Drywall Contractor Chart of Accounts Template

A Chart of Accounts (COA) for a Drywall Contracting business would be tailored to reflect the specific financial transactions common in this industry. Here's a likely template for such a business:

Assets

1. Current Assets:

   • Cash on Hand and Bank Accounts

   • Accounts Receivable: Money expected from clients for drywall installation, repair, or other services.

   • Inventory: Stock of drywall panels, joint compounds, fasteners, tapes, and other materials.

   • Prepaid Expenses: Such as insurance or rent.

2. Fixed Assets:

   • Tools & Equipment: Drywall trowels, hawks, banjos, stilts, sanders, lifts, etc.

   • Vehicles: Trucks or vans used to transport materials and crew.

   • Office Equipment: Computers, printers, and other office essentials.

   • Accumulated Depreciation: Decrease in value of tangible assets over time.

3. Other Assets:

   • Deposits: For leased equipment or workspace.

   • Long-term Investments.

Liabilities

1. Current Liabilities:

   • Accounts Payable: Amounts due to drywall suppliers or other vendors.

   • Employee Wages Payable.

   • Sales Tax Payable.

   • Short-term Loans.

2. Long-Term Liabilities:

   • Long-term Loans or Notes Payable.

Equity

1. Owner’s or Stockholder’s Equity:

   • Owner's or Stockholder's Capital: Initial and subsequent investments.

   • Retained Earnings: Profits reinvested in the business.

   • Draws or Dividends: Money withdrawn for personal use or shared as dividends.

Income

1. Operating Revenue:

   • Service Revenue: Earnings from drywall installation, repairs, finishing, etc.

   • Sales Revenue: Sale of surplus materials or products to other businesses or customers.

2. Other Income:

   • Rental Income: If the business rents out any equipment.

   • Interest Income.

Expenses

1. Operating Expenses:

   • Salaries & Wages.

   • Rent or Mortgage.

   • Utilities.

   • Vehicle Expenses.

   • Marketing & Advertising.

   • License, Dues & Subscriptions: Such as trade association memberships or certifications.

   • Training & Development.

   • Insurance: Covering liabilities specific to drywall work.

2. Cost of Goods Sold (COGS):

   • Materials & Supplies: Cost of drywall panels, compounds, tapes, screws, etc.

   • Labor Costs: Wages for employees directly involved in installation and finishing.

   • Subcontractor Expenses: If subcontractors are hired for specific tasks.

3. Other Expenses:

   • Bank Charges.

   • Interest Expense.

This COA provides a foundational structure for a Drywall Contracting business's financial organization. Depending on the size and scope of operations, there might be additional accounts or sub-accounts tailored to specific needs. Let us know if we can help you out!