Chart of Accounts
Taxnexus Chart of Accounts
Taxnexus uses a customizable chart of accounts (CoA) that is maintained for each business location.
A live balance is maintained for each GL account. Balances are also maintained for each accounting (monthly) period. That produces a live monthly chart of accounts where monthly balances are used to produce the tax audit reports.
Here is a sample of the CoA we made for cannabis operators. Our numbering system uses the GAAP-recommended account numbering system. This sample represents about 20% of the accounts needed for a California distributor business.
|Number||Account Name||Account Type||Sign|
|13130||Merchandise for Sale||current_asset||dr|
|21425||Accrued State Cannabis Excise Tax||liability||cr|
|41000||Goods and Services||revenue||cr|
|41132||Recreational, Adult-Use Sales||revenue||cr|
|41173||Accessories and Supplies||revenue||cr|
|41211||Cannabis Delivery Services||revenue||cr|
|41260||Cannabis Testing Services||revenue||cr|
|41310||Goods Returns and Allowances||revenue||dr|
|52110||Cost of Goods Sold||expense||dr|
|52111||Cost of Agricultural Goods Sold||expense||dr|
|52112||Cost of Wholesale Products Sold||expense||dr|
|52123||Costs Of Delivery||expense||dr|