Chart of Accounts

Chart of Accounts | Bestar

Chart of Accounts

The chart of accounts is a list of all accounts you can use to record your transactions in an accounting system. It helps you categorise your transactions correctly and group similar accounts together to generate reports about your organisation.

Financial reports draw on each account to show how your business is performing.

​Code	​Account Name	Type	​Tax
200	​Sales Income from any normal business activity	​Revenue	​Standard-Rated Supplies
​260	Other Revenue Any other income that does not relate to normal business activities and is not recurring	​Revenue	Standard-Rated Supplies
270	​Interest Income Interest income	​Revenue	Out Of Scope Supplies
310	​Cost of Goods Sold Cost of goods sold by the business	​Direct Cost	​Standard-Rated Purchases
​400	​Advertising Expenses incurred for advertising while trying to increase sales	​Expense	​Standard-Rated Purchases
​404	​Bank Fees Fees charged by your bank for transactions regarding your bank account(s).	​Expense	​Out Of Scope Purchases
​408	​Cleaning Expenses incurred for cleaning business property.	​Expense	​Standard-Rated Purchases
​412	​Consulting & Accounting Expenses related to paying consultants	​Expense	​Standard-Rated Purchases
​416	​Depreciation The amount of the asset's cost (based on the useful life) that was consumed during the period	​Expense	​Out Of Scope Purchases
​420	​Entertainment Expenses paid by company for the business	​Expense	​Standard-Rated Purchases
​425	Freight & Courier Expenses incurred on courier & freight costs	​Expense	​Standard-Rated Purchases
​429	​General Expenses General expenses related to the running of the business	​Expense	​Standard-Rated Purchases
​433	​Insurance Expenses incurred for insuring the business' assets	​Expense	​Out Of Scope Purchases
​437	​Interest Expense Any interest expenses paid to your tax authority, business bank accounts or credit card accounts.	​Expense	Out Of Scope Purchases
441	​Legal Expenses Expenses incurred on any legal matters	​Expense	​Standard-Rated Purchases
​445	Light, Power, Heating Expenses incurred for lighting, powering or heating the premises	​Expense	​Standard-Rated Purchases
​449	​Motor Vehicle Expenses Expenses incurred on the running of company motor vehicles	​Expense	​Standard-Rated Purchases
453	​Office Expenses General expenses related to the running of the business office.	​Expense	​Standard-Rated Purchases
461	​Printing & Stationery Expenses incurred by the entity as a result of printing and stationery	​Expense	​Standard-Rated Purchases
​469	​Rent The payment to lease a building or area.	​Expense	​Standard-Rated Purchases
​473	​Repairs and Maintenance Expenses incurred on a damaged or run down asset that will bring the asset back to its original condition	​Expense	​Standard-Rated Purchases
​477	​Wages and Salaries Payment to employees in exchange for their resources	​Expense	​Out Of Scope Purchases
478	​Superannuation Superannuation contributions	​Expense	​Out Of Scope Purchases
​485	​Subscriptions E.g. Magazines, professional bodies	​Expense	​Standard-Rated Purchases

​489	​Telephone & Internet Expenditure incurred from any business-related phone calls, phone lines, or internet connections	​Expense	​Standard-Rated Purchases
​493	​Travel - National Expenses incurred from domestic travel which has a business purpose	​Expense	​Standard-Rated Purchases
​494	​Travel - International Expenses incurred from international travel which has a business purpose	​Expense	​Out Of Scope Purchases
​497	​Bank Revaluations Bank account revaluations due for foreign exchange rate changes	​Expense	​No Tax
​498	​Unrealised Currency Gains Unrealised currency gains on outstanding items	​Expense	​No Tax
​499	​Realised Currency Gains Gains or losses made due to currency exchange rate changes	​Expense	​No Tax
​505	​Income Tax Expense A percentage of total earnings paid to the government	​Expense	​No Tax
​610	​Receivable Accounts Outstanding invoices the company has issued out to the client but has not yet received in cash at balance date	​Current Asset	​No Tax
​620	​Prepayments An expenditure that has been paid for in advance	​Current Asset	​Standard-Rated Purchases
​630	​Inventory Value of tracked items for resale	​Inventory	​No Tax
​710	​Office Equipment Office equipment that is owned and controlled by the business	​Fixed Asset	​Standard-Rated Purchases
​711	​Less Accumulated Depreciation on Office Equipment The total amount of office equipment cost that has been consumed by the entity (based on the useful life)	​Fixed Asset	​No Tax
​720	​Computer Equipment Computer equipment that is owned and controlled by the business	​Fixed Asset	​Standard-Rated Purchases
​721	​Less Accumulated Depreciation on Computer Equipment The total amount of computer equipment cost that has been consumed by the business (based on the useful life)	​Fixed Asset	​No Tax
​800	​Accounts Payable Outstanding invoices the company has received from suppliers but has not yet paid at balance date	​Current Liability	​No Tax
​801	​Unpaid Expense Claims Expense claims typically made by employees/shareholder employees still outstanding	​Current Liability	​No Tax
​803	​Wages Payable Xero automatically updates this account for payroll entries created using Payroll and will store the payroll amount to be paid to the employee for the pay run. This account enables you to maintain separate accounts for employee Wages Payable amounts and Accounts Payable amounts	​Current Liability	​No Tax
​820	​GST The balance in this account represents GST owing to or from your tax authority. At the end of the tax period, it is this account that should be used to code against either the 'refunds from' or 'payments to' your tax authority that will appear on the bank statement. Xero has been designed to use only one GST account to track GST on income and expenses, so there is no need to add any new GST accounts to Xero	​Current Liability	​No Tax
​825	​Employee Tax Payable The amount of tax that has been deducted from wages or salaries paid to employees and is due to be paid	​Current Liability	​No Tax
​826	​Superannuation Payable The amount of superannuation that is due to be paid	​Current Liability	​No Tax
​830	​​Income Tax Payable The amount of income tax that is due to be paid, also resident withholding tax paid on interest received	​Current Liability	​No Tax
​840	Historical Adjustment For accountant adjustments	​Current Liability	​No Tax
850	​Suspense An entry that allows an unknown transaction to be entered, so the accounts can still be worked on in balance and the entry can be dealt with later	​Current Liability	​No Tax
​860	​Rounding An adjustment entry to allow forrounding	​Current Liability	​No Tax
​877	​Tracking Transfers Transfers between tracking categories	​Current Liability	​No Tax

​880	​Owner A Drawings Withdrawals by the owners	​Current Liability	​No Tax
​881	​Owner A Funds Introduced Funds contributed by the owner	​Current Liability	​No Tax
​900	​Loan Money that has been borrowed from a creditor	​Non-current Liability	​No Tax
​960	​Retained Earnings Do not Use	​Equity	​No Tax
​970	​Owner A Share Capital The value of shares purchased by the shareholders	​Equity	​No Tax

Sage Chart of Accounts

How Bestar can Help

Bestar is a leading accounting firm in Singapore that offers a wide range of services, including chart of accounts setup. Bestar's team of experienced accountants can help you create a chart of accounts that is tailored to your specific business needs and complies with all applicable Singapore accounting standards.

Here are some of the ways that Bestar can help you with your chart of accounts in Singapore:

• Identify your business needs. Bestar will start by understanding your business and its unique accounting requirements. This will help us to create a chart of accounts that is both comprehensive and easy to use.

• Set up your chart of accounts. Bestar will help you to set up your chart of accounts in your accounting software. This includes creating the necessary accounts and assigning them to the correct account types.

• Provide training and support. Bestar will provide training to your staff on how to use your new chart of accounts. We will also be available to provide ongoing support and advice as needed.

In addition to the above, Bestar can also help you to:

• Review and update your chart of accounts as needed. Your business needs may change over time, so it is important to review and update your chart of accounts regularly. Bestar can help you to ensure that your chart of accounts is always up-to-date and compliant with all applicable accounting standards.

• Provide guidance on complex accounting issues. Bestar's team of accountants has a deep understanding of Singapore accounting standards and best practices. We can provide guidance on complex accounting issues, such as the classification of assets and liabilities, and the treatment of specific transactions.

If you are looking for help with your chart of accounts in Singapore, Bestar is a great option. Our team of experienced accountants can help you to create a chart of accounts that is tailored to your specific business needs and complies with all applicable accounting standards.

Contact us today!