Chart of Accounts

The chart of accounts is an organized list of all the categories in which a business records its transactions: what it owns, what it owes, owners' money, sales, and expenses. Each category is numbered. A well-structured chart of accounts makes your financial reports clear and easy to read.

Brief

Five main categories: what you own (assets), what you owe (liabilities), owners' money (equity), your sales (revenue), and your expenses (expenses).
Each account has a number, so it's always filed in the same place.
It adapts to your sector: construction, e-commerce, services
Au Canada, aucun plan comptable n'est imposé par la loi; vous le bâtissez selon vos besoins

Why does this matter?

Your chart of accounts is like organizing your garage: if each tool has its designated place, you can find everything at a glance; if everything is jumbled together, you waste a lot of time and lose track of what you have. It determines the quality of everything that follows: financial reports, tax returns, dashboards. Too many accounts and data entry becomes a headache; too few and you lose sight of which activities are truly profitable. A construction company doesn't have the same needs as an online store. To develop a clear plan from the outset, Bankeo will introduce you to a verified accountant/CPA who understands your industry, free of charge, and we'll be there to support you every step of the way.

Frequently asked questions

In simpler terms, what is an accounting plan?

This is a list of all the categories you use to classify the money coming in and going out of your business. It's a bit like the folders in a filing cabinet: one for sales, one for rent, one for salaries, and so on. Each category has a number so that everything is always filed the same way, month after month.

Existe-t-il un plan comptable obligatoire au Canada?

Non. Contrairement à la France, qui impose un plan comptable général avec une numérotation officielle, le Canada n'oblige aucune structure précise. Les normes comptables encadrent la présentation des rapports financiers, mais chaque entreprise organise ses comptes comme elle le veut. C'est une liberté précieuse : votre plan peut refléter vos vraies activités plutôt qu'un modèle imposé.

Who can help me develop a suitable accounting plan?

An accountant familiar with your industry will set up a plan aligned with your business decisions, taxes, and management reports, either from the outset or during a review of your accounts. Bankeo will introduce you to an audited accountant/CPA for your business free of charge, and we'll stay by your side for as long as you need.