Account category | Debit or credit | FSIC | Description | |
1110 Cash and cash equivalents | D | CCE | Includes all assets that can be turned to cash in the near term. This includes cash accounts, marketable securities, and so forth. | |
1111 Credit card receipts | D | CCE | Where credit card receipts are posted. These are essentially the same as cash. | |
1121 Accounts receivable | D | AR | Includes only trade AR accounts. Special accounts set up for employee receivables should be classified as other current assets. | |
1122 Allowance for bad debts | D | ABD | Applies only to the trade AR accounts. It is a contra account where the allowance for noncollectible or doubtful AR is recorded. | |
1130 Inventory | D | INV | Includes all types of inventory accounts. | |
1190 Other current assets | D | OCA | Includes all current assets not specifically designated in other asset categories. | |
1211 Property, plant, and equipment | D | PPE | Includes only the cost of the assets. A separate category is provided for the accumulated depreciation. | |
1212 Accumulated depreciation | D | AD | Contra account used to record the accumulated depreciation for the assets (plant, property, and equipment). | |
1290 Other noncurrent assets | D | ONCA | For all noncurrent assets except property, plant, and equipment. | |
2110 Accounts payable | C | AP | For trade accounts payable only. | |
2120 Short-term debt | C | STD | Records debt that will be fulfilled within the current year. | |
2130 Credit cards payable | C | OCL | For accounts where credit card purchases are recorded. | |
2190 Other current liabilities | C | OCL | Includes all other current liabilities except accounts payable and short-term debt. | |
2210 Long-term debt | C | LTD | Records debt that is more than one year in duration. | |
2240 Other noncurrent liabilities | C | ONCL | Records all noncurrent liabilities other than long-term debt. | |
3100 Equity | C | EQ | Includes capital stock or other paid-in capital. Accumulated dividends are also included in this group. | |
3200 Retained earnings | C | RE | Includes retained earnings for all prior years. If a special account is used for closing revenue and expense accounts during year-end processing, it should be either in this category or in Revenue/expense clearing. | |
3999 Revenue/ expense clearing | C | RE | Reserved for the account used to close out the revenue and expenses as part of the year-end closing procedures. | |
4000 Net sales | C | NS | Includes all sales accounts as well as returns and allowances. | |
5000 Cost of sales | D | COS | Includes all direct costs of sales. | |
6100 Amortization & depreciation exp | D | ADE | Includes the expense to record depreciation and amortization costs. This is a non-cash type expense. | |
6200 Bad debt expense | D | BDE | Includes all bad debt expense. This is a non-cash expense. | |
6300 Officer compensation | D | OC | Includes only accounts that are used to record expenses for compensation to officers of the company. | |
6400 Interest expense | D | INT | Includes only accounts to record interest expense. | |
6500 Operating expense | D | OOE | Includes all expenses that are not specifically identified elsewhere. | |
7100 NonOperating income | C | ONOI | Includes all revenue not identified as net sales. | |
7200 NonOperating expense | D | ONOE | Records any other nonoperating expense. | |
8000 Income taxes | D | IT | Records state and federal income taxes paid. Income tax refunds should also be recorded in this group. |
Microsoft Small Business Financial Manager Copyright © 1996-1998 Microsoft Corporation
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