Professional Services Chart of Accounts

A comprehensive accounting structure tailored for professional services businesses

Why Use This Template?

A well-structured Chart of Accounts is essential for accurate financial tracking and reporting in the professional services sector. This template includes industry-specific accounts and categories designed to match your business operations.

How to Use This Template

Review the account structure below
Download in your preferred format (CSV or PDF)
Customize account codes and names as needed
Import into your accounting software

Chart of Accounts

Account Code	Account Name	Category	Type	Description
1101	Cash	Asset	Current Asset	Physical cash and bank accounts
1102	Accounts Receivable	Asset	Current Asset	Money owed by customers for goods sold on credit
1103	Inventory	Asset	Current Asset	Goods available for sale
1201	Property, Plant, and Equipment	Asset	Fixed Asset	Physical assets used in business operations
1401	Prepaid Expenses	Asset	Prepayment	Expenses paid in advance, e.g., rent, insurance
2101	Accounts Payable	Liability	Current Liability	Money owed to suppliers and vendors
2102	Sales Tax Payable	Liability	Current Liability	Tax collected from customers, payable to the government
2201	Long-term Loans	Liability	Non-Current Liability	Loans or debts repayable over a period longer than one year
3101	Owner's Equity	Equity	Equity	Initial investment and retained earnings
4101	Depreciation Expense	Expense	Depreciation	Reduction in value of fixed assets over time
4201	Cost of Goods Sold	Expense	Direct Costs	Direct cost of goods sold to customers
4301	Rent Expense	Expense	Overhead	Cost of leasing business premises
4302	Utilities Expense	Expense	Overhead	Electricity, water, and other utility costs
4303	Marketing and Advertising	Expense	Overhead	Expenses for promoting products and business
5101	Sales Revenue	Revenue	Revenue	Income from product sales
5102	Shipping Revenue	Revenue	Revenue	Income from shipping fees charged to customers