Limited companies
Category | Type | Example |
Sales | Income | The takings, fees, sales or money earned by the business |
Other income | Income | Any other business income not included in sales |
Admin | Expense | Phone, fax, stationery and other office costs |
Advertising | Expense | Advertising and marketing costs |
Bad debt | Expense | Irrecoverable debts written off |
Corporation tax | Expense | The corporation tax cost |
Entertaining clients | Expense | Business entertainment costs related to clients |
Entertaining staff | Expense | Business entertainment costs related to staff |
Financial charges | Expense | Countingup fees, credit card and other financial charges |
Interest paid | Expense | Interest paid on loans |
Other costs | Expense | Other business expenses |
Premises costs | Expense | Rent, rates, power and insurance costs |
Professional costs | Expense | Accountancy, legal and other professional fees |
Purchases | Expense | Goods purchased with the intention of selling to customers |
Repairs | Expense | Repairs and renewals of property and equipment |
Staff | Expense | Wages, salaries and other staff costs |
Travel | Expense | Car, van and travel expenses |
Unknown | Expense | Unknown costs |
Buildings | Asset | Cost to purchase or construct buildings for use by the business |
Equipment | Asset | Cost to acquire and prepare equipment for use by the business |
Motor vehicles | Asset | Cost to acquire and prepare motor vehicles for use by the business |
Plant & machinery | Asset | Cost to acquire and prepare plant and machinery for use by the business |
Intangibles | Asset | Cost of intangible items such as patents, radio licenses, and copyrights |
Inventory | Asset | Value of tracked inventory items for resale |
Petty cash | Asset | Cash in hand available for paying small expenses |
Prepayments | Asset | Expenditure that has been paid for in advance but not yet consumed |
Accrued income | Asset | Income which has been earned but not yet received |
Suspense | Asset | Used to temporarily store transactions for which there is uncertainty about where they should be recorded |
Accruals | Liability | Services the business has received but have not yet been invoiced for |
Income in advance | Liability | Income the business has received but has not provided the goods or services for |
VAT | Liability | VAT owed to or from HMRC |
Provision for corporation tax | Liability | Corporation tax payable to HMRC |
Director loan account | Liability | Money that the business owes to a director |
Loan | Liability | Money that has been borrowed from a creditor |
Capital | Equity | Money invested into the business by shareholders |
Dividends | Equity |
Money paid out to shareholders of the business |