Water Restoration Chart of Accounts Template

A Chart of Accounts (COA) provides a structured overview of a company's financial activities. For a water restoration business, the COA will be divided into various account types to track revenues, costs, assets, liabilities, and equity. Here's a likely COA for a water restoration business:

Assets

1. Current Assets

   • Cash on Hand

   • Bank Accounts

     • Checking Account

     • Savings Account

   • Accounts Receivable

   • Inventory

     • Restoration Equipment (short-term use)

     • Cleaning Supplies

   • Prepaid Expenses

2. Fixed Assets

   • Restoration Machinery and Equipment

   • Vehicles

   • Buildings and Property

   • Accumulated Depreciation

3. Other Assets

   • Security Deposits

   • Long-term Investments

Liabilities

1. Current Liabilities

   • Accounts Payable

   • Employee Wages Payable

   • Sales Tax Payable

   • Short-term Loans

2. Long-Term Liabilities

   • Notes Payable

   • Long-term Loans

   • Mortgages

Equity

1. Owner's Capital

2. Owner's Draw

3. Retained Earnings

Income

1. Revenues

   • Water Damage Restoration Services

   • Mold Remediation Services

   • Drying Services

   • Other Services (like carpet cleaning or odor removal)

2. Other Income

   • Interest Income

   • Discounts Received

Expenses

1. Operating Expenses

   • Rent or Mortgage Expense

   • Utilities (Water, Electricity)

   • Employee Salaries and Wages

   • Payroll Taxes

   • Marketing and Advertising

   • Vehicle Expenses (fuel, maintenance)

   • Equipment Maintenance and Repairs

   • Insurance (Liability, Vehicle, Workers' Compensation)

   • Office Supplies

   • Travel and Entertainment

   • Professional Fees (Legal, Consulting)

2. Cost of Goods Sold (COGS)

   • Materials (chemicals, replacement parts)

   • Direct Labor

3. Other Expenses

   • Interest Expense

   • Depreciation Expense

   • Bad Debts Expense

This is a generalized COA for a water restoration business. Depending on the specific services offered, the company's size, and its location, the COA can be more detailed or include different account classifications. It's always beneficial for businesses to consult with accounting professionals to tailor a COA to their unique needs.