An account plan is divided into different account classifications, which means that accounts of similar nature are grouped together. This facilitates the company’s accounting when the same type of transactions are booked within the same account group in the system.

Base account plan has 8 different account classification:

  • Account class 1 for assets (account number 10001999)
  • Account class 2 for equity and liabilities (2000999)
  • Account class 3 for turnover (30003999)
  • Account class 4 for material and goods costs (40004999)
  • Account classes 5 and 6 for other expenses (50006999)
  • Account class 7 for personnel costs (70007999)
  • Account class 8 for financial income and expenses (80008999)
    Account classes 1 and 2. These accounts also build up the balance sheet.

Account class 1 (assets): used to book inventory, stock, accounts receivable and more.
account class 2 (equity and liabilities capital): used to book share capital, bank loans, accounts payables, etc.
Account classes 3 to 8 build up a profit and loss statement.

  • account class 3 (revenue): used to book all sales.
  • account class 4: used to book cost for the purchase of goods and certain services and costs that are compatible with service or good purchases.
  • account classes 5 and 6: used to book other external costs, such as rent, electricity, etc.
  • account class 7: used to book expenses for depreciation and staff.
  • Account class 8: used to book income and expenses of financial nature, taxes and profit for the year.
  • Some companies also use account class 9 for internal accounting.