You are here: 2. General Ledger > 2.1. Introduction to Micronet General Ledger > 2.1.3. Structuring your Micronet General Ledger > 2.1.3.2. Standard Micronet Chart of Accounts

Standard Micronet Chart of Accounts

Many businesses adopt a Chart of Accounts based upon the financial reporting styles of their external accountants. This ensures that the internal reporting of the business corresponds with any external reporting being prepared and ensures compliance with the Australian Taxation Office. Micronet has implemented a standard Chart of Accounts for elementary General Ledgers based on the most common formats used by professional accounting firms, while still allowing management reporting of income and expenses.

A qualified Micronet consultant can implement and import your Chart of Accounts into the General Ledger from an Excel spreadsheet that encompasses all the relevant fields necessary to ensure that your Chart and subsequent reporting suits the unique needs and requirements of your business.

The following example Chart of Accounts is the basis for most Micronet General Ledgers setup at the elementary level. This Chart serves as a guide only and you may find that your business requires variations. The Chart can be uniquely customised to complement each of the diverse types of ledgers available for setup.

 

Sample Balance Sheet Section
Account Description Type Add to
100 CURRENT ASSETS Header  
105 Bank Account 1 Active 129
106 Bank Account 2 Active 129
107 Petty Cash Active 129
110 Trade Debtors Active 129
111 Journal Clearing Account Active 129
112 Other Debtors Active 129
115 Stock on Hand Active 129
116 Stock Adjustments (MDS) Active 129
117 Stocktake Adjustments (MDS) Active 129
118 Uncosted Reconciliation (MDS) Active 129
119 Revalue Stock Sold (MDS) Active 129
120 File Cost Changes (MDS) Active 129
121 Goods Received Active 129
122 Goods Received Adjustments Active 129
123 Purchases Active 129
124 Work In Progress Active 129
125 Labour Recovered Active 129
126 Labour Costs Active 129
129 TOTAL CURRENT ASSETS Total 160
130 FIXED ASSETS Header  
131 Plant & Equipment Active 139
132 Less: Accumulated Depreciation Active 139
133 Motor Vehicles Active 139
134 Less: Accumulated Depreciation Active 139
135 Office Furniture & Equipment Active 139
136 Less: Accumulated Depreciation Active 139
139 TOTAL FIXED ASSETS Total 160
140 INVESTMENTS Header  
141 Shares Active 149
149 TOTAL INVESTMENTS Total 160
150 INTANGIBLES Header  
151 Formation Costs Active 159
152 Borrowing Expenses Active 159
153 Goodwill Active 159
159 TOTAL INTANGIBLES Total 160
160 TOTAL ASSETS Total 290

 

200 CURRENT LIABILITIES Header  
202 Trade Creditors Active 219
204 Group Tax Payable Active 219
205 Superannuation Payable Active 219
206 Accrued Expenses Active 219
207 GST Collected Active 219
208 GST Paid Active 219
209 GST on Capital Acquisitions Active 219
210 GST Withholding Account Active 219
211 GST Payments to ATO Active 219
215 Provision for Income Tax Active 219
219 TOTAL CURRENT LIABILITIES Total 260
220 NON-CURRENT LIABILITIES Header  
221 Loan - Bank Active 240
222 Loan - Shareholder Active 240
223 Hire Purchase Liabilities Active 240
234 Less: Unexpired HP Charges Active 240
235 Lease Liabilities Active 240
240 TOTAL NON-CURRENT LIABILITIES Total 260
260 TOTAL LIABILITIES Total 290
290 NET ASSETS Total  
300 SHAREHOLDERS EQUITY Header  
310 Issued Shares Active 390
320 Retained Earnings Active 390
350 Current Year Profit & Loss Active 390
390 TOTAL SHAREHOLDERS EQUITY Total  

 

Sample Profit & Loss Section
400 Income Tax Expense Header  
410 Sales (MDS) Active 499
420 Freight Income Active 499
430 Sales Adjustments Active 499
499 NET SALES Total 595
500 COST OF GOODS SOLD Header  
510 Cost of Sales (MDS) Active 590
515 Supplier COS Rebate Adjustments Active 590
520 Discount Allowed Active 590
525 Foreign Exchange Loss/Gains Active 590
530 Purchases - Miscellaneous Active 590
535 Duty & Customs Fees Active 590
540 Freight Inwards Active 590
590 TOTAL COST OF GOODS SOLD Total 595
595 GROSS PROFIT Total 970
600 OTHER INCOME Header  
605 Discount Received Active 690
610 Dividends Received Active 690
615 Interest Received Active 690
620 Rent Received Active 690
625 Sundry Income Active 690
630 Profit/Loss on Sale of Non Current Assets Active 690
690 TOTAL OTHER INCOME Total 970

 

700 EXPENSES Header  
705 Accountancy Fees Active 960
710 Advertising Active 960
715 Bad Debts Written Off Active 960
720 Bank Charges - GST Free Active 960
721 Bank Charges - Merchant Charges Active 960
725 Cleaning & Waste Removal Active 960
730 Computer Expenses Active 960
735 Consultancy Fees Active 960
740 Depreciation Active 960
745 Donations Active 960
750 Electricity Active 960
755 Entertainment Expenses - Deductible Active 960
760 Entertainment Expenses - Non Deductible Active 960
765 Filing Fees Active 960
770 General Expenses Active 960
775 GST Non Claimable Expenses Active 960
780 Hire of Plant & Equipment Active 960
785 Hire of Staff Active 960
790 Hire Purchase Interest Active 960
795 Insurance - Premiums Active 960
800 Insurance - Stamp Duty Active 960
805 Interest Paid Active 960
810 Land Tax Active 960
815 Leasing Charges Active 960
820 Legal Costs Active 960
825 Licences & Fees Active 960
830 Management Fees Active 960
835 MV Exps - Petrol & Oil Active 960
840 MV Exps - Repairs & Maintenance Active 960
845 MV Exps - Registrations Active 960
850 MV Exps - Insurance Active 960
855 MV Exps - Stamp Duties Active 960
860 MV Exps - Other Active 960
865 Payroll Tax Active 960
870 Petty Cash Active 960
875 Postage Active 960
880 Printing & Stationery Active 960
885 Rent Active 960
890 Repairs & Maintenance Active 960
895 Replacements Active 960
900 Salaries & Wages Active 960
905 Security Costs Active 960
910 Staff Amenities - GST Free Active 960
915 Staff Amenities - GST Paid Active 960
920 Staff Training Active 960
925 Subcontractors Active 960
930 Subscriptions Active 960
935 Superannuation Contributions Active 960
940 Telephone Active 960
945 Travelling Expenses Active 960
950 Workshop Supplies Active 960

 

960 TOTAL EXPENSES Total 970
970 NET PROFIT BEFORE TAX Total 995
980 OTHER EXPENSES Header  
985 Income Tax Expense Active 990
990 TOTAL OTHER EXPENSES Total 995
995 NET PROFIT AFTER TAX Total  

This particular Chart of Accounts is based on a three digit account number system. The Chart has been formulated in the following ways:

In the case of Expenses, GL accounts have been numbered to ensure that account descriptions appear in alphabetical order. These considerations allow users to find classifications for financial transactions swiftly and effectively.

Sub-accounting has been used for Other Creditors and GST accounts in the above Chart of Accounts. A sub-account is a two digit suffix that is added onto an existing chart number. When sub-accounts are used, subtotals can be established for a range of GL accounts. This prevents tightening in the range of numbers setup in a Chart of Accounts.

Each GL account in MGL is setup as a permanent record in the system. Therefore each one must be configured appropriately. The Chart of Accounts provided above does not include every field available for configuration.

 

Reference

For more details on fields available for configuration, refer to "File - GL Accounts".