Sample Chart of Accounts

Here’s a sample chart of accounts tailored to align with Philippine Financial Reporting Standards (PFRS), which are based on International Financial Reporting Standards (IFRS) but adjusted to meet local regulations and tax laws. This chart includes common account categories used in businesses in the Philippines.

1000 – Assets

• 1100 – Current Assets
  • 1110 – Cash and Cash Equivalents
  • 1115 – Petty Cash
  • 1120 – Accounts Receivable
    • 1121 – Allowance for Doubtful Accounts (Contra-Asset)
  • 1130 – Inventory
  • 1140 – Prepaid Expenses
  • 1150 – Other Current Assets
• 1200 – Non-Current Assets
  • 1210 – Property, Plant, and Equipment
    • 1211 – Land
    • 1212 – Building
    • 1213 – Accumulated Depreciation – Building
    • 1214 – Equipment
    • 1215 – Accumulated Depreciation – Equipment
  • 1220 – Investment Property
  • 1230 – Intangible Assets
    • 1231 – Patents
    • 1232 – Copyrights
  • 1240 – Long-Term Investments
  • 1250 – Other Non-Current Assets

2000 – Liabilities

• 2100 – Current Liabilities
  • 2110 – Accounts Payable
  • 2120 – Notes Payable
  • 2130 – Accrued Expenses
  • 2140 – Taxes Payable
    • 2141 – VAT Payable
    • 2142 – Income Tax Payable
  • 2150 – Other Current Liabilities
• 2200 – Non-Current Liabilities
  • 2210 – Long-Term Loans Payable
  • 2220 – Deferred Tax Liabilities
  • 2230 – Other Non-Current Liabilities

3000 – Equity

• 3100 – Owner’s Equity (for Sole Proprietorship)
  • 3110 – Capital
  • 3120 – Owner’s Drawings
• 3200 – Stockholders’ Equity (for Corporation)
  • 3210 – Common Stock
  • 3220 – Retained Earnings
  • 3230 – Treasury Stock
  • 3240 – Additional Paid-In Capital

4000 – Revenues

• 4100 – Sales Revenue
  • 4110 – Sales
  • 4120 – Sales Returns and Allowances
  • 4130 – Sales Discounts
• 4200 – Service Revenue
  • 4210 – Consulting Revenue
  • 4220 – Other Service Revenues
• 4300 – Other Income
  • 4310 – Interest Income
  • 4320 – Rental Income
  • 4330 – Gains on Sale of Assets

5000 – Cost of Goods Sold (COGS)

• 5100 – COGS for Merchandising
  • 5110 – Merchandise Purchases
  • 5120 – Purchase Returns and Allowances
  • 5130 – Freight In
  • 5140 – Inventory Adjustment
• 5200 – COGS for Manufacturing
  • 5210 – Raw Materials
  • 5220 – Direct Labor
  • 5230 – Manufacturing Overhead

6000 – Operating Expenses

• 6100 – Selling and Marketing Expenses
  • 6110 – Advertising Expense
  • 6120 – Sales Commissions
  • 6130 – Delivery Expense
• 6200 – General and Administrative Expenses
  • 6210 – Salaries and Wages Expense
  • 6220 – Office Supplies Expense
  • 6230 – Depreciation Expense
  • 6240 – Utilities Expense
  • 6250 – Rent Expense
• 6300 – Financial Expenses
  • 6310 – Interest Expense
  • 6320 – Bank Charges

7000 – Other Expenses

• 7100 – Other Operating Expenses
  • 7110 – Bad Debt Expense
  • 7120 – Loss on Sale of Assets

Notes:

• Account Codes: The account numbers and codes can vary depending on the specific needs of the company.
• Adjustments for Local Compliance: Always check for updates in regulations from agencies such as the Bureau of Internal Revenue (BIR) and the Philippine Financial Reporting Standards Council (FRSC).