Chart of Accounts

WB Home Time-Vashar 95 

All accounts as at 17 November 2020 
Code Account Name Type Tax

401 Accounting/Bookkeeping Fees Expense Exempt Tax

200 Accounts Payable Current Liability Tax Exempt
Outstanding invoices the company has
received from suppliers but has not yet paid
at balance date
120 Accounts Receivable Current Asset Tax Exempt
Outstanding invoices the company has
issued out to the client but has not yet
received in cash at balance date.
600 Advertising Expense Tax on Purchases
Expenses incurred for advertising while
trying to increase sales
648 Automobile Expenses Expense Tax on Purchases
Expenses incurred on the running of
company automobiles.
690 Bad Debts Expense Tax Exempt
Noncollectable accounts receivable which
have been written off.
810 Bank Revaluations Expense Tax Exempt
Bank account revaluations due for foreign
exchange rate changes
604 Bank Service Charges Expense Tax Exempt
Fees charged by your bank for transactions
regarding your bank account(s).
402 Borrowing cost – Fees charged in Expense Tax on Purchases
relation to property purchase
330 Common Stock Equity Tax Exempt
The value of shares purchased by the
shareholders
160 Computer Equipment Fixed Asset Tax on Purchases
Computer equipment that is owned and
controlled by the business
161 Less Accumulated Depreciation Fixed Asset Tax Exempt
on Computer Equipment
The total amount of computer equipment
cost that has been consumed by the
business (based on the useful life)
612 Consulting & Accounting Expense Tax on Purchases
Expenses related to paying consultants
500 Cost of Goods Sold Direct Cost Tax on Purchases
Cost of goods sold by the business
102 Credit card Bank Tax Exempt
700 Depreciation Expense Tax Exempt
The amount of the asset's cost (based on
the useful life) that was consumed during
the period
676 Dues & Subscriptions Expense Tax on Purchases
E.g. Magazines, professional bodies
230 Employee Tax Payable Current Liability Tax Exempt
The amount of tax that has been deducted
from wages or salaries paid to employes
and is due to be paid
620 Entertainment Expense Tax Exempt

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Chart of Accounts

Code Account Name Type Tax

Expenses paid by company for the business

but are not deductable for income tax
purposes.
202 Garage/Parking Income Revenue Exempt Tax
628 General Expenses Expense Tax on Purchases
General expenses related to the running of
the business.
255 Historical Adjustment Current Liability Tax Exempt
For accountant adjustments
710 Income Tax Expense Expense Tax Exempt
A percentage of total earnings paid to the
government.
240 Income Tax Payable Current Liability Tax Exempt
The amount of income tax that is due to be
paid, also resident withholding tax paid on
interest received.
632 Insurance Expense Tax on Purchases
Expenses incurred for insuring the
business' assets
800 Interest Expense Expense Tax Exempt
Any interest expenses paid to your tax
authority, business bank accounts or credit
card accounts.
470 Interest Income Revenue Tax Exempt
Interest income
140 Inventory Inventory Tax Exempt
Value of tracked items for resale.
608 Janitorial Expenses Expense Tax on Purchases
Expenses incurred for cleaning business
property.
640 Legal Expenses Expense Tax on Purchases
Expenses incurred on any legal matters
290 Loan Non-current Liability Tax Exempt
Money that has been borrowed from a
creditor
203 Loan A/C - Fairfield Road – 5658 Non-current Liability Tax Exempt
204 Loan A/C - Station Street - 1222 Non-current Liability Tax Exempt
150 Office Equipment Fixed Asset Tax on Purchases
Office equipment that is owned and
controlled by the business
151 Less Accumulated Depreciation Fixed Asset Tax Exempt
on Office Equipment
The total amount of office equipment cost
that has been consumed by the entity
(based on the useful life)
652 Office Expenses Expense Tax on Purchases
General expenses related to the running of
the business office.
460 Other Revenue Revenue Tax on Sales
Any other income that does not relate to
normal business activities and is not
recurring
300 Owners Contribution Equity Tax Exempt
Funds contributed by the owner
310 Owners Draw Equity Tax Exempt
Withdrawals by the owners
672 Payroll Tax Expense Expense Tax on Purchases
216 Payroll Wages Payable Current Liability Tax Exempt

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Chart of Accounts

Code Account Name Type Tax

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
624 Postage & Delivery Expense Tax on Purchases
Expenses incurred on postage & delivery
costs.
130 Prepayments Current Asset Tax Exempt
An expenditure that has been paid for in
advance.
656 Printing & Stationery Expense Tax on Purchases
Expenses incurred by the entity as a result
of printing and stationery
701 Property-1: Fairfield Road Fixed Asset Exempt Tax
702 Less Accumulated Depreciation Fixed Asset Exempt Tax
on Property-1: Fairfield Road
703 Property-2: Station Street Fixed Asset Exempt Tax
704 Less Accumulated Depreciation Fixed Asset Exempt Tax
on Property-2: Station Street
820 Realized Currency Gains Expense Tax Exempt
Gains or losses made due to currency
exchange rates
660 Rent Expense Tax on Purchases
The payment to lease a building or area.
201 Rent received Revenue Exempt Tax
664 Repairs and Maintenance Expense Tax on Purchases
Expenses incurred on a damaged or run
down asset that will bring the asset back to
its original condition.
320 Retained Earnings Equity Tax Exempt
Do not Use
260 Rounding Current Liability Tax Exempt
An adjustment entry to allow for rounding
400 Sales Revenue Tax on Sales
Income from any normal business activity
220 Sales Tax Current Liability Tax Exempt
The balance in this account represents Sales
Tax 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 sales tax account to track sales
taxes on income and expenses, so there is
no need to add any new sales tax accounts
to Xero.
250 Suspense Current Liability Tax Exempt
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.
680 Telephone & Internet Expense Tax on Purchases
Expenditure incurred from any
business-related phone calls, phone lines,
or internet connections
265 Tracking Transfers Current Liability Tax Exempt
Transfers between tracking categories

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Chart of Accounts

Code Account Name Type Tax

101 Transaction A/C Bank Tax Exempt

684 Travel Expense Tax on Purchases
Expenses incurred from travel which has a
business purpose
210 Unpaid Expense Claims Current Liability Tax Exempt
Expense claims typically made by
employees/shareholder employees still
outstanding.
815 Unrealized Currency Gains Expense Tax Exempt
Unrealized gains on outstanding items
644 Utilities Expense Tax on Purchases
Expenses incurred for lighting, powering or
heating the premises
668 Wages and Salaries Expense Tax on Purchases
Payment to employees in exchange for their
resources

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