Chart of Accounts

The chart of accounts defines how financial transactions are organised and classified in SpeyBooks.

Every transaction posts to one or more accounts. Reports are generated by aggregating account balances.

Default UK chart of accounts

When you create a new organisation, SpeyBooks provisions a UK-specific chart of accounts aligned with common accounting and reporting conventions.

You can use this chart as-is or extend it with additional accounts.

Assets (1000–1999)

Code Name Description
1000 Bank account Main business bank account
1100 Accounts receivable Money owed by customers
1200 Prepayments Expenses paid in advance

Liabilities (2000–2999)

Code Name Description
2000 Accounts payable Money owed to suppliers
2100 VAT output VAT collected on sales
2110 VAT input VAT paid on purchases
2200 Corporation tax Corporation tax liability
2300 Director's loan Loans to or from directors

Equity (3000–3999)

Code Name Description
3000 Share capital Issued share capital
3100 Retained earnings Accumulated profits
3200 Dividends Dividends declared

Revenue (4000–4999)

Code Name Description
4000 Sales Primary trading revenue
4100 Interest income Bank interest received

Expenses (5000–8999)

Code Name Description
5000 Cost of sales Direct trading costs
6000 Salaries Staff wages and salaries
6100 Employer NI Employer National Insurance
7000 Rent Office rent
7100 Software SaaS subscriptions
7200 Professional fees Accountancy and legal fees
8000 Bank charges Bank fees and charges

Custom accounts

You can create additional accounts to suit your business using the API.

Custom accounts integrate seamlessly with reporting and VAT calculations.

Account codes

Account codes follow standard UK conventions:

  • 1xxx - Assets
  • 2xxx - Liabilities
  • 3xxx - Equity
  • 4xxx - Revenue
  • 5xxx–8xxx - Expenses

SpeyBooks does not enforce specific codes, but following these ranges ensures reports align with UK accounting norms.

Key principles

  • Accounts are structural, not transactional - they define categories, not movements
  • Balances are derived from posted transactions - no manual balance entry
  • System accounts are protected - VAT and control accounts cannot be modified
  • Custom accounts extend the chart without breaking reports

The chart of accounts defines where money lives. Transactions define how it moves.

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