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.

NumberAccount NameAccount TypeSign
12000Accounts Receivablecurrent_assetdr
13120Wholesale Productscurrent_assetdr
13130Merchandise for Salecurrent_assetdr
21100Accounts Payableliabilitycr
21110Cannabis Cultivatorsliabilitycr
21400Taxes Payableliabilitycr
21425Accrued State Cannabis Excise Taxliabilitycr
41000Goods and Servicesrevenuecr
41131Cannabis Retailrevenuecr
41132Recreational, Adult-Use Salesrevenuecr
41133Medicinal Salesrevenuecr
41173Accessories and Suppliesrevenuecr
41211Cannabis Delivery Servicesrevenuecr
41260Cannabis Testing Servicesrevenuecr
41310Goods Returns and Allowancesrevenuedr
52110Cost of Goods Soldexpensedr
52111Cost of Agricultural Goods Soldexpensedr
52112Cost of Wholesale Products Soldexpensedr
52123Costs Of Deliveryexpensedr