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Accounting & Tax vocabulary · Bookkeeping & Ledgers

Chart of accounts

Meaning in accounting & tax, with examples

nounCore term

In accounting & tax, chart of accounts means: The organised list of every account a company uses in its ledger, each with a number and a name, grouped into assets, liabilities, equity, revenue and expenses.

In Turkish: hesap planı, Tekdüzen Hesap Planı

How it is used

Accountants set up, update and map the chart of accounts, often shortened to CoA. International groups ask their subsidiaries to map local accounts to one group chart.

Example sentences

  1. Our parent company sent us its chart of accounts, and we have to map our Turkish accounts to it.

  2. Please check the chart of accounts before you ask for a new account to be opened.

Common collocations

  • chart of accounts mapping
  • set up a chart of accounts
  • account code
  • group chart of accounts
  • general ledgerThe main set of accounts of a business, where all transactions are collected account by account to show the balance of each one.
  • journal entryA record of one business transaction in the accounting system, showing the date, the accounts affected, the debit and credit amounts and a short description.
  • trial balanceA list of all ledger accounts with their debit or credit balances at a certain date, used to check that total debits equal total credits before preparing statements.
  • assetSomething a business owns or controls that is expected to bring future economic benefit, such as cash, receivables, stock, machinery or software.

More terms: Bookkeeping & Ledgers

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This page explains English vocabulary for learners. It is not financial advice.