Chart of Accounts for a Window and Door Contracting Business

1. Assets

• Current Assets

  • Cash: Funds readily available for business operations.

  • Accounts Receivable: Amounts owed by customers for services provided or products delivered.

  • Inventory: Stocks of windows, doors, frames, hardware, sealants, etc.

  • Prepaid Expenses: Advanced payments, e.g., rent or insurance.

  • Job Deposits: Initial payments received before project commencement.

• Fixed Assets

  • Equipment: Tools, machinery, and other equipment.

  • Vehicles: Vans and trucks used for business operations.

  • Office Furniture & Fixtures: Desks, chairs, computers, etc.

  • Accumulated Depreciation: Deductions for the aging and wear of tangible assets.

2. Liabilities

• Current Liabilities

  • Accounts Payable: Money owed to suppliers or vendors.

  • Short-Term Loans: Borrowings due within a year.

  • Wages Payable: Salaries due to employees.

  • Sales Tax Payable: Amounts to be remitted for sales tax.

• Long-term Liabilities

  • Notes Payable: Debts due after a year.

  • Mortgage: If any business properties are mortgaged.

3. Equity

• Owner's Capital: Initial investment by the owner.

• Retained Earnings: Profits retained within the business.

• Owner's Draw: Amounts taken out by the owner for personal use.

4. Income

• Sales Revenue: Income from selling windows and doors.

• Installation Services Revenue: Income from installation services.

• Repair & Maintenance Revenue: Earnings from repair and maintenance services.

5. Cost of Goods Sold (COGS)

• Material Costs: Expenses for windows, doors, and related materials.

• Labor Costs: Direct labor expenses for installation or repairs.

• Subcontractor Costs: Expenses for outsourced services.

6. Expenses

• Operating Expenses

  • Rent & Utilities: Costs for business premises and utilities.

  • Salaries & Wages: Payroll expenses.

  • Advertising & Marketing: Promotional costs.

  • Insurance: Business insurance premiums.

  • Licenses & Permits: Costs for maintaining business legality.

  • Vehicle Expenses: Fuel, maintenance, and related costs.

  • Training & Development: Expenses for enhancing employee skills.

• Other Expenses

  • Interest Expense: Interests on business loans.

  • Depreciation Expense: Write-off for assets' wear and tear.

A Window and Door Contracting business will find this chart of accounts invaluable in keeping financial records orderly and comprehensible. Customizing the chart further based on the unique needs of the business is always recommended. We would be happy to assist.