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Professional Services Chart of Accounts

Summary

The professional services Chart of Accounts covers all fundamental main account codes required to run a business. This is designed for detailed project and accounting requirements.

Some key benefits are;

  • Huge time saving for the implementation with ‘out of the box’ accounts
  • This chart of accounts includes the relevant codes required for the system posting tables
  • Code descriptions can be change as required
  • New codes can be added, and existing codes removed
  • The coding allows for new codes to be introduced between existing codes
  • System standard default reports are built for this structure
  • Utilise Financial Dimensions for greater reporting depth
  • These code are ready for instant import into Dynamics 365

For reference, the headers are;

  1. MAIN ACCOUNT: The unique numeric character for the code. For this Chart of Accounts, six numeric characters have been assigned
  2. DESCRIPTION: The code description – this can be amended
  3. MAIN ACCOUNT TYPE: This groups the codes together for the highest possible reporting level – Profit and Loss and Balance Sheet.
  4. MAIN ACCOUNT CATEGORY: This is the second highest level report grouping. These categories are default in Dynamics 365 but can be added/amended as required.
  5. CURRENCY: This represents the currency of the main account code
Profit and Loss Accounts
Main AccountDescriptionMain Account TypeMain Account CategoryCurrency
411100Invoiced Revenue – HoursProfit and lossSALESGBP
411200Invoiced Revenue – ItemsProfit and lossSALESGBP
411300Invoiced Revenue – ExpensesProfit and lossSALESGBP
411400Invoiced Revenue – FeesProfit and lossSALESGBP
411500Invoiced Revenue – On AccountProfit and lossSALESGBP
411600Invoiced Revenue – OtherProfit and lossSALESGBP
411900TOTAL PROJECT INVOICED REVENUETotalGBP
420050Accrued Revenue – ProductionProfit and lossSALESGBP
420100Accrued Revenue – ProfitProfit and lossSALESGBP
420200Accrued Revenue – Sales ValueProfit and lossSALESGBP
420300Accrued Revenue – On AccountProfit and lossSALESGBP
420400Accrued Revenue – Service SubscriptionsProfit and lossSALESGBP
429900TOTAL PROJECT ACCRUED REVENUETotalGBP
439990TOTAL PROJECT REVENUETotalGBP
440000Miscellaneous ChargesProfit and lossOTHERINCGBP
440010Supplier DiscountsProfit and lossOTHERINCGBP
440020Bank Interest ReceivedProfit and lossOTHERINCGBP
440030Other Interest incomeProfit and lossOTHERINCGBP
440999TOTAL OTHER INCOMETotalGBP
499999TOTAL SALESTotalGBP
540100Project COGS – Project hoursProfit and lossPROJEXPGBP
540110Project COGS – Service hoursProfit and lossPROJEXPGBP
540200Project COGS – Audio video itemsProfit and lossPROJEXPGBP
540210Project COGS – General itemsProfit and lossPROJEXPGBP
540300Project COGS – ExpensesProfit and lossPROJEXPGBP
540310Project COGS – Flight costsProfit and lossPROJEXPGBP
540320Project COGS – Hotel costsProfit and lossPROJEXPGBP
540330Project COGS – Meal costsProfit and lossPROJEXPGBP
540360Project COGS – Travel costsProfit and lossPROJEXPGBP
540370Project COGS – OtherProfit and lossPROJEXPGBP
540400Project COGS – Accrued lossProfit and lossPROJEXPGBP
540500Project COGS – Items offsetProfit and lossPROJEXPGBP
540600Cash Discounts TakenProfit and lossSALESRETDISGBP
540610Cash Discounts ReceivedProfit and lossTANDEEXPGBP
549900TOTAL PROJECT COST OF GOODS SOLDTotalGBP
549990PROJECT GROSS MARGINTotalGBP
550110Project managementProfit and lossPROJEXPGBP
550120ServiceProfit and lossPROJEXPGBP
550130HotelProfit and lossPROJEXPGBP
550140FlightsProfit and lossPROJEXPGBP
550150Transport OtherProfit and lossPROJEXPGBP
550160Miscellaneous CostProfit and lossPROJEXPGBP
550999PROJECT EXPENSETotalGBP
599900GROSS PROFITTotalGBP
600120Freight/transportation inProfit and lossMANUEXPGBP
600140Freight Expense – IntercompanyProfit and lossMANUEXPGBP
600150Other miscellaneous ExpensesProfit and lossMANUEXPGBP
600181Discount & Allowances ReceivedProfit and lossMANUEXPGBP
600200Repairs & maintenance ExpenseProfit and lossMANUEXPGBP
600250Salaries manufacturingProfit and lossMANUEXPGBP
600300Payroll allocationProfit and lossMANUEXPGBP
600350Payroll allocation serviceProfit and lossMANUEXPGBP
600900TOTAL SERVICING EXPENSESTotalGBP
601200Selling ExpenseProfit and lossSELLEXPGBP
601300Advertising ExpenseProfit and lossSELLEXPGBP
601500Travel ExpenseProfit and lossTANDEEXPGBP
601501Car Rental ExpensesProfit and lossTANDEEXPGBP
601502Conference AccountProfit and lossTANDEEXPGBP
601503Entertainment ExpensesProfit and lossTANDEEXPGBP
601504Flight ExpensesProfit and lossTANDEEXPGBP
601505Fuel ExpensesProfit and lossTANDEEXPGBP
601506Hotel ExpensesProfit and lossTANDEEXPGBP
601507Employee MealsProfit and lossTANDEEXPGBP
601508Mileage ExpensesProfit and lossTANDEEXPGBP
601509PerdiemProfit and lossTANDEEXPGBP
601600Promotional ExpenseProfit and lossSELLEXPGBP
601900TOTAL SELLING & AND EXPENSESTotalGBP
602100Salaries Profit and lossSALARYEXPGBP
602120Payroll Tax ExpenseProfit and lossOTHEREMPEXPGBP
602130Group Health/Life Insurance ExpenseProfit and lossOTHEREMPEXPGBP
602140Workers Compensation ExpenseProfit and lossOTHEREMPEXPGBP
602150Commission ExpenseProfit and lossOTHEREMPEXPGBP
602160Contractor ExpenseProfit and lossOTHEREMPEXPGBP
602180Pension/Profit-Sharing Plan ExpenseProfit and lossOTHEREMPEXPGBP
602190Employee Benefit Programs ExpenseProfit and lossOTHEREMPEXPGBP
602200Training and Personal Development ExpenseProfit and lossOTHEREMPEXPGBP
602210Employee Relocation ExpenseProfit and lossOTHEREMPEXPGBP
602900TOTAL PERSONNEL EXPENSESTotalGBP
604100Fuel & Oil ExpenseProfit and lossADMINEXPGBP
604200License & Registration Fees ExpenseProfit and lossADMINEXPGBP
604300Vehicle Repairs & Maintenance ExpenseProfit and lossADMINEXPGBP
604400Vehicle Insurance ExpenseProfit and lossADMINEXPGBP
604500Vehicle Lease ExpenseProfit and lossADMINEXPGBP
604900TOTAL VEHICLE EXPENSESTotalGBP
605110Cleaning ExpenseProfit and lossADMINEXPGBP
605120Electricity ExpenseProfit and lossADMINEXPGBP
605130Insurance Building & Property ExpenseProfit and lossADMINEXPGBP
605140Repairs and MaintenanceProfit and lossADMINEXPGBP
605150Rent ExpenseProfit and lossADMINEXPGBP
605160Utilities ExpenseProfit and lossADMINEXPGBP
605170Equipment Lease ExpenseProfit and lossADMINEXPGBP
605180Storage Supplies ExpenseProfit and lossADMINEXPGBP
605190Recycling ExpenseProfit and lossADMINEXPGBP
605900TOTAL BUILDING & MAINT. EXPENSESTotalGBP
606200Insurance ExpenseProfit and lossADMINEXPGBP
606300Office Supplies ExpenseProfit and lossADMINEXPGBP
606400Telephone & Fax ExpenseProfit and lossADMINEXPGBP
606500Postage ExpenseProfit and lossADMINEXPGBP
606600Printing ExpenseProfit and lossADMINEXPGBP
606700Moving ExpenseProfit and lossADMINEXPGBP
606900TOTAL ADMINISTRATIVE EXPENSESTotalGBP
607100Depreciation Expense – Intangible AssetsProfit and lossDEPREXPGBP
607200Depreciation Expense – Tangible AssetsProfit and lossDEPREXPGBP
607201Depreciation this yearBalance sheetDEPREXPGBP
607900TOTAL DEPRECIATION EXPENSESTotalGBP
608220Payroll Taxes ExpenseProfit and lossTAXEXPGBP
608230Corporation Tax ExpenseProfit and lossTAXEXPGBP
608235VAT ExpenseBalance sheetTAXEXPGBP
608236Import VATBalance sheetTAXEXPGBP
608237Import VAT PayableBalance sheetTAXEXPGBP
608240Green TaxBalance sheetTAXEXPGBP
608250Provision for Income TaxesBalance sheetTAXEXPGBP
608990TOTAL TAX EXPENSESTotalGBP
618160Rounding differenceProfit and lossOTHEREXPGBP
618170Bad Dept ExpenseProfit and lossOTHEREXPGBP
618180Legal & Accounting ExpenseProfit and lossOTHEREXPGBP
618190Bank Fees ExpenseProfit and lossOTHEREXPGBP
618200Research & Development ExpenseProfit and lossOTHEREXPGBP
618300Consulting Service ExpenseProfit and lossOTHEREXPGBP
618400Penalties and Fines ExpensesProfit and lossOTHEREXPGBP
618500Charitable Contributions ExpenseProfit and lossOTHEREXPGBP
618900Miscellaneous ExpenseProfit and lossOTHEREXPGBP
619000Other costs of operationsProfit and lossOTHEREXPGBP
619900TOTAL OTHER EXPENSESTotalGBP
699900TOTAL OPERATING EXPENSESTotalGBP
699990NET OPERATING INCOMETotalGBP
800100Interest on revolving creditProfit and lossINTEXPGBP
800200Interest on bank loansProfit and lossINTEXPGBP
800300Mortgage interestProfit and lossINTEXPGBP
800400Finance charges to vendorsProfit and lossINTEXPGBP
800500Interest on bank accountsProfit and lossINTEXPGBP
800900TOTAL INTEREST EXPENSESTotalGBP
801100Gain & loss – Disposal of assetsProfit and lossGAINLOSSASSETGBP
801200Gain & loss – RevaluationProfit and lossGAINLOSSASSETGBP
801300Currency Adjustment Loss – RealisedProfit and lossOTHEREXPGBP
801400Currency Adjustment Loss – UnrealisedProfit and lossOTHERCURLIAGBP
801500Currency Adjustment Profits – RealisedProfit and lossOTHERINCGBP
801600Currency Adjustment Profits – UnrealisedProfit and lossOTHERCAGBP
801900TOTAL GAINS & LOSSESTotalGBP
801990NET INCOME BEFORE TAXESTotalGBP
802990NET INCOME BEFORE EXTR. ITEMSTotalGBP
803100Extraordinary IncomeProfit and lossOTHERINCGBP
803200Extraordinary ExpenseProfit and lossOTHERINCGBP
803300Write Down/Up Fixed AssetsProfit and lossOTHEREXPGBP
803900TOTAL EXTRAORDINARY ITEMSTotalGBP
899990NET INCOME AFTER TAXESTotalGBP
999999Suspense AccountProfit and lossOTHERASSETGBP
Balance Sheet Accounts
Main AccountDescriptionMain Account TypeMain Account CategoryCurrency
110101Cash Advance ReturnsBalance sheetCASHGBP
110110Bank Account 1Balance sheetCASHGBP
110120Bank Account 2Balance sheetCASHGBP
110130Bank Account 3Balance sheetCASHGBP
110140Bank Account 4Balance sheetCASHGBP
110141Bank Account – USDBalance sheetUSD
110150Bank Account – EURBalance sheetCASHEUR
110151GBP Cash Advances AccountBalance sheetCASHGBP
110152USD Cash Advances AccountBalance sheetCASHUSD
110153EUR Cash Advances AccountBalance sheetCASHEUR
110180Petty CashBalance sheetCASHGBP
119000TOTAL CASH & CASH EQUIVALENTSTotalGBP
130100Debtors Control AccountBalance sheetARGBP
130200Debtors Control Account – USDBalance sheetARUSD
130300Debtors Control Account – EURBalance sheetAREUR
130350Intercompany DebtorsBalance sheetARGBP
130400Credit Card DebtorsBalance sheetARGBP
130700Other DebtorsBalance sheetARGBP
130900TOTAL DEBTORSTotalGBP
131100Prepaid ExpensesBalance sheetPREPAIDEXPGBP
131200Prepaid InsuranceBalance sheetPREPAIDEXPGBP
131300AdvancesBalance sheetOTHERCAGBP
131400Prepaid CommissionsBalance sheetPREPAIDEXPGBP
139990TOTAL OTHER CURRENT ASSETSTotalGBP
140120Inventory ReceiptsBalance sheetINVGBP
140150Inventory IssuesBalance sheetINVGBP
140170Inventory Returns Balance sheetINVGBP
141120Services receiptsBalance sheetINVGBP
141150Services issuesBalance sheetINVGBP
141170Services returnsBalance sheetINVGBP
141250Misc. receipts/issuesBalance sheetINVGBP
141270Misc. returnsBalance sheetINVGBP
142100Inventory Clearing – Received, un-invoicedBalance sheetINVGBP
142200Inventory Clearing – Received, un-invoiced – IntercompanyBalance sheetINVGBP
142300Inventory Clearing – Shipped, un-invoicedBalance sheetINVGBP
142400Inventory Clearing – Shipped, un-invoiced – IntercompanyBalance sheetINVGBP
142500Deferred ExpenseBalance sheetINVGBP
142600Deferred Expense – IntercompanyBalance sheetINVGBP
149990TOTAL PHYSICAL INVENTORYTotalGBP
150100Production WIPBalance sheetWIPGBP
150690Purchase AccrualProfit and lossWIPGBP
150900TOTAL INVENTORY PRODUCTIONTotalGBP
150990TOTAL INVENTORYTotalGBP
160100WIP – Hour CostsBalance sheetWIPGBP
160200WIP – Item CostsBalance sheetWIPGBP
160300WIP – Expense CostsBalance sheetWIPGBP
160400WIP – Accrued LossBalance sheetWIPGBP
160990TOTAL PROJECT WIP COST VALUETotalGBP
161100WIP – ProductionBalance sheetWIPGBP
161200WIP – ProfitBalance sheetWIPGBP
161300WIP – Sales ValueBalance sheetWIPGBP
161990TOTAL PROJECT WIP SALES VALUETotalGBP
161999PROJECT GROSS WIPTotalGBP
162100WIP – Invoiced – On AccountBalance sheetWIPGBP
162990PROJECT NET WIPTotalGBP
170150GoodwillBalance sheetINTANASSETGBP
170250DevelopmentBalance sheetINTANASSETGBP
170900Amortisation – Intangible assetsBalance sheetAMORTINTAGASSETGBP
179900TOTAL INTANGIBLE ASSETSTotalGBP
180100Computer EquipmentBalance sheetPPEGBP
180200Accumulated depreciation – Computer EquipmentBalance sheetACCUDEPGBP
180210Accumulated depreciation – Furniture & FixturesBalance sheetACCUDEPGBP
180220Accumulated depreciation – Plant & EquipmentBalance sheetACCUDEPGBP
180230Accumulated depreciation – Office HardwareBalance sheetACCUDEPGBP
180240Amortisation- PatentsBalance sheetACCUDEPGBP
180250Accumulated Depreciation – VehiclesBalance sheetACCUDEPGBP
180260Accumulated Depreciation – BuildingsBalance sheetACCUDEPGBP
180270Accumulated Depletion – LandBalance sheetACCUDEPGBP
180280Deferred Tax Assets, Long-termBalance sheetOTHERASSETGBP
180290Revaluation adjustmentBalance sheetACCUDEPGBP
180300Disposal fixed assetsBalance sheetPPEGBP
180400Accumulated write upBalance sheetPPEGBP
180500Accumulated write downBalance sheetPPEGBP
180600Reversal of depreciation & write up/downBalance sheetPPEGBP
180700Revaluation adjustmentBalance sheetPPEGBP
180900TOTAL TANGIBLE FIXED ASSETSTotalGBP
199990TOTAL ASSETSTotalGBP
200990TOTAL ACCRUALSTotalGBP
210000SHORT TERM LIABILITIESTotalGBP
211100Creditors ControlBalance sheetAPGBP
211200Creditors Control – USDBalance sheetAPUSD
211210Creditors Control – EURBalance sheetAPEUR
211225Intercompany PayableLiabilityAPGBP
211300Creditors Control – OtherBalance sheetAPGBP
211310Invoice Pending ApprovalBalance sheetAPGBP
211320Offset Invoice Pending ApprovalBalance sheetAPGBP
211345Bridging AccountBalance sheetOTHERCURLIAGBP
211350Accrued purchasesBalance sheetOTHERCURLIAGBP
211400Accrued purchases – IntercompanyBalance sheetOTHERCURLIAGBP
211410Salaries and wages payableBalance sheetOTHERCURLIAGBP
211500Commissions payableBalance sheetOTHERCURLIAGBP
211550Payroll benefits payableBalance sheetOTHERCURLIAGBP
211600Dividends payableBalance sheetDIVPAYGBP
211650Freight payableBalance sheetOTHERCURLIAGBP
211700Payroll deductions payableBalance sheetOTHERCURLIAGBP
211950Employee benefits payableBalance sheetOTHERCURLIAGBP
212100Short term interest payableBalance sheetINTPAYGBP
212150Prepayment of service subscription feeBalance sheetOTHERCURLIAGBP
212160Customer depositsBalance sheetOTHERCURLIAGBP
212990TOTAL ACCOUNTS PAYABLETotalGBP
220110VAT PayableBalance sheetTAXPAYGBP
220120Corporation Tax PayableBalance sheetTAXPAYGBP
229900TOTAL TAXES PAYABLETotalGBP
240100Revolving creditBalance sheetOTHERCURLIAGBP
240200Other liabilitiesBalance sheetOTHERCURLIAGBP
240300Reserve for deferred profit on assetsBalance sheetOTHERCURLIAGBP
240900TOTAL OTHER LIABILITIESTotalGBP
249900TOTAL SHORT TERM LIABILITIESTotalGBP
250100Longterm Bank LoansBalance sheetLONGTERMDEBTGBP
250400Longterm Interest PayableBalance sheetLONGTERMDEBTGBP
250500Deferred Income TaxBalance sheetLONGTERMDEBTGBP
250600Deferred RevenueRevenueLONGTERMDEBTGBP
250900TOTAL LONG TERM LIABILITIESTotalGBP
250990TOTAL LIABILITIESTotalGBP
300110Capital StockBalance sheetCOMMONSTOCKGBP
300120Paid-in CapitalBalance sheetADDPAIDINCAPCOMGBP
300130Dividends PaidBalance sheetRETEARNGBP
300146AppropriationsBalance sheetGBP
300155Revaluation reserve of fixed assetsBalance sheetRETEARNGBP
300160Retained earningsBalance sheetRETEARNGBP
300190NET INCOME OF THE YEARTotalGBP
309900TOTAL SHAREHOLDERS EQUITYTotalGBP
309990TOTAL LIABILITIES & SHAREHOLDERS EQUITYTotalGBP
399990BALANCE SHEET TOTALTotalGBP