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Chart of accounts

The chart of accounts represents a list of accounts that are divided into specific categories such as income, expenditure, assets or liabilities.  Furthermore, each category is further split into relevant "nominal codes " such as sales, cost of sales, telephone, bank charges etc.

Organising nominal codes into groups (or chart of accounts) means that similar items are grouped and can be represented clearly and easily on the financial statements.  This means that trends of sales or expenditure can be seen quicker month on month or year on year.

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