Chart of accounts (kontu plāns)
In Latvian: Kontu plāns
The chart of accounts (kontu plāns) is a classified list of ledger accounts, with their names and any codes, issued by the head of the undertaking and used for double-entry bookkeeping.
It contains balance sheet accounts for assets and their sources and operating accounts for revenue and expenses. The level of detail is the company choice, and the chart is part of its accounting organisation documents.
Under the Accounting Law the head of the undertaking issues the chart, so the company chooses its own account codes and explains them in its accounting organisation documents.
Single-entry bookkeeping has no chart of accounts, because its entries are made without ledger accounts.
Example
In the chart of SIA "Ozols" trade receivables might be account 2310 and service revenue account 6110. The company picks the codes, so another company may use different ones.
Legal basis
- Accounting Law, Section 1, Clause 3 likumi.lv
- Accounting Law, Section 8 likumi.lv
- Latvian National Terminology Portal: kontu plāns termini.gov.lv
This explanation is for information and does not replace tax or legal advice. The law in its current consolidated text prevails.