Every account, and what actually goes in it
BalanceMCP seeds each new book with a chart of accounts — one for a business, one for a household. These pages cover what belongs in each account, what people commonly file there by mistake, and which report it turns up on.
Assets — what the business owns (9)
1000CashAccount 1000 Cash is physical currency on hand, not your bank balance. See what belongs here, what doesn't, and how it reads on the balance sheet.1010CheckingAccount 1010 Checking is your day-to-day operating bank balance. Learn what posts here, what stays out, and how it appears on a balance sheet.1020SavingsAccount 1020 Savings holds money set aside on purpose, not spent day to day. See what belongs, what doesn't, and how interest earned actually posts.1200Accounts ReceivableAccount 1200 Accounts Receivable is money customers owe you for work already delivered. See what belongs, what does not, and how it reads on reports.1400Prepaid ExpensesAccount 1400 Prepaid Expenses holds payments made now for benefits received later, like an annual premium. See how it differs from a normal expense.1500EquipmentAccount 1500 Equipment holds tools, machinery, and vehicles the business owns and uses over years, not consumables. See what fits and how depreciation connects.1510Accumulated DepreciationAccount 1510 Accumulated Depreciation is a contra-asset with a credit balance, despite living in the asset section. Here is why, and how it reduces Equipment.1900Undeposited FundsAccount 1900 Undeposited Funds holds payments received but not yet taken to the bank. Learn what belongs here and why a large balance is worth a second look.1500InvestmentsAccount 1500 Investments tracks brokerage and retirement balances, distinct from Savings. Learn why its swings reflect the market, not spending.
Liabilities — what it owes (6)
2100Credit CardAccount 2100 Credit Card tracks what you owe the card issuer. Understand why a charge is a credit here, not a debit, and what actually belongs.2000Accounts PayableAccount 2000 Accounts Payable tracks bills you owe but have not paid yet. See what belongs, what doesn't, and how it differs from a credit card balance.2200Payroll LiabilitiesAccount 2200 Payroll Liabilities holds money withheld from paychecks not yet remitted. Learn what belongs here and why the balance should stay short-lived.2300Sales Tax PayableAccount 2300 Sales Tax Payable holds sales tax collected from customers on a state's behalf. See why it is never income and what belongs here.2700Loans PayableAccount 2700 Loans Payable tracks remaining principal on business loans and financing. See why interest is tracked separately and what reduces the balance.2700LoansAccount 2700 Loans tracks mortgage, student, and auto loan principal. See why interest is tracked differently and what's missing from this simple chart.
Equity — the owner's stake (5)
3000Owner's EquityAccount 3000 Owner's Equity is the owner's overall stake in the business, rolled up from contributions, draws, and retained profit over time.3100Owner's ContributionAccount 3100 Owner's Contribution tracks money the owner puts into the business. See the contrast with Owner's Draw and what does not belong here.3900Owner's DrawAccount 3900 Owner's Draw is a contra-equity account with a debit balance, tracking money the owner takes out. Learn why it is not a business expense.3999Retained EarningsAccount 3999 Retained Earnings is your all-time net income to date, recalculated live every time a balance sheet runs. There is no year-end closing entry here.3000Net WorthAccount 3000 Net Worth is the personal-chart equivalent of Owner's Equity — everything you own minus everything you owe, as a single running total.
Income — money coming in (5)
4900Other IncomeAccount 4900 Other Income catches interest, rebates, and one-off gains that are not your core revenue or paycheck. See what fits and what does not.4999Uncategorized IncomeAccount 4999 Uncategorized Income is a holding spot, not a real category. Learn why it exists, what belongs temporarily, and why it should stay empty.4000SalesAccount 4000 Sales is revenue from goods the business sells, distinct from Service Revenue. See what belongs and what should be recorded elsewhere.4100Service RevenueAccount 4100 Service Revenue is income from labor, consulting, or services performed, kept separate from product Sales. See what fits and what to watch for.4000SalaryAccount 4000 Salary is the personal-chart top line — paycheck deposits and regular W-2 income. See what fits here and what belongs elsewhere instead.
Expenses — money going out (36)
6750Interest ExpenseInterest on business loans and credit cards belongs here, split out from the principal you repay. Learn why that split matters and how to book a loan payment.6800Depreciation ExpenseDepreciation spreads the cost of equipment across the years you use it. This is the expense half of the entry; 1510 Accumulated Depreciation is the other half.6700Interest PaidCredit-card, mortgage, and loan interest in a personal book. Separating interest from principal shows what borrowing actually costs you each month.6900Uncategorized ExpenseAccount 6900 Uncategorized Expense is a temporary holding spot for spending not yet sorted, mirroring Uncategorized Income on the other side of the ledger.5000Cost of Goods SoldAccount 5000 Cost of Goods Sold is the direct cost of producing what was actually sold, kept separate from general overhead. See what belongs and how it reads.5100SubcontractorsAccount 5100 Subcontractors tracks 1099 contractor payments, kept strictly separate from W-2 Payroll. See the distinction and the 1099-NEC connection.5200MaterialsAccount 5200 Materials tracks what goes into a job or product you sell, distinct from general Supplies. Learn the test that separates the two.6000AdvertisingAccount 6000 Advertising covers money spent to get the business found or noticed. See what qualifies, what does not, and the Schedule C connection.6050Bank FeesAccount 6050 Bank Fees covers account maintenance, wire, and processing fees. Small individually, worth tracking since they add up over a year.6100InsuranceAccount 6100 Insurance covers business risk coverage like liability and workers' comp, distinct from a personal health, auto, or home policy.6150Legal & ProfessionalAccount 6150 Legal & Professional covers attorney, accountant, and consulting fees. See what belongs here and the Schedule C line it maps to.6200MealsAccount 6200 Meals covers business meals, generally only half-deductible at tax time. See what qualifies, what does not, and how the 50% limit works.6250Office ExpenseAccount 6250 Office Expense covers the low-drama basics of running an office. See what fits versus Equipment, Materials, or Software & Subscriptions.6300RentAccount 6300 Rent covers what a business pays to occupy space it does not own. See what fits, what does not, and how a mortgage differs entirely.6350Repairs & MaintenanceAccount 6350 Repairs & Maintenance covers keeping what you own working, not buying something new. See where a repair becomes a capital improvement.6400Software & SubscriptionsAccount 6400 Software & Subscriptions covers recurring SaaS, hosting, and tool costs — the fastest-growing line for most small businesses. See what fits.6450SuppliesAccount 6450 Supplies covers consumables that keep the business running day to day, distinct from Materials that go into a job. See the difference.6500Taxes & LicensesAccount 6500 Taxes & Licenses covers what a business pays to legally operate, deliberately excluding the owner's own income tax on business profit.6550TravelAccount 6550 Travel covers airfare, lodging, and transportation for genuine business trips, kept separate from Meals and never a vacation in disguise.6600UtilitiesAccount 6600 Utilities covers electricity, gas, water, and connectivity billed to a business location. See how a home office changes the picture.6650VehicleAccount 6650 Vehicle covers business vehicle costs under two very different methods — standard mileage and actual expenses. See which fits and why it matters.6700PayrollAccount 6700 Payroll covers W-2 employee wages and employer payroll taxes, kept strictly separate from 1099 Subcontractors and Owner's Draw.6000GroceriesAccount 6000 Groceries covers supermarket food purchases, one of the most underestimated personal expense categories until actually tracked.6050DiningAccount 6050 Dining covers restaurants, takeout, and coffee, the direct counterpart to Groceries. Often the easiest place to find real savings.6100HousingAccount 6100 Housing covers rent, mortgage payments, and home upkeep, typically the largest single personal expense category. See what fits.6150UtilitiesAccount 6150 Utilities covers electricity, gas, water, and connectivity at home. Seasonal by nature, so compare year over year, not month to month.6200TransportationAccount 6200 Transportation covers gas, transit, and rideshare costs. See how it handles a car payment and where to draw the line with vacations.6250HealthAccount 6250 Health covers out-of-pocket medical costs, not premiums already deducted from your paycheck. See what fits and the tax connection.6300InsuranceAccount 6300 Insurance covers auto, home, and life policies, distinct from the business chart's own Insurance account for liability and workers' comp.6350Software & SubscriptionsAccount 6350 Software & Subscriptions covers streaming, apps, and cloud storage — the personal expense category most worth auditing every few months.6400ShoppingAccount 6400 Shopping is the broad personal-retail catch-all — clothing, household goods, and general purchases. See what drifts here that should not.6450EntertainmentAccount 6450 Entertainment covers movies, concerts, and hobbies — genuinely discretionary spending, a good first place to look when adjusting a budget.6500TravelAccount 6500 Travel covers vacation flights, lodging, and trip costs — unlike its business-chart counterpart, none of it reduces your tax bill.6550EducationAccount 6550 Education covers tuition, courses, and certifications for yourself or family. See what fits, what does not, and the tax-credit caveat.6600Gifts & DonationsAccount 6600 Gifts & Donations covers both personal gifts and charitable giving — two things the IRS treats very differently, worth telling apart.6650FeesAccount 6650 Fees covers bank fees, late fees, and loan interest on the personal chart — small individually, worth reviewing when they creep up.