What might be the standard accounting “chart of accounts” for a musician/writer/performer?
I would set up accounts like this: Income Accounts: Sales of songs/instrumentals Licenses of songs/instrumentals CD sales Live performances Depending on your state law, you may need to separate the sales of items like CDs from performance fees. Some states require collection of sales tax on items but not services. Check and see what your state law is. You will need to set up a liability account for sales tax, and record that as part of every applicable sale. This will save you lots of time when you have to pay sales tax. It’s also good to know where your money is coming from and look at what it paying you the most for your efforts. For expenses, I would include things like travel expenses to gigs, consumable raw materials (like blank CDs), utilities, commissions to those who sell your songs, show expenses, office supplies, postage. Assets would include your computer, synthesizer, and any other (non-consumable) equipment you use in your business. These items depreciate annually. The mor
