[ 'current_asset' => [ 'Cash and Cash Equivalents' => [ 'description' => 'The most liquid assets a company holds. This includes physical currency, bank balances, and short-term investments a company can quickly convert to cash.', 'multi_currency' => true, 'base_code' => '1000', 'accounts' => [ 'Cash on Hand' => [ 'description' => 'The amount of money held by the company in the form of cash.', ], ], ], 'Receivables' => [ 'description' => 'Amounts owed to the company for goods sold or services rendered, including accounts receivable, notes receivable, and other receivables.', 'multi_currency' => false, 'base_code' => '1100', 'accounts' => [ 'Accounts Receivable' => [ 'description' => 'The amount of money owed to the company by customers who have not yet paid for goods or services received.', ], ], ], 'Inventory' => [ 'description' => 'The raw materials, work-in-progress goods and completely finished goods that are considered to be the portion of a business\'s assets that are ready or will be ready for sale.', 'multi_currency' => true, 'base_code' => '1200', ], 'Prepaid and Deferred Charges' => [ 'description' => 'Payments made in advance for future goods or services, such as insurance premiums, rent, and prepaid taxes.', 'multi_currency' => false, 'base_code' => '1300', ], 'Other Current Assets' => [ 'description' => 'Other assets that are expected to be converted to cash, sold, or consumed within one year or the business\'s operating cycle.', 'multi_currency' => true, 'base_code' => '1400', ], ], 'non_current_asset' => [ 'Long-Term Investments' => [ 'description' => 'Investments in securities like bonds and stocks, investments in other companies, or real estate held for more than one year, aiming for long-term benefits.', 'multi_currency' => true, 'base_code' => '1500', ], 'Fixed Assets' => [ 'description' => 'Physical, tangible assets used in the business\'s operations with a useful life exceeding one year, such as buildings, machinery, and vehicles. These assets are subject to depreciation.', 'multi_currency' => false, 'base_code' => '1600', ], 'Intangible Assets' => [ 'description' => 'Assets lacking physical substance but offering value to the business, like patents, copyrights, trademarks, software, and goodwill.', 'multi_currency' => false, 'base_code' => '1700', ], 'Other Non-Current Assets' => [ 'description' => 'Includes long-term assets not classified in the above categories, such as long-term prepaid expenses, deferred tax assets, and loans made to other entities that are not expected to be settled within the next year.', 'multi_currency' => true, 'base_code' => '1800', ], ], 'contra_asset' => [ 'Depreciation and Amortization' => [ 'description' => 'Accounts that accumulate depreciation of tangible assets and amortization of intangible assets, reflecting the reduction in value over time.', 'multi_currency' => false, 'base_code' => '1900', ], 'Allowances for Receivables' => [ 'description' => 'Accounts representing estimated uncollectible receivables, used to adjust the value of gross receivables to a realistic collectible amount.', 'multi_currency' => false, 'base_code' => '1940', ], 'Valuation Adjustments' => [ 'description' => 'Accounts used to record adjustments in asset values due to impairments, market changes, or other factors affecting their recoverable amount.', 'multi_currency' => false, 'base_code' => '1950', ], ], 'current_liability' => [ 'Supplier Obligations' => [ 'description' => 'Liabilities arising from purchases of goods or services from suppliers, not yet paid for. This can include individual accounts payable and trade credits.', 'multi_currency' => true, 'base_code' => '2000', 'accounts' => [ 'Accounts Payable' => [ 'description' => 'The amount of money owed by the company to suppliers for goods or services received.', ], ], ], 'Accrued Expenses and Liabilities' => [ 'description' => 'Expenses that have been incurred but not yet paid, including wages, utilities, interest, and taxes. This category can house various accrued expense accounts.', 'multi_currency' => false, 'base_code' => '2100', 'accounts' => [ 'Sales Tax Payable' => [ 'description' => 'The amount of money owed to the government for sales tax collected from customers.', ], ], ], 'Short-Term Borrowings' => [ 'description' => 'Debt obligations due within the next year, such as bank loans, lines of credit, and short-term notes. This category can cover multiple short-term debt accounts.', 'multi_currency' => true, 'base_code' => '2200', ], 'Customer Deposits and Advances' => [ 'description' => 'Funds received in advance for goods or services to be provided in the future, including customer deposits and prepayments.', 'multi_currency' => true, 'base_code' => '2300', ], 'Other Current Liabilities' => [ 'description' => 'A grouping for miscellaneous short-term liabilities not covered in other categories, like the current portion of long-term debts, short-term provisions, and other similar obligations.', 'multi_currency' => true, 'base_code' => '2400', ], ], 'non_current_liability' => [ 'Long-Term Borrowings' => [ 'description' => 'Obligations such as bonds, mortgages, and loans with a maturity of more than one year, covering various types of long-term debt instruments.', 'multi_currency' => true, 'base_code' => '2500', ], 'Deferred Tax Liabilities' => [ 'description' => 'Taxes incurred in the current period but payable in a future period, typically due to differences in accounting methods between tax reporting and financial reporting.', 'multi_currency' => false, 'base_code' => '2600', ], 'Other Long-Term Liabilities' => [ 'description' => 'Liabilities not due within the next year and not classified as long-term debt or deferred taxes, including pension liabilities, lease obligations, and long-term provisions.', 'multi_currency' => true, 'base_code' => '2700', ], ], 'contra_liability' => [ 'Accumulated Amortization of Debt Discount' => [ 'description' => 'Accumulated amount representing the reduction of bond or loan liabilities, reflecting the difference between the face value and the discounted issuance price over time.', 'multi_currency' => false, 'base_code' => '2900', ], 'Valuation Adjustments for Liabilities' => [ 'description' => 'Adjustments made to the recorded value of liabilities, such as changes in fair value of derivative liabilities or adjustments for hedging activities.', 'multi_currency' => false, 'base_code' => '2950', ], ], 'equity' => [ 'Contributed Capital' => [ 'description' => 'Funds provided by owners or shareholders for starting the business and subsequent capital injections. Reflects the financial commitment of the owner(s) or shareholders to the business.', 'multi_currency' => true, 'base_code' => '3000', 'accounts' => [ 'Owner\'s Equity' => [ 'description' => 'The owner\'s financial interest in the business, representing the residual interest in the assets of the business after deducting liabilities.', ], ], ], 'Retained Earnings' => [ 'description' => 'Cumulative profits retained in the business and not distributed as dividends. Indicates the company\'s financial health and profit-generating ability.', 'multi_currency' => false, 'base_code' => '3100', ], 'Drawings' => [ 'description' => 'The amount of money taken out of the business by the owner(s) for personal use.', 'multi_currency' => false, 'base_code' => '3200', ], 'Equity Reserves and Adjustments' => [ 'description' => 'Includes adjustments like revaluation reserves, foreign exchange adjustments, or other components of comprehensive income that affect the equity but are not classified under capital, retained earnings, or drawings.', 'multi_currency' => true, 'base_code' => '3300', ], ], 'contra_equity' => [ 'Contra Equity' => [ 'description' => 'Equity that is deducted from gross equity to arrive at net equity. This includes treasury stock, which is stock that has been repurchased by the company.', 'multi_currency' => false, 'base_code' => '3900', ], ], 'operating_revenue' => [ 'Product Sales' => [ 'description' => 'Income from selling physical or digital products. Includes revenue from all product lines or categories.', 'multi_currency' => false, 'base_code' => '4000', 'accounts' => [ 'Product Sales' => [ 'description' => 'The amount of money earned from selling physical or digital products.', ], ], ], 'Service Revenue' => [ 'description' => 'Income earned from providing services, encompassing activities like consulting, maintenance, and repair services.', 'multi_currency' => false, 'base_code' => '4100', ], 'Other Operating Revenue' => [ 'description' => 'Income from other business operations not classified as product sales or services, such as rental income, royalties, or income from licensing agreements.', 'multi_currency' => false, 'base_code' => '4200', ], ], 'non_operating_revenue' => [ 'Investment Income' => [ 'description' => 'Earnings from investments, including dividends, interest from securities, and profits from real estate investments.', 'multi_currency' => false, 'base_code' => '4500', 'accounts' => [ 'Dividends' => [ 'description' => 'The amount of money received from investments in shares of other companies.', ], 'Interest Earned' => [ 'description' => 'The amount of money earned from interest-bearing investments like bonds, certificates of deposit, or savings accounts.', ], ], ], 'Gains from Asset Disposition' => [ 'description' => 'Profits from selling assets like property, equipment, or investments, excluding regular sales of inventory.', 'multi_currency' => false, 'base_code' => '4600', ], 'Other Non-Operating Revenue' => [ 'description' => 'Income from sources not related to the main business activities, such as legal settlements, insurance recoveries, or gains from foreign exchange transactions.', 'multi_currency' => false, 'base_code' => '4700', 'accounts' => [ 'Gain on Foreign Exchange' => [ 'description' => 'The amount of money earned from foreign exchange transactions due to favorable exchange rate changes.', ], ], ], ], 'contra_revenue' => [ 'Contra Revenue' => [ 'description' => 'Revenue that is deducted from gross revenue to arrive at net revenue. This includes sales discounts, returns, and allowances.', 'multi_currency' => false, 'base_code' => '4900', 'accounts' => [ 'Sales Returns and Allowances' => [ 'description' => 'The amount of money returned to customers or deducted from sales due to returned goods or allowances granted.', ], 'Sales Discounts' => [ 'description' => 'The amount of money deducted from sales due to discounts offered to customers for early payment or other reasons.', ], ], ], ], 'uncategorized_revenue' => [ 'Uncategorized Revenue' => [ 'description' => 'Revenue that has not been categorized into other revenue categories.', 'multi_currency' => false, 'base_code' => '4950', 'accounts' => [ 'Uncategorized Income' => [ 'description' => 'Revenue from other business operations that don\'t fall under regular sales or services. This account is used as the default for all new transactions.', ], ], ], ], 'operating_expense' => [ 'Cost of Goods Sold' => [ 'description' => 'Direct costs attributable to the production of goods sold by a company. This includes material costs and direct labor.', 'multi_currency' => false, 'base_code' => '5000', ], 'Payroll and Employee Benefits' => [ 'description' => 'Expenses related to employee compensation, including salaries, wages, bonuses, commissions, and payroll taxes.', 'multi_currency' => false, 'base_code' => '5050', 'accounts' => [ 'Salaries and Wages' => [ 'description' => 'The amount of money paid to employees for their work, including regular salaries and hourly wages.', ], 'Payroll Employer Taxes and Contributions' => [ 'description' => 'The amount of money paid by the employer for payroll taxes and contributions, such as social security, unemployment, and workers\' compensation.', ], 'Employee Benefits' => [ 'description' => 'The amount of money spent on employee benefits, such as health insurance, retirement plans, and other benefits.', ], 'Payroll Processing Fees' => [ 'description' => 'The amount of money paid to third-party payroll processors for payroll services.', ], ], ], 'Facility Expenses' => [ 'description' => 'Costs incurred for business premises, including rent or lease payments, property taxes, utilities, and building maintenance.', 'multi_currency' => false, 'base_code' => '5100', 'accounts' => [ 'Rent or Lease Payments' => [ 'description' => 'The amount of money paid for renting or leasing business premises.', ], 'Property Taxes' => [ 'description' => 'The amount of money paid for taxes on business property.', ], 'Building Maintenance' => [ 'description' => 'The amount of money spent on maintaining business premises, including repairs and cleaning.', ], 'Utilities' => [ 'description' => 'The amount of money paid for business utilities, such as electricity, water, and gas.', ], 'Property Insurance' => [ 'description' => 'The amount of money paid for insurance on business property.', ], ], ], 'General and Administrative' => [ 'description' => 'Expenses related to general business operations, such as office supplies, insurance, and professional fees.', 'multi_currency' => false, 'base_code' => '5150', 'accounts' => [ 'Food and Drink' => [ 'description' => 'The amount of money spent on food and drink for business purposes, such as office snacks, meals, and catering.', ], 'Transportation' => [ 'description' => 'The amount of money spent on business transportation, such as fuel, vehicle maintenance, and public transportation.', ], 'Travel' => [ 'description' => 'The amount of money spent on business travel, such as airfare, hotels, and rental cars.', ], 'Entertainment' => [ 'description' => 'The amount of money spent on business entertainment, such as client dinners, events, and tickets.', ], 'Office Supplies' => [ 'description' => 'The amount of money spent on office supplies, such as paper, ink, and stationery.', ], 'Office Equipment and Furniture' => [ 'description' => 'The amount of money spent on office equipment and furniture, such as computers, printers, and desks.', ], 'Legal and Professional Fees' => [ 'description' => 'The amount of money paid for legal and professional services, such as legal advice, accounting, and consulting.', ], 'Software and Subscriptions' => [ 'description' => 'The amount of money spent on software and subscriptions, such as SaaS products, cloud services, and digital tools.', ], ], ], 'Marketing and Advertising' => [ 'description' => 'Expenses related to marketing and advertising activities, such as advertising campaigns, promotional events, and marketing materials.', 'multi_currency' => false, 'base_code' => '5200', 'accounts' => [ 'Advertising' => [ 'description' => 'The amount of money spent on advertising campaigns, including print, digital, and outdoor advertising.', ], 'Marketing' => [ 'description' => 'The amount of money spent on marketing activities, such as content creation, social media, and email marketing.', ], ], ], 'Research and Development' => [ 'description' => 'Expenses incurred in the process of researching and developing new products or services.', 'multi_currency' => false, 'base_code' => '5250', ], 'Other Operating Expenses' => [ 'description' => 'Miscellaneous expenses not categorized elsewhere, such as research and development costs, legal fees, and other irregular expenses.', 'multi_currency' => false, 'base_code' => '5300', ], ], 'non_operating_expense' => [ 'Interest and Financing Costs' => [ 'description' => 'Expenses related to borrowing and financing, such as interest payments on loans, bonds, and credit lines.', 'multi_currency' => false, 'base_code' => '5500', ], 'Tax Expenses' => [ 'description' => 'Various taxes incurred by the business, including income tax, sales tax, property tax, and payroll tax.', 'multi_currency' => false, 'base_code' => '5600', ], 'Other Non-Operating Expense' => [ 'description' => 'Expenses not related to primary business activities, like losses from asset disposals, legal settlements, restructuring costs, or foreign exchange losses.', 'multi_currency' => false, 'base_code' => '5700', 'accounts' => [ 'Loss on Foreign Exchange' => [ 'description' => 'The amount of money lost from foreign exchange transactions due to unfavorable exchange rate changes.', ], ], ], ], 'contra_expense' => [ 'Contra Expenses' => [ 'description' => 'Expenses that are deducted from gross expenses to arrive at net expenses. This includes purchase discounts, returns, and allowances.', 'multi_currency' => false, 'base_code' => '5900', 'accounts' => [ 'Purchase Returns and Allowances' => [ 'description' => 'The amount of money returned to suppliers or deducted from purchases due to returned goods or allowances granted.', ], 'Purchase Discounts' => [ 'description' => 'The amount of money deducted from purchases due to discounts offered by suppliers for early payment or other reasons.', ], ], ], ], 'uncategorized_expense' => [ 'Uncategorized Expense' => [ 'description' => 'Expenses that have not been categorized into other expense categories.', 'multi_currency' => false, 'base_code' => '5950', 'accounts' => [ 'Uncategorized Expense' => [ 'description' => 'Expenses not classified into regular expense categories. This account is used as the default for all new transactions.', ], ], ], ], ], ];