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If company work in field of tourist / Consultant / engineer or any other field , what is the best chart of account can be used.
Being an Executive Accountant in one of the subsidiaries of a conglomerate and handing a number of clients being an auditor now, i place my thought below:
Yes it might change depending on the nature of the organization. However most often company follow the same strucutre.
It provides codes for the separate cost centre, profit centre.
Then Natural account i.e. Expense type e.g. Prepaid Expense
The sub account i.e. further description e.g. Insurance
YOu can add further in addition to this also.
Hope this helps.
Regards, Ashraff
It depends according to the company ploicy apply it and BIG YES it MUST differ from company to other according to the company status and its operations as well.
