Your chart of accounts is a list of all of the accounts in your system. As a limited liability corporation providing a service to customers, some of the accounts to include are asset, expense and income accounts. LLCs should include an owner equity account for each member of the corporation.

Why is Chart of Accounts Important? A COA is designed to provide a view of an organization's financial situation and health, using a delineated means to separate assets, liabilities, revenue, and expenditures. It assists with management reporting and is critical for meeting the demands of regulatory compliance.