Retail 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:Flower" indicates "Flower" 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:Drawers	Bank
8	10XXX	Cash on Hand:Petty Cash	Bank
9	11XXX	Operating Checking	Bank
10	11XXX	Operating Checking:Cash Held for Tax Remittances	Bank
11	11XXX	Savings	Bank
12	109XX	Undeposited Funds	Bank	Clearing account.
13	13XXX	Inventory on Hand	Other Current Assets
14	131XX	Inventory on Hand:Flower	Other Current Assets
15	131XX	Inventory on Hand:Concentrates	Other Current Assets
16	131XX	Inventory on Hand:Vape Cartridges	Other Current Assets
17	131XX	Inventory on Hand:Edibles	Other Current Assets
18	131XX	Inventory on Hand:Topicals	Other Current Assets
19	131XX	Inventory on Hand:Transportation In Costs	Other Current Assets
20	131XX	Inventory on Hand:Other Direct Costs	Other Current Assets
21	132XX	Inventory on Hand:General Retail	Other Current Assets
22	14XXX	Prepaid Expenses	Other Current Assets
23	19XXX	Uncategorized Asset	Other Current Assets	Clearing account.
24	139XX	Inventory Asset	Other Current Assets	Clearing account.
25	16XXX	Computers and Printers	Fixed Assets
26	16XXX	Computers and Printers:Accumulated Depreciation Computers and Printers	Fixed Assets
27	16XXX	Furniture	Fixed Assets
28	16XXX	Furniture:Accumulated Depreciation Furniture and General Equipment	Fixed Assets
29	16XXX	Qualified Improvements	Fixed Assets
30	16XXX	Qualified Improvements:Qualified Improvements Accumulated Depreciation	Fixed Assets
31	16XXX	Building	Fixed Assets
32	16XXX	Building:Accumulated Depreciation Building	Fixed Assets
33	17XXX	Intangible Assets	Intangible Assets
34	17XXX	Intangible Assets:Software	Intangible Assets
35	17XXX	Intangible Assets:Software:Accumulated Amortization Software	Intangible Assets
36	17XXX	Intangible Assets:Capitalized Start-Up Costs	Intangible Assets
37	17XXX	Intangible Assets:Capitalized Start-Up Costs:Accumulated Amortization Start-up Costs	Intangible Assets
38	17XXX	Intangible Assets:Capitalized Organizational Costs	Intangible Assets
39	17XXX	Intangible Assets:Capitalized Organizational Costs:Accumulated Amortization Organizational Costs	Intangible Assets
40	20XXX	Accounts Payable	Accounts Payable (A/P)
41	21XXX	Payable to Leaf Link	Current Liabilities
42	22XXX	Sales Taxes Payable	Other Current Liabilities
43	22XXX	Excise Taxes Payable	Other Current Liabilities
44	24XXX	Payroll Related Tax Liabilities	Payroll Liabilities
45	24XXX	Payroll Related Tax Liabilities:Federal 941 Payable	Payroll Liabilities
46	24XXX	Payroll Related Tax Liabilities:Federal 940 Payable	Payroll Liabilities
47	24XXX	Payroll Related Tax Liabilities:State Dept. of Treasury Payable	Payroll Liabilities
48	24XXX	Payroll Related Tax Liabilities:Other State Agency Payable	Payroll Liabilities
49	24XXX	Payroll Related Tax Liabilities:Local Payroll Taxes Payable	Payroll Liabilities
50	3XXXX	Equity Clearing Account	Equity	Clearing account.
51	31XXX	Member Contributions	Equity
52	32XXX	Member Distributions	Equity
53	33XXX	Retained Earnings	Equity
54	4XXXX	Sales of Product Income	Income	Clearing account.
55	41XXX	Regulated Sales	Income
56	411XX	Regulated Sales:Flower	Income
57	411XX	Regulated Sales:Concentrates	Income
58	411XX	Regulated Sales:Vape Cartridges	Income
59	411XX	Regulated Sales:Edibles	Income
60	411XX	Regulated Sales:Topicals	Income
61	411XX	Regulated Sales:Excise Taxes	Income
62	42XXX	General Retail Sales	Income
63	49XXX	Uncategorized Income	Income	Clearing account.
64	49XXX	Billable Expense Income	Income	Clearing account.
65	50XXX	Cost of Goods Sold	Cost of Goods Sold
66	51XXX	Cost of Goods Sold:Cost of Regulated Goods Sold	Cost of Goods Sold
67	511XX	Cost of Goods Sold:Cost of Regulated Goods Sold:Flower	Cost of Goods Sold
68	511XX	Cost of Goods Sold:Cost of Regulated Goods Sold:Concentrates	Cost of Goods Sold
69	511XX	Cost of Goods Sold:Cost of Regulated Goods Sold:Vape Cartridges	Cost of Goods Sold
70	511XX	Cost of Goods Sold:Cost of Regulated Goods Sold:Edibles	Cost of Goods Sold
71	511XX	Cost of Goods Sold:Cost of Regulated Goods Sold:Topicals	Cost of Goods Sold
72	511XX	Cost of Goods Sold:Cost of Regulated Goods Sold:Transportation In Costs	Cost of Goods Sold
73	511XX	Cost of Goods Sold:Cost of Regulated Goods Sold:Other Direct Costs	Cost of Goods Sold
74	511XX	Cost of Goods Sold:Cost of Regulated Goods Sold:Excise Taxes	Cost of Goods Sold
75	52XXX	Cost of Goods Sold:General Retail	Cost of Goods Sold
76	60XXX	Advertising and Marketing	Expenses
77	60XXX	Office Supplies	Expenses
78	60XXX	Software and Technology	Expenses
79	60XXX	Professional Services	Expenses
80	60XXX	Banking Services	Expenses
81	60XXX	Insurance Services	Expenses
82	60XXX	Security Services	Expenses
83	60XXX	Technology Services	Expenses
84	60XXX	Building Rent	Expenses
85	60XXX	Utilities	Expenses
86	60XXX	Building Maintenance	Expenses
87	60XXX	Property Taxes	Expenses
88	60XXX	Depreciation Expense	Expenses
89	60XXX	Payroll Salaries and Wages	Expenses
90	60XXX	Employer Payroll Taxes	Expenses
91	60XXX	Guaranteed Payments	Expenses
92	60XXX	Independent Contractors	Expenses
93	60XXX	Travel	Expenses
94	60XXX	Meals and Entertainment	Expenses	Meals expenses may need to be broken out further in sub accounts, based on meal type.
95	69XXX	Uncategorized Expense	Expenses	Clearing account.
96	99XXX	Ask My Accountant	Expenses
97	7XXXX	Charitable Contributions	Other Expense
98	7XXXX	Interest Expense	Expenses
99	7XXXX	Penalties and Fees	Other Expense
100	9XXXX	Cash Drawers Over / Short	Other Expense