In the new accounting standards implemented on January 1, 2019, the chart of accounts has also undergone major changes. The chart of accounts under the new accounting standards mainly includes five major categories of accounts: assets, liabilities, owners' equity, income, and expenses. Let’s take a closer look at the specific content and operational steps of the chart of accounts under the new accounting standards.

Asset accounts

Asset accounts mainly include monetary funds, accounts receivable, inventory, fixed assets, intangible assets, long-term equity investments, etc. Among them, monetary funds refer to the cash and its equivalents held by the enterprise through banks, cash and other channels; accounts receivable refer to the money that the enterprise has not yet received after selling goods or providing services; inventory refers to the money that the enterprise holds for sales or production. Items held; fixed assets refer to the long-term assets used by the enterprise for production and operation, such as houses, machinery and equipment, etc.; intangible assets refer to the intangible assets owned by the enterprise, such as patents, trademarks, etc.; long-term equity investment refers to the assets held by the enterprise Long-term equity investment, such as holding equity in other companies.

Liability accounts

Liability accounts mainly include short-term loans, accounts payable, long-term loans, employee compensation payable, etc. Among them, short-term borrowings refer to the borrowings that the enterprise needs to repay within one year; accounts payable refer to the unpaid amounts after the enterprise purchases goods or receives services; long-term borrowings refer to the borrowings that the enterprise needs to repay in more than one year; employee compensation payable is Refers to the wages, bonuses, etc. that an enterprise should pay to its employees.

Owner's equity accounts

Owner's equity accounts mainly include share capital, capital reserve, surplus reserve, undistributed profits, etc. Among them, share capital refers to the face value of the stocks issued by the enterprise; capital reserve refers to the capital premium formed by the enterprise through stock issuance, asset evaluation, etc.; surplus reserve refers to the reserve fund formed by the enterprise through profit distribution; undistributed profit refers to the enterprise’s capital premium. Profits that have not yet been distributed to shareholders.

Income subjects

Income subjects mainly include main business income, other business income, etc. Among them, main business income refers to the income obtained by the enterprise through its main business; other business income refers to the income obtained by the enterprise through other businesses.

Expense accounts

Expense accounts mainly include sales expenses, management expenses, financial expenses, etc. Among them, sales expenses refer to the expenses incurred by the enterprise for selling goods or providing services; administrative expenses refer to the expenses incurred by the enterprise for management and operation; financial expenses refer to the expenses incurred by the enterprise for financing and investment.

The above is the specific content of the chart of accounts under the new accounting standards. In actual operation, enterprises need to follow the following steps:

1. Determine the specific accounts in the chart of accounts according to the actual situation;

2. According to the accounts in the chart of accounts, Prepare the company's accounting books;

3. Prepare financial statements based on the accounting books;

4. Conduct financial analysis based on the financial statements.

The implementation of the new accounting standards chart of accounts is of great significance to the financial management and financial reporting of enterprises. Enterprises need to reasonably prepare accounting books and financial statements based on actual conditions, improve financial management levels, and provide a strong guarantee for the development of enterprises.