Flooring Contractor Chart of Accounts Template

Here is a likely chart of accounts for a Flooring Contracting business:

Assets

Current Assets:

1. Cash: All liquid assets available for immediate use.

2. Accounts Receivable: Outstanding invoices or money owed by customers.

3. Inventory: Includes various flooring materials such as tiles, wood, carpets, adhesives, underlayments, etc.

4. Prepaid Expenses: Payments made in advance for services or items that haven't been received yet.

5. Supplies: Things like cleaning agents, sealants, polishes, or any other consumables.

Fixed Assets:

1. Vehicles: Trucks or vans used for transportation.

2. Equipment: Machinery or tools specific to flooring installation, e.g., tile cutters, carpet stretchers, sanding machines, etc.

3. Buildings & Property: Office, warehouse, or showroom owned by the business.

4. Depreciation: Decrease in value of the fixed assets over time.

Liabilities

Current Liabilities:

1. Accounts Payable: Bills due to suppliers or any other short-term debts.

2. Wages Payable: Outstanding payments to employees.

3. Short-term Loans: Any loans or credit lines to be settled within a year.

4. Taxes Payable: Pending tax amounts.

Long-Term Liabilities:

1. Loans Payable: Long-term loans for the business.

2. Mortgage Payable: If the business property is mortgaged.

Equity

1. Owner's Capital: Initial investment and any additional capital introduced.

2. Retained Earnings: Cumulative profits kept within the business after all distributions.

3. Drawing: Amount the owner withdraws from the business for personal use.

Income

1. Sales Revenue: Income from selling flooring products.

2. Service Revenue: Earnings from flooring installation or repair services.

Expenses

Operating Expenses:

1. Rent or Lease: Payment for rented spaces like office or showroom.

2. Utilities: Electricity, water, internet, etc.

3. Salaries & Wages: Employee compensations.

4. Advertising & Promotion: Marketing campaigns, brochures, online ads, etc.

5. Insurance: Premiums for various business insurance policies.

Cost of Goods Sold (COGS):

1. Materials: Costs of the flooring products.

2. Direct Labor: Compensation for those directly involved in installation or repair jobs.

3. Subcontractor Expenses: If the business ever subcontracts certain tasks.

4. Freight and Delivery: Costs associated with transporting the materials.

Other Expenses:

1. Interest Expense: Interest on loans.

2. Depreciation Expense: Periodic allocation for the loss of value in tangible assets.

3. Taxes: Business tax, employment taxes, etc.

This list provides a foundational structure tailored for a flooring contracting business, but each company might have specific needs or categories based on their operations and structure. Adjustments are always possible and sometimes necessary!