Cannabis Processor Chart of Accounts

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

Introducing our specialized Chart of Accounts (COA) tailored specifically for cannabis accounting! A COA is a crucial tool that lists all the accounts in a company's general ledger, categorized into assets, liabilities, equity, revenue, and expenses. With our meticulously designed COA, you can ensure accurate classification of cannabis transactions, enabling proper financial management.

When it comes to production costs, our COA distinguishes between two main categories: costs of cannabis production and costs of selling cannabis. This clear differentiation allows cultivators to allocate direct and indirect production costs accurately.

Depending on the cultivator's GAAP-compliant financial statements, indirect production costs of Category III can be capitalized, resulting in potential tax savings for cannabis entrepreneurs. Our COA is developed with GAAP compliance as a top priority, helping you navigate the complexities of cannabis accounting seamlessly.  By utilizing our Excel-based COA, you gain access to a comprehensive range of accounts that cover various aspects of cannabis accounting.

This includes accounts related to cultivation, manufacturing, sales, overhead expenses, taxes, and more. Each account is carefully crafted to align with industry best practices and ensure accurate financial reporting. Take advantage of our specialized COA to streamline your cannabis accounting processes, achieve GAAP compliance, and maximize your financial management efficiency.
Experience the benefits of a tailored COA designed specifically for the unique requirements of the cannabis industry

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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