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Account Codes

  • Student
  • 58 posts
  • # 114723

Is there an industry standard for Account Codes as found in the Chart of Accounts in most software? I was starting to knock up a spready for a small client and I thought I had better use standard coding if it exists. If not then I'll probably base them on Sage.

Cheers

Eb.

  • Member PM.Dip
  • Practice Licence
  • 157 posts
  • # 114726

There is no standard as such, people use Sage, because they were the first to use these in their software. You can use any numbering system you like provided you group types of nominal together eg all Revenue nominal in range 100 to 199, all direct expense in the range 200 to 299 and all current assets in range say 700 to 799 etc.

Whatever you choose just be consistent and name each nominal in a meaningful way.

In some modern accounting software you don't have to use account codes at all if you don't want to, as long as you assign each nominal an appropriate type.

  • Student
  • 58 posts
  • # 114728

Thanks for that Vip, I'm a little surprised the professional bodies didn't jump all over this years ago. It would make transferring accounts between software packages so much easier. Sage is the standard then.

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