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A Cannabis COA Series

Cannabis Lab Chart of Accounts

Excel-based chart of accounts designed specifically for a cannabis lab.
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cannabis chart of accounts

Finally, a chart of accounts (COA) specifically designed for cannabis accounting! A chart of accounts is a listing of the accounts in a company's general ledger, divided into five categories: assets, liabilities, equity, revenue, and expenses. A properly structured COA is indispensable for correct classification of cannabis transactions. Production costs are divided into two main categories: the costs of cannabis production and the costs of selling cannabis.

In addition, cultivators must allocate direct and indirect production costs to either cost of goods sold (income statement) or WIP inventory (balance sheet). If a cultivator keeps GAAP-compliant financial statements, the IRS allows indirect production costs of Category III to be capitalized, which means tax savings for the cannabis entrepreneur. Our Excel-based chart of accounts is specifically designed with GAAP compliance in mind.

Our chart of accounts include:

Frequently asked questions

Are your cannabis tax accounting education courses approved for continuing professional education (CPE) hours?

Not at the moment. We are in the process of becoming an approved continuing education provider for the Internal Revenue Service so our students can earn credit hours for our courses. Upon IRS approval, we will offer CPE credit hours for IRS Enrolled Agents, Oregon Licensed Tax Consultants & Licensed Tax Preparers. CPE hours will also qualify for Chartered Financial Consultant (ChFC), and Certified Financial Planner (CFP) designation holders. 

Will your cannabis education programs provide the necessary knowledge to enter this lucrative and exciting industry?

Our flagship course provides students with a complete overview of Internal Revenue Code Sections 280E and 471. The courses cover how to calculate cannabis cost of goods sold (COGS), account for inventory under IRC 471 (3) & (11), GAAP accounting basics (including cost / full absorption accounting), how to prepare GAAP compliant financial statements, the basics of cannabis business entities, and the preparation of cannabis tax returns.

What if I have questions about the cannabis tax accounting education course material?

f you have any questions, you may call or email and we will respond within 24 hours.

Are there any time limits on finishing the course material?

No! You may take all the time you need to work through the course materials!
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