Masonry and Stonework Contracting Business Chart of Accounts Template

A Masonry and Stonework Contracting business typically deals with the construction, repair, and maintenance of structures made of brick, stone, tile, concrete, and similar materials. As a result, their financial dealings might be a tad different than other contracting businesses. Here's a likely chart of accounts for such a business:

Assets

Current Assets:

1. Cash: Funds in bank accounts or on hand.

2. Accounts Receivable: Money owed by customers for completed projects.

3. Inventory: Includes raw materials like bricks, stones, concrete mix, mortar, and other masonry supplies.

4. Prepaid Expenses: Payments made in advance for services or products, such as equipment rentals or insurance premiums.

Fixed Assets:

1. Vehicles: Trucks or other vehicles used for transporting materials and workers.

2. Equipment: Masonry tools, machinery, and other long-term equipment.

3. Buildings & Property: Warehouses, offices, or any other real estate owned by the business.

Liabilities

Current Liabilities:

1. Accounts Payable: Outstanding bills for materials or services.

2. Employee Salaries and Wages Payable: Compensation owed to employees.

3. Taxes Payable: Any tax obligations, including sales tax and employment taxes.

Long-Term Liabilities:

1. Loans Payable: Amounts owed on business loans or lines of credit.

Equity

1. Owner’s Capital: Contributions made by the owner(s) into the business.

2. Retained Earnings: Accumulated profits kept within the business.

Income

1. Service Revenue: Income generated from masonry and stonework projects.

2. Sales Revenue: Income from selling masonry materials or products, if applicable.

Expenses

Operating Expenses:

1. Salaries & Wages: Compensation for employees.

2. Rent or Lease: Payments for rented spaces like offices or warehouses.

3. Utilities: Electric, water, gas, and other utility bills.

4. Equipment Rental: Cost of renting machinery or equipment.

5. Insurance: Premiums for business, vehicle, and liability insurance.

6. Training & Certification: Expenses for staff training and any necessary certifications.

7. Advertising & Promotion: Marketing and advertising expenses.

8. Travel & Transportation: Costs related to business travel or transporting materials.

Cost of Goods Sold (COGS):

1. Materials: All raw materials used in projects, including bricks, stones, and concrete.

2. Direct Labor: Wages for workers directly involved in masonry projects.

3. Subcontractor Costs: If you subcontract any work, those costs will be included here.

This list provides a solid foundation, but depending on the specific operations of the masonry and stonework contracting business, some accounts might need to be added, removed, or modified. Regularly revisiting and updating the chart of accounts ensures that it remains relevant and helpful for financial tracking and decision-making.