Gutter Contracting Businesses Chart of Accounts Template
For a gutter contracting business, the Chart of Accounts would likely resemble the following:
Assets
1. Current Assets
Cash: Ready funds in bank or on hand.
Accounts Receivable: Amounts due from customers.
Inventory: Stock of gutters, downspouts, guards, and other related materials.
Prepaid Expenses: Payments made in advance for services or benefits to be received in the future.
Job Deposits: Payments collected in advance before starting a project.
2. Fixed Assets
Vehicles: Trucks or vans used for transportation.
Equipment: Tools and machinery used for gutter installation and repairs.
Buildings: Any owned office or warehouse spaces.
Accumulated Depreciation: Reduction in value of tangible assets over time.
Liabilities
1. Current Liabilities
Accounts Payable: Amounts owed to suppliers.
Short-Term Loans: Debts due within a year.
Wages Payable: Salaries and wages due to employees but not yet paid.
Sales Tax Payable: Amount collected from customers, to be remitted to the government.
2. Long-term Liabilities
Notes Payable: Loans taken with a repayment period exceeding one year.
Mortgages: If the business has taken a mortgage on a property.
Equity
Owner's Capital: Funds contributed by the owner.
Retained Earnings: Profits retained in the business.
Owner's Draw: Amounts drawn by the owner for personal use.
Income
Sales Revenue: Income from selling gutter systems.
Installation Services Revenue: Income from gutter installations.
Repair & Maintenance Revenue: Income from maintenance or repair tasks.
Cost of Goods Sold (COGS)
Materials Costs: Costs for gutters, downspouts, and related installation materials.
Labor Costs: Direct labor expenses for installation and repairs.
Subcontractor Costs: Costs if certain tasks are outsourced.
Expenses
1. Operating Expenses
Rent & Utilities: Costs for renting office or warehouse space and utilities.
Salaries & Wages: Payroll for employees.
Advertising & Marketing: Promotional expenses.
Insurance: Business insurance premiums.
Licenses & Permits: Any required licensing or permits for the business.
Vehicle Expenses: Fuel, maintenance, and other associated costs.
Training & Development: Costs associated with improving skills of the workforce.
2. Other Expenses
Interest Expense: Interest payments on any loans.
Depreciation Expense: Regular allocation for wear and tear on fixed assets.
This is a basic overview tailored to a gutter contracting business. It's always wise for businesses to adapt the chart of accounts to their specific operational nuances. We’d be happy to assist.