Low Voltage Electrical Contracting Business Chart of Accounts Template

For a Low Voltage Electrical Contracting business, the chart of accounts would be tailored to capture both the general financial aspects of the business and specific elements related to low voltage systems such as security systems, data networks, and communication infrastructure. Here's a likely chart of accounts:

Assets

1. Current Assets

   • Cash in Bank

   • Accounts Receivable

   • Inventory (e.g., cables, connectors, panels)

   • Prepaid Expenses

   • Job Deposits/Advance Payments

2. Fixed Assets

   • Vehicles

   • Tools & Equipment (e.g., crimping tools, testers, drills)

   • Buildings & Improvements

   • Accumulated Depreciation

Liabilities

1. Current Liabilities

   • Accounts Payable

   • Short-Term Loans

   • Wages Payable

   • Sales Tax Payable

2. Long-term Liabilities

   • Notes Payable

   • Mortgages or Leases

Equity

• Owner's Capital

• Retained Earnings

• Owner's Draw

Income & Costs

1. Income

   • Sales Revenue (Installation services)

   • Maintenance & Repair Revenue

   • Consultation & Design Revenue

2. Cost of Goods Sold (COGS)

   • Materials Cost

   • Direct Labor Cost

   • Subcontractor Costs

Expenses

1. Operating Expenses

   • Rent & Utilities

   • Salaries & Wages (administrative staff)

   • Advertising & Marketing

   • Insurance

   • Travel & Vehicle Expenses

   • Training & Certifications (e.g., for new systems or technologies)

   • Licenses & Permits

2. Other Expenses

   • Interest Expense

   • Depreciation Expense

   • Bank Charges

Note: A chart of accounts can be modified based on the specific services the business offers, the regions they operate in, and other unique characteristics of the business. Always consult with a professional accountant or bookkeeper to ensure that your chart of accounts meets all necessary financial and tax requirements.