This item contains two download files:
1) PDF so you can see the Chart of Accounts for Independent Jewelers
2) CSV so you can import the Chart of Accounts for Independent Jewelers directly into your accounting system, whether it's Xero, AccountEdge or other.
It is the heart of your accounting system.
You will find this helpful if:
- you are setting up your accounting system for the first time
- starting fresh in a new accounting program
- or needing to customize your existing accounting system
What is The Chart of Accounts?
All accounting systems are based on one core chart of accounts. This chart houses all the different categories you report on your taxes, such as income, cost of goods sold and expenses. It also includes all of your Assets, like Inventory and other things you own, as well as Liabilities, which are the things you owe.
Under the Equity section of The Chart of Accounts it is noted which accounts you will use for specific Business Structures, such as Sole Proprietor vs S-Corp.
Usually, when you start a program, a default chart of accounts is configured for you. However, to customize it for your particular business, you have to pay your accountant to create one for you or customize it yourself if you know how it works. Rarely, does an accountant consider all of the important things we as jewelers want to track, and they will instead provide you with a general chart of accounts, which would work for any number of manufacturing or retail businesses.
In order to have the best window into the profitability of your business, we hold certain things of higher importance.
This chart is customized for an Independent Jeweler, who Manufactures Raw Materials into Finished Goods, as well as Outsources some Labor, CAD or Casting Jobs. It is a sample list that you can modify by adding or deleting accounts for your specific needs, but this is a more suitable jumping off point than a generic Chart of Accounts and has all the bones of a great chart specifically for jewelers.
To have one customized specifically for your business, you can hire me to create one for you, here.
WHY YOU CAN’T GO WITHOUT THIS DOWNLOAD:
Make your life easier from the start and have all the categories correct. That way, your accountant will be happy, your fees will be less, and you will be able to look at reports and understand what they mean because they speak your language as well as an accountants.
Accounting = Organization. Use this list to organize your records the right way.