Sample Chart Of Accounts For Interior Design Company
As an interior design company, it is important to have a proper chart of accounts to keep track of your finances. A chart of accounts is a list of all the accounts that your company uses to record its financial transactions.
Asset Accounts
Asset accounts are accounts that represent what your company owns. In an interior design company, your asset accounts might include:
- Furniture Inventory
- Office Equipment
- Computer Software
- Security Deposits
Liability Accounts
Liability accounts are accounts that represent what your company owes. In an interior design company, your liability accounts might include:
- Credit Card Debt
- Loans Payable
- Taxes Payable
- Security Deposits From Clients
Equity Accounts
Equity accounts represent the value of your company if it were to be liquidated. In an interior design company, your equity accounts might include:
- Retained Earnings
- Owner's Equity
- Common Stock
Revenue Accounts
Revenue accounts are accounts that represent the money your company earns. In an interior design company, your revenue accounts might include:
- Design Fees
- Consultation Fees
- Commissions From Product Sales
Expense Accounts
Expense accounts are accounts that represent what your company spends money on. In an interior design company, your expense accounts might include:
- Rent Expense
- Utilities Expense
- Office Supplies Expense
- Travel Expense
Sample Chart Of Accounts
Here is a sample chart of accounts for an interior design company:
| Account Name | Account Number | Account Type |
|---|---|---|
| Furniture Inventory | 1000 | Asset |
| Office Equipment | 1010 | Asset |
| Computer Software | 1020 | Asset |
| Security Deposits | 1030 | Asset |
| Credit Card Debt | 2000 | Liability |
| Loans Payable | 2010 | Liability |
| Taxes Payable | 2020 | Liability |
| Security Deposits From Clients | 2030 | Liability |
| Retained Earnings | 3000 | Equity |
| Owner's Equity | 3010 | Equity |
| Common Stock | 3020 | Equity |
| Design Fees | 4000 | Revenue |
| Consultation Fees | 4010 | Revenue |
| Commissions From Product Sales | 4020 | Revenue |
| Rent Expense | 5000 | Expense |
| Utilities Expense | 5010 | Expense |
| Office Supplies Expense | 5020 | Expense |
| Travel Expense | 5030 | Expense |
Conclusion
A chart of accounts is an essential tool for any interior design company to keep track of their finances. By having a well-organized chart of accounts, you can ensure that your company is financially stable and profitable.
