stored, i.e., not directly charged to the job. The inventory can be stored at the business or on the job site. Credit as material is drawn from stock for use in specific jobs on a cost-per-item basis and charge the cost to the applicable job OTHER CURRENT ASSETS REFUNDABLE DEPOSITS - Deposits with governmental agencies and utility companies held for performance or completion of operation PREPAYMENTS Prepaid insurance - Charge all insurance premiums to this account. Credit with the expense as it is amortized to the appropriate expense account Prepaid commitment fees - Charge with commitment fees paid in advance and credit at the time the expense is incurred Prepaid interest - Charge with interest paid in advance and credit at the time the expense is incurred Prepaid taxes - Charge with taxes at the time they are paid and credit monthly for the applicable pro rata expense SALARY ADVANCES - Charge with salary advances and credit with repayments EMPLOYEE INSURANCE - Charge with payment by company and credit when withheld or paid by employee OTHER - Current costs or amounts due which are not otherwise classified INVESTMENTS AND OTHER ASSETS CASH SURRENDER VALUE OF OFFICERS' LIFE INSURANCE - Accumulated cash surrender net value of any outstanding loans on life insurance carried on officers' of the company DUE FROM PUBLIC AGENCIES - Expenditures for public improvements to be reimbursed by municipalities from future appropriations DUE FROM OFFICERS - Amounts due from company officers which are to be carried for an indefinite period of time. May be interest bearing notes or open accounts. This practice is discouraged and could result in some
5 unpleasant tax consequences ORGANIZATION EXPENSE - Legal fees, corporate charter fees and other organization costs which are normally capitalized. Amortization of these fees should be credited directly from this account PROPERTY, PLANT, AND EQUIPMENT LAND - Only land acquired for the purpose of constructing company offices, warehouses, etc BUILDINGS AND IMPROVEMENTS - Only the costs related to offices, field offices, warehouses, and other company structures used in the business FURNITURE AND EQUIPMENT - Office furniture and fixtures and equipment used by administrative and office personnel MOTOR VEHICLES - Automobiles and trucks owned by the company CONSTRUCTION EQUIPMENT - The cost of all construction equipment capitalized, but not including licensed motor vehicles charged to account OTHER - Capitalized assets not otherwise classified ACCUMULATED DEPRECIATION BUILDINGS AND IMPROVEMENTS - Accumulated depreciation of assets carried in account Charge expenses to account for depreciation on buildings & improvement used by operating personnel, and to account for depreciation on buildings & improvements used by office personnel FURNITURE AND EQUIPMENT - Accumulated depreciation of assets carried in account Charge expense to account MOTOR VEHICLES - Accumulated depreciation on assets carried in account Charge account for depreciation on vehicles used by operating personnel, and account for depreciation on vehicles used by administrative personnel CONSTRUCTION EQUIPMENT - Accumulated depreciation on assets carried in account Charge account for depreciation accumulated in this account OTHER - Capitalized assets not otherwise capitalized. LIABILITIES AND EQUITY CURRENT LIABILITIES DEPOSITS BY CUSTOMERS
6 21110 DEPOSITS ON PURCHASES - Potentially refundable deposits held pending credit approval of the buyer. When deposit is no longer refundable transfer to account ACCOUNTS PAYABLE ACCOUNTS PAYABLE, TRADE - Amounts payable on open account with suppliers, subs, rentals, etc ACCOUNTS PAYABLE, RETENTION - Amounts payable on open accounts when the work is completed or when the money is collected on the job ACCOUNTS PAYABLE, OTHER - Other short-term open accounts due to nontrade individuals or companies NOTES PAYABLE NOTES PAYABLE, TRADE - Unpaid balance of notes issued in settlement of open or short-term accounts NOTES PAYABLE, OTHER - Notes payable to banks, other financial institutions, officers, and others DEFERRED INCOME - Credit this account with billings on open contracts (when converting from the accrual method to the percentage complete method of accounting), and advances paid by tenants, or other sources for which income is not yet earned. Charge this account at the time the revenue is actually earned and credit the appropriate income account TAXES PAYABLE EMPLOYEE PAYROLL TAXES FEDERAL WITHHELD TAXES - Credit amounts withheld from employees and charge with payments to the IRS STATE WITHHELD TAXES - Credit amounts withheld from employees and charge with payments to the State FICA TAXES - Credit with funds withheld from employees and charge with payments to the IRS MEDICARE TAXES - Credit with funds withheld from employees and charge with payments to the IRS EMPLOYER PAYROLL TAXES AND INSURANCE FICA TAXES - Credit with the employer's share of FICA liability and charge with payments to
7 the IRS MEDICARE TAXES - Credit with the employer's share of medicare liability and charge with payments made to IRS WORKMAN'S COMPENSATION INSURANCE - Credit with the monthly expense and charge with the payments made STATE UNEMPLOYMENT TAX - Credit with the liability for SUTA and charge with payments made FEDERAL UNEMPLOYMENT TAX - Credit with the liability for FUTA and charge with payments made to the IRS SALES AND USE TAX - Credit with the amount of tax received from purchasers and charge with payments to the applicable taxing authority REALTY TAX - Credit with the liability incurred to date and charge with payments made PERSONAL PROPERTY TAX - Credit with the liability incurred to date and charge with payments made STATE INCOME TAX PAYABLE - Credit with current liability for state income taxes and charge with payments to the state taxing authority FEDERAL INCOME TAX PAYABLE - Credit with the current liability for federal income taxes and charge with payments to the IRS DEFERRED INCOME TAXES PAYABLE - Credit with the current portion of deferred income taxes OVERBILLINGS - Billings in excess of costs and estimated earnings on uncompleted contracts ACCRUED INTEREST PAYABLE - Credit with interest accrued and payable OTHER CURRENT LIABILITIES ACCRUED SALARIES AND WAGES - Control accounts for accrued salaries and wages and related special funds NONCURRENT LIABILITIES LONG-TERM NOTES PAYABLE - Liability for notes due beyond one year. The Company should consider setting up an account for each note payable and periodically adjust the short-term portion ( or have the Company's CPA make the adjustment).
8 22200 MORTGAGES PAYABLE - Control account for mortgages due beyond one year on rental properties, land and buildings, and improvements LONG-TERM DEFERRED INCOME TAXES PAYABLE - Credit with the long-term portion of deferred income taxes payable EQUITY COMMON STOCK - Par or stated value of common outstanding stock ADDITIONAL PAID-IN-CAPITAL - Amounts received for common stock which is in excess of the par or stated value RETAINED EARNINGS - Prior years accumulation of earnings. DO NOT CREDIT OR CHARGE THIS ACCOUNT WITH CURRENT YEARS PROFITS OR LOSSES CURRENT YEAR'S PROFIT AND/OR LOSS - Credit or charge with the current year's profit or loss OTHER - Equity accounts not otherwise classified above, such as Treasury stock. REVENUE AND EXPENSES SALES CONSTRUCTION SALES - Revenue earned or billings accrued. Its easier, depending on the client's accounting expertise, to credit this account with billings (the accrual method) rather than perform percentage of complete calculations. Please keep in mind the revenue recognized will most likely be materially misstated using the accrual method. Consult with your CPA when converting from the accrual to the percentage complete method OTHER SALES - Revenue received from miscellaneous jobs OTHER REVENUE RENTAL INCOME - Revenue received from rental of investment property, office space, etc INVESTMENT INCOME - Revenue received from investments other than rental property, such as dividends, interest income on bonds and savings deposits, etc MISCELLANEOUS INCOME - Revenue received from work other than the primary operation of business. An example might be the revenue received from litigation support.
9 40000 COST OF SALES COST OF CONSTRUCTION SALES - These are costs directly attributable to specific jobs. Due to the uniqueness of each contractor, the following accounts are for representative purposes only LABOR MATERIAL SUBCONTRACTORS EQUIPMENT AND VEHICLES OTHER INDIRECT CONSTRUCTION COSTS - These charges are more or less variable with volume but not likely to be in exact proportion to volume and are not precisely attributable to one specific job SALARIES, WAGES, AND FEES SUPERINTENDENTS - Wages of supervisory foreman for time spent in organization and planning or supervising crews. Does not include the company general superintendent who is charged to G&A. Does not include the working foreman who work on a specific job along with their crew PURCHASING - Salaries of persons who perform purchasing functions. Company supervisory personnel in this area are charged to G & A expense OTHER - Timekeepers, dispatchers, etc. Salaries and wages of personnel directly engaged in the operations who are not identified with a specific unit in the job cost records EQUIPMENT EXPENSE, COMPANY OWNED AND RENTAL REPAIRS - Maintenance and repair costs on equipment FUEL, OIL, AND LUBRICATION - Servicing costs for construction equipment, such as generators, compressors, tractors, graders, etc OPERATORS' SALARIES AND WAGES - Wages of full or part-time employees directly attributable to the operation of equip-
10 ment, the other costs for which are included in these accounts TAXES AND INSURANCE - Taxes and insurance required on equipment DEPRECIATION - Depreciation of all construction equipment. Charge when crediting account TOOL EXPENSE - Difference between beginning and ending inventory RENTAL EXPENSE - Cost of renting equipment not directly attributable to one job RENTAL INCOME CREDIT - Credit amount charged to jobs for use of owned equipment. Charge to account when crediting this account AUTOMOBILE AND TRUCK EXPENSE REPAIRS - Maintenance and repair costs on automobiles and trucks FUEL, OIL, AND LUBRICATION - Servicing costs automobiles and trucks used by operations OPERATORS' SALARIES AND WAGES - Wages of drivers directly attributable to construction operations when not chargeable to a specific job TAXES AND INSURANCE - Property damage and liability insurance, license and fees, and taxes on vehicles used by the production department DEPRECIATION - Depreciation for all automobiles and trucks used in operations. Credit account when charging this account RENTAL EXPENSE - Cost of renting equipment used in operations but not directly identified with a specific job RENTAL INCOME CREDIT - Credit amount charged to jobs for use of owned vehicles. Charge account when crediting this account OTHER INDIRECT EXPENSES WARRANTY EXPENSE - Labor and material required to repair, replace, or service any item deemed defective as a result of
11 poor materials or workmanship after possession by the owner LOST TIME - Cost of time spent away from the job by non-salaried employees as a result of attendance at meetings, public relations activities, paid vacations, time of productions personnel in waiting on the job for an occurrence such as material delivery MISCELLANEOUS MATERIALS - Stakes, forms, and other material not directly attributable to a specific job LICENSE BOND - Cost of securing a license bond, this does not include bid and performance bonds which are costs directly charged to the job that is bonded DEPRECIATION - Depreciation on all buildings and improvements used for purposes other than office facilities. The respective credit, partial if applicable, is to account MISCELLANEOUS - All other indirect costs, e.g., vandalism, arbitrated adjustments, product insurance, etc COST OF OTHER SALES - Cost incurred on miscellaneous jobs COST OF OTHER REVENUES - Cost incurred associated with other revenues FINANCING EXPENSE INTEREST ON NOTES - Interest charges on loans with banks and other lending institutions OTHER - Those costs not otherwise classified MARKETING EXPENSE ADVERTISING - Cost of advertising which is directly related to selling a specific job or community ESTIMATORS' SALARIES AND WAGES - Salaries and wages for the company's estimators GENERAL AND ADMINISTRATIVE EXPENSE OFFICERS' SALARIES - Salaries paid to company officers OTHER SALARIES AND WAGES - Salaries and wages paid to clerical and other personnel whose work is not directly related to operations.
12 71300 PAYROLL TAXES AND EMPLOYEE BENEFITS HEALTH AND ACCIDENT INSURANCE - Premiums paid by the Company for all personnel other than direct labor FICA TAXES - Employer's share of FICA taxes on the salaries and wages of all personnel other than direct workers MEDICARE TAXES - Employer's share of Medicare Taxes on the salaries and wages of all personnel except direct labor WORKMAN'S COMPENSATION - Insurance premiums for workman's compensation for all employees except direct labor STATE UNEMPLOYMENT COMPENSATION - Tax paid to the State unemployment fund for all personnel other than direct labor FEDERAL UNEMPLOYMENT COMPENSATION - Tax paid to the Federal unemployment fund for all personnel other than direct labor OFFICE EXPENSE RENT - Payments made for the facilities used by the Company's general and administrative personnel SUPPLIES - Printing, stationery, drafting, ribbons, and all other supplies used by the office personnel POSTAGE AND MAILING - Charge all administrative expense for all mailing charges except those specifically applicable to another function or department REPAIRS AND MAINTENANCE - Control account for all interior and exterior administrative office building maintenance and repairs, including janitorial services, landscaping, window washing, etc OFFICE MACHINES AND EQUIPMENT - All contracts and other charges for maintenance or rental on office equipment HEAT, LIGHT, AND POWER - Cost of utilities which serve the administrative offices TELEPHONE - Includes standard monthly charge and long-distance calls not applied to other functions or departments MISCELLANEOUS OFFICE EXPENSE - Office expenses not
13 otherwise classified DEPRECIATION AND AMORTIZATION BUILDINGS AND IMPROVEMENTS - Depreciation on buildings and improvements utilized by the general and administrative personnel. Credit account, partially if applicable, AUTOMOBILES - Depreciation charges on company autos used by office personnel. Credit account, partially if applicable, FURNITURE AND EQUIPMENT - Depreciation charges on furniture, fixtures, office machines, and equipment. Credit account ORGANIZATION EXPENSE - Write-off organization costs, including legal fees, relocation expenses, etc. Credit account when charging this account IDLE EQUIPMENT AND VEHICLE EXPENSE - If the company is underutilizing construction equipment, it should charge the underutilized expense to this account OTHER - Depreciation and amortization charges not otherwise classified TAXES SALES AND USE TAXES - Tax on purchase of office equipment and general supplies, but not on purchase of direct construction material. Taxes on the purchase of large items can either be expensed or capitalized, and the decision should be made in conjunction with other tax issues REALTY TAXES - Tax on property used for company offices and realty taxes not charged elsewhere PERSONAL PROPERTY TAXES - Assessment on personal property owned by the company LICENSE FEES - Registrations, municipal fees, operating permits, etc OTHER - Any taxes not otherwise classified INSURANCE HAZARD - Fire and extended coverage on buildings and content VEHICLES - Coverage for company owned vehicles, but not including construction trucks and vehicles which should be charged to account
14 75300 GENERAL LIABILITY - Cost of liability insurance other than on construction equipment and vehicles which should be charged to accounts and respectivably OTHER - Any insurance premiums not otherwise classified PROFESSIONAL FEES ACCOUNTING - Services rendered by an outside accounting firm. Preferably Mike Civalier, P.C LEGAL - Charges submitted by legal counsel for all services rendered OTHER - Professional fees not otherwise classified TRAVEL AND ENTERTAINMENT AUTOMOBILE EXPENSE - Gas, oil, repairs, maintenance, licenses, mileage reimbursements, and other automobiles expenses incurred by administrative and office personnel TRANSPORTATION EXPENSE - Transportation other than automobiles MEETINGS - Expenses incurred by officers and other employees in representing the company before groups, attendance at industry meetings, etc BUSINESS ENTERTAINMENT - Expenses incurred for entertainment purposes, e.g., customers, suppliers, etc OTHER - Other travel and entertainment expenses incurred by the G & A personnel and not otherwise classified CONTRIBUTIONS - Add subaccounts for each donee OTHER CORPORATE EXPENSE - Trustees' fees, escrow charges, and other miscellaneous charges not directly related to the operations or sales department CONTRIBUTIONS TO BONUS PLAN - Employer contributions to an employee profit-sharing trust or plan, or any distribution of bonus or profits to employees DUES AND SUBSCRIPTIONS - Trade association dues and contributions, magazines, newspapers, trade journals, business publications, reports, and manuals.
15 79500 MISCELLANEOUS - Charges not otherwise classified OTHER INCOME AND EXPENSES OTHER INCOME DISCOUNTS - Purchase discounts not recorded as a reduction of applicable expense REBATES OR REFUNDS - Rebates or refunds which cannot be identified with a specific expense GAIN ON SALE OF ASSETS - To record gain on sale of autos, furniture, equipment and any other fixed assets RECOVERY OF BAD DEBT - Revenue received from customers and others whose accounts had been written off in prior years OTHER INCOME - Income not otherwise classified OTHER EXPENSE BAD DEBT EXPENSE - Open accounts or notes receivable which are considered uncollectible LOSS ON SALE OF ASSETS - To record loss on sale of autos, furniture, equipment and any other fixed assets OTHER EXPENSE - Expenses not otherwise classified PROVISION FOR INCOME TAX - STATE PROVISION FOR INCOME TAX - FEDERAL PROVISION FOR INCOME TAX - DEFERRED
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business builder 4 how to prepare a cash flow statement zions business resource center zions business resource center 2 how to prepare a cash flow statement A cash flow statement is important to your business
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