Common Accounts List, Usually Debited or Credited – Smart Automation for Lazy Geniuses

Account Name	Normally Debited / Credited	Nature of Account	Type of Account	Rule / Notes
Assets
Cash A/c	Debited	Asset (Current)	Real	Debit what comes in — increases cash balance.
Bank A/c	Debited	Asset (Current)	Real	Debit when bank deposits increase.
Accounts Receivable / Debtors A/c	Debited	Asset (Current)	Personal	Amounts customers owe; debit increases receivables.
Inventory / Stock A/c	Debited	Asset (Current)	Real	Goods for resale; debit increases stock.
Furniture & Fixture A/c	Debited	Asset (Fixed)	Real	Tangible fixed asset; debit on acquisition.
Machinery / Equipment A/c	Debited	Asset (Fixed)	Real	Debit when purchased; depreciate over time.
Building / Land A/c	Debited	Asset (Fixed)	Real	Long-term tangible assets; debit on purchase.
Computers / IT Equipment A/c	Debited	Asset (Fixed)	Real	Debit on acquisition; may be capitalized.
Investments A/c	Debited	Asset (Long-term/Current)	Real	Debit when acquiring investments.
Office Equipment	Debited	Asset (Long-term/Current)	Real	Debit when acquiring.
GST / VAT Input (Recoverable) A/c	Debited	Asset (Current)	Real	Recoverable tax on purchases until claimed or offset.
Vehicles A/c	Debited	Asset (Long-term/Current)	Real	Debit when purchasing.
Liabilities
Accounts Payable / Creditors A/c	Credited	Liability (Current)	Personal	Amounts due to suppliers; credit increases payables.
Bills Payable A/c	Credited	Liability (Current)	Personal	Formal promissory obligations; credit when issued.
Loans Taken / Bank Loan A/c	Credited	Liability (Long-term/Current)	Personal	Borrowings; credit when loan funds are received.
Interest Payable A/c	Credited	Liability (Current)	Representative Personal	Accrued interest due but unpaid.
Income Received in Advance / Unearned Revenue A/c	Credited	Liability (Current)	Representative Personal	Customer prepayments for goods/services not yet delivered.
GST / VAT Payable A/c	Credited	Liability (Current)	Personal	Tax collected on sales awaiting remittance to tax authority.
Income / Revenue & Contra Revenue
Sales / Sales Revenue A/c	Credited	Income	Nominal	Main revenue account; credit increases revenue.
Sales Return (Return Inwards) A/c	Debited	Contra-Revenue	Nominal	Customer returns — reduces sales (debited to offset revenue).
Rent Received A/c	Credited	Income	Nominal	Revenue from property rentals.
Interest Received A/c	Credited	Income	Nominal	Interest earned on investments or deposits.
Commission Received A/c	Credited	Income	Nominal	Commission/fee income earned.
Investment Income / Dividend A/c	Credited	Income	Nominal	Income from investments or dividends.
Bad Debts Recovered A/c	Credited	Income	Nominal	Recovery of amounts previously written off.
Expenses & Contra-Expenses
Purchases A/c	Debited	Expense / COGS	Nominal	Cost of goods bought for resale; debit increases purchases.
Purchase Return (Return Outwards) A/c	Credited	Contra-Expense	Nominal	Supplier returns — reduces purchases.
Cost of Goods Sold (COGS) A/c	Debited	Expense	Nominal	Direct cost of items sold; recognized as expense on sale.
Salary & Wages A/c	Debited	Expense	Nominal	Employee compensation; debit increases expense.
Rent Expense A/c	Debited	Expense	Nominal	Premises rent for business operations.
Depreciation A/c	Debited	Expense (Non-cash)	Nominal	Periodic allocation of fixed asset cost.
Repairs & Maintenance A/c	Debited	Expense	Nominal	Costs to maintain equipment and facilities.
Postage / Courier A/c	Debited	Expense	Nominal	Mailing and courier costs.
Stationery / Printing A/c	Debited	Expense	Nominal	Office supplies and printing costs.
Cartage / Carriage Inwards A/c	Debited	Expense / Part of COGS	Nominal	Freight on incoming purchases (adds to purchase cost).
Carriage Outwards / Freight Out A/c	Debited	Expense	Nominal	Shipping costs to deliver goods to customers.
Advertising / Marketing A/c	Debited	Expense	Nominal	Promotion and marketing expenses.
Telephone / Internet Charges A/c	Debited	Expense	Nominal	Communication expenses for business.
Electricity / Utilities A/c	Debited	Expense	Nominal	Utility costs to operate premises.
Insurance Premium A/c	Debited	Expense	Nominal	Insurance paid for business risks (prepaid portion treated separately).
Audit Fees / Professional Fees A/c	Debited	Expense	Nominal	Accountant, legal, and professional charges.
Interest Paid A/c	Debited	Expense	Nominal	Interest on borrowings or overdrafts.
Discount Allowed A/c	Debited	Expense	Nominal	Customer discounts given; treated as expense/contra-revenue.
Bad Debts / Provision for Doubtful Debts A/c	Debited	Expense	Nominal	Uncollectible receivables or provisions therefor.
Drawings (Owner Withdrawals) A/c	Debited	Contra-Equity	Personal	Owner withdrawals reduce owner's equity; debited.
Representative / Accrual Accounts (Prepaids & Outstanding)
Prepaid Expenses (Prepaid Rent, Prepaid Insurance) A/c	Debited	Asset (Current)	Representative Personal	Payments made in advance; allocated to expense over time.
Outstanding / Accrued Expenses A/c	Credited	Liability (Current)	Representative Personal	Expenses incurred but not yet paid; create liability.
Accrued / Outstanding Income A/c	Debited	Asset (Current)	Representative Personal	Income earned but not yet received; treated as receivable.

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Assets

Liabilities

Income / Revenue & Contra Revenue

Expenses & Contra-Expenses

Representative / Accrual Accounts (Prepaids & Outstanding)