Standard Chart of Accounts for Machine Shops?

November 2, 2006 5:37 PM

Is there a “standardized” chart of accounts setup that is widely used among machine shops/small manufacturers (USA)? Working with other industries in the past (veterinary and restaurants), I have found that many choose to use a standard industry-specific chart of accounts – often established by a national industry association, etc. I have googled, etc. but have not found anything worthwhile for machine shops/small manufacturers... Any accountants or shop owners out there?
posted by randex8 to Work & Money (2 answers total)

I run my own machine shop and all I have is a simplified monthly bookkeeping book and a set of invoice and purchase order booklets that I got at an office supply store. It works good for me because I only have three customers. I realize this is probably not what you are looking for but it is all I use.
posted by Iron Rat at 6:00 PM on November 2, 2006

I work at a small machine shop and the major accounts we use:

Income:
Sales
Misc Income

Cost of Goods Sold:
Materials
Direct Labor
Indirect Labor
General Fringe
Expendable Tooling

Expenses:
Salary
Maintenance
Utilities
Telephone

There are others but these are the main ones.
posted by alexmikayla at 6:01 PM on November 2, 2006