Processing Chart of Accounts Template

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2	Disclaimer: This chart of accounts template should be reviewed and tailored to your business's individual needs, including the addition and subtraction of accounts relevant to your activities and financial reporting requirements. This template may not be structured appropriately based on your entity's tax structure, regulatory requirements, other rules affecting your business, or accounting system requirements. Always consult with a qualified professional prior to relying on or using this template in your business. This template alone is not sufficient to support complete accounting and record keeping requirements. Use it at your own risk. Sub accounts are accounts shown with parent accounts preceding the account name. For example "Inventory on Hand:Concentrates" indicates "Concentrates" is a sub account of "Inventory on Hand". Account numbers must be updated based on your business's needs, and before attempting to use or upload this template to an accounting system. The below format and descriptions are loosely formatted for a partnership tax structure. Account descriptions and placements within the chart of accounts should be updated accordingly.
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4	Account #	Account	Type	Additional Notes
5	10XXX	Cash on Hand	Bank
6	10XXX	Cash on Hand:Safe	Bank
7	10XXX	Cash on Hand:Petty Cash	Bank
8	11XXX	Operating Checking	Bank
9	11XXX	Savings	Bank
10	12XXX	Accounts Receivable (A/R)	Accounts Receivable
11	109XX	Undeposited Funds	Bank	Clearing account.
12	13XXX	Inventory on Hand	Other Current Assets
13	131XX	Inventory on Hand:Concentrates	Other Current Assets
14	131XX	Inventory on Hand:Concentrates:Processing Supplies	Other Current Assets
15	131XX	Inventory on Hand:Concentrates:Packaging Supplies	Other Current Assets
16	131XX	Inventory on Hand:Concentrates:Direct Labor	Other Current Assets
17	131XX	Inventory on Hand:Concentrates:Testing	Other Current Assets
18	131XX	Inventory on Hand:Concentrates:Other Direct Costs	Other Current Assets
19	132XX	Inventory on Hand:Vape Cartridges	Other Current Assets
20	132XX	Inventory on Hand:Vape Cartridges:Processing Supplies	Other Current Assets
21	132XX	Inventory on Hand:Vape Cartridges:Packaging Supplies	Other Current Assets
22	132XX	Inventory on Hand:Vape Cartridges:Direct Labor	Other Current Assets
23	132XX	Inventory on Hand:Vape Cartridges:Testing	Other Current Assets
24	132XX	Inventory on Hand:Vape Cartridges:Other Direct Costs	Other Current Assets
25	135XX	Inventory on Hand:Overhead:Building Rent	Other Current Assets
26	135XX	Inventory on Hand:Overhead:Utilities	Other Current Assets
27	135XX	Inventory on Hand:Overhead:Security	Other Current Assets
28	135XX	Inventory on Hand:Overhead:Depreciation	Other Current Assets
29	136XX	Inventory on Hand:Processing:Work in Progress	Other Current Assets	Could be used to reclassify totals from above details in order to simplify presentation.
30	137XX	Inventory on Hand:Processing:Concentrates Available for Sale	Other Current Assets
31	137XX	Inventory on Hand:Processing:Vape Cartridges Available for Sale	Other Current Assets
32	14XXX	Prepaid Expenses	Other Current Assets
33	19XXX	Uncategorized Asset	Other Current Assets	Clearing account.
34	139XX	Inventory Asset	Other Current Assets	Clearing account.
35	16XXX	Computers and Printers	Fixed Assets
36	16XXX	Computers and Printers:Accumulated Depreciation Computers and Printers	Fixed Assets
37	16XXX	Furniture	Fixed Assets
38	16XXX	Furniture:Accumulated Depreciation Furniture and General Equipment	Fixed Assets
39	16XXX	Processing Equipment	Fixed Assets
40	16XXX	Processing Equipment:Accumulated Depreciation Processing Equipment	Fixed Assets
41	16XXX	Qualified Improvements	Fixed Assets
42	16XXX	Qualified Improvements:Qualified Improvements Accumulated Depreciation	Fixed Assets
43	16XXX	Building	Fixed Assets
44	16XXX	Building:Accumulated Depreciation Building	Fixed Assets
45	17XXX	Intangible Assets	Intangible Assets
46	17XXX	Intangible Assets:Software	Intangible Assets
47	17XXX	Intangible Assets:Software:Accumulated Amortization Software	Intangible Assets
48	17XXX	Intangible Assets:Capitalized Start-Up Costs	Intangible Assets
49	17XXX	Intangible Assets:Capitalized Start-Up Costs:Accumulated Amortization Start-up Costs	Intangible Assets
50	17XXX	Intangible Assets:Capitalized Organizational Costs	Intangible Assets
51	17XXX	Intangible Assets:Capitalized Organizational Costs:Accumulated Amortization Organizational Costs	Intangible Assets
52	20XXX	Accounts Payable	Accounts Payable (A/P)
53	21XXX	Payable to Leaf Link	Current Liabilities
54	24XXX	Payroll Related Tax Liabilities	Payroll Liabilities
55	24XXX	Payroll Related Tax Liabilities:Federal 941 Payable	Payroll Liabilities
56	24XXX	Payroll Related Tax Liabilities:Federal 940 Payable	Payroll Liabilities
57	24XXX	Payroll Related Tax Liabilities:State Dept. of Treasury Payable	Payroll Liabilities
58	24XXX	Payroll Related Tax Liabilities:Other State Agency Payable	Payroll Liabilities
59	24XXX	Payroll Related Tax Liabilities:Local Payroll Taxes Payable	Payroll Liabilities
60	3XXXX	Equity Clearing Account	Equity	Clearing account.
61	31XXX	Member Contributions	Equity
62	32XXX	Member Distributions	Equity
63	33XXX	Retained Earnings	Equity
64	4XXXX	Sales of Product Income	Income	Clearing account.
65	41XXX	Processing Sales	Income
66	411XX	Processing Sales:Concentreates (Wholesale)	Income
67	411XX	Processing Sales:Vape Cartridges (Wholesale)	Income
68	49XXX	Uncategorized Income	Income	Clearing account.
69	49XXX	Billable Expense Income	Income	Clearing account.
70	50XXX	Cost of Goods Sold	Cost of Goods Sold
71	51XXX	Cost of Goods Sold:Cost of Concentrates Sold	Cost of Goods Sold
72	511XX	Cost of Goods Sold:Cost of Concentrates Sold:Processing Supplies	Cost of Goods Sold
73	511XX	Cost of Goods Sold:Cost of Concentrates Sold:Packaging Supplies	Cost of Goods Sold
74	511XX	Cost of Goods Sold:Cost of Concentrates Sold:Direct Labor	Cost of Goods Sold
75	511XX	Cost of Goods Sold:Cost of Concentrates Sold:Testing	Cost of Goods Sold
76	511XX	Cost of Goods Sold:Cost of Processing Goods Sold:Other Direct Costs	Cost of Goods Sold
77	52XXX	Cost of Goods Sold:Cost of Vape Cartridges Sold	Cost of Goods Sold
78	521XX	Cost of Goods Sold:Cost of Vape Cartridges Sold:Processing Supplies	Cost of Goods Sold
79	521XX	Cost of Goods Sold:Cost of Vape Cartridges Sold:Packaging Supplies	Cost of Goods Sold
80	521XX	Cost of Goods Sold:Cost of Vape Cartridges Sold:Direct Labor	Cost of Goods Sold
81	521XX	Cost of Goods Sold:Cost of Vape Cartridges Sold:Testing	Cost of Goods Sold
82	521XX	Cost of Goods Sold:Cost of Vape Cartridges Sold:Other Direct Costs	Cost of Goods Sold
83	551XX	Cost of Goods Sold:Cost of Processing Overhead:Building Rent	Cost of Goods Sold
84	551XX	Cost of Goods Sold:Cost of Processing Overhead:Utilities	Cost of Goods Sold
85	551XX	Cost of Goods Sold:Cost of Processing Overhead:Security	Cost of Goods Sold
86	551XX	Cost of Goods Sold:Cost of Processing Overhead:Depreciation	Cost of Goods Sold
87	60XXX	Advertising and Marketing	Expenses
88	60XXX	Office Supplies	Expenses
89	60XXX	Software and Technology	Expenses
90	60XXX	Professional Services	Expenses
91	60XXX	Banking Services	Expenses
92	60XXX	Insurance Services	Expenses
93	60XXX	Security Services	Expenses
94	60XXX	Technology Services	Expenses
95	60XXX	Building Rent	Expenses
96	60XXX	Utilities	Expenses
97	60XXX	Building Maintenance	Expenses
98	60XXX	Property Taxes	Expenses
99	60XXX	Depreciation Expense	Expenses
100	60XXX	Payroll Salaries and Wages	Expenses