Chart of accounts?

[Ish200]

Anyone out there willing to share the structure of their chart of accounts?

I am familiar with the general 5 categories and have an initial COA laid out but I am curious about a few things

1) How are you handling aging inventory

2) Excise taxes at state and federal level

Thanks!

[pndTom]

My distillery won't open for a couple months yet but while I'm new to distilling, I've spent my career in accounting and finance.

Aging inventory - Should be recorded as inventory at cost.

Excise taxes are a liability and should be recorded as such.

I've seen a lot of people really screw up their books by doing something that they're not qualified to do.  You don't have to have a CPA to do this but it should be someone with formal training.

[Ish200]

Thanks for the clarification Tom

I really appreciate your feedback! I am familiar with utilizing the COA from one of my previous jobs but I am trying to get more familiar with accounting practices as I prep for opening my own distillery