Tile Contracting Business Chart of Accounts Template

A tile contracting business primarily deals with the installation, maintenance, and repair of tiles in various facilities. Their chart of accounts might resemble the following:

Assets

Current Assets:

1. Cash: Available funds in bank and hand.

2. Accounts Receivable: Money owed by clients for completed jobs.

3. Inventory: Stock of tiles, grouts, adhesives, and other related materials.

4. Prepaid Expenses: Any expenses paid in advance, like insurance or rental.

5. Supplies: Everyday tools and materials, including trowels, spacers, tile cutters, etc.

Fixed Assets:

1. Vehicles: Trucks or vans used for transporting tiles and workers.

2. Equipment: Major equipment or machinery used for tile installation.

3. Buildings: Office, warehouse, or showroom properties.

4. Depreciation: Depreciation on vehicles, equipment, and buildings.

Liabilities

Current Liabilities:

1. Accounts Payable: Amounts owed to suppliers.

2. Wages Payable: Outstanding wages of employees.

3. Short-term Loans: Loans to be paid back within a year.

4. Taxes Payable: Pending tax liabilities.

Long-Term Liabilities:

1. Long-term Loans: Loans due after a year.

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

Equity

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

2. Retained Earnings: Accumulated profits retained in the business.

3. Drawings: Amounts withdrawn by the owner for personal use.

Income

1. Sales Revenue: Income from the sale of tiles.

2. Service Revenue: Revenue from installation, maintenance, or repair services.

3. Discounts Allowed: If any discounts were given to customers.

Expenses

Operating Expenses:

1. Rent or Lease: Payments for rented office or warehouse spaces.

2. Utilities: Bills for electricity, water, internet, etc.

3. Salaries and Wages: Remuneration for employees and labor.

4. Advertising & Promotion: Marketing and advertising expenses.

5. Insurance: Premiums for business insurance.

Cost of Goods Sold (COGS):

1. Purchase of Tiles and Materials: Costs of tiles and other materials like grout or adhesive.

2. Freight In: Shipping costs for incoming goods.

3. Direct Labor: Payments to workers directly involved in installation services.

Other Expenses:

1. Interest Expense: Interest on business loans.

2. Depreciation Expense: Wear and tear of tangible assets.

3. Taxes: Paid on profits.

This structure ensures a tile contracting business can effectively track its financial health, performance, and liquidity. Adjustments can be made based on specific business needs or local regulations. Let us know if we can be of help!