Free Chart of Accounts Template Nigeria — Agencies, E-commerce & SaaS | Zaccheus Blog

If you run an agency, e-commerce store, or SaaS startup in Nigeria, you already know how messy bookkeeping can get. Between multiple income streams, business expenses, and taxes, tracking your finances can feel like decoding hieroglyphics.

That’s where a Chart of Accounts (COA) comes in. It’s the foundation of your accounting system helping you categorize every transaction neatly and stay compliant with Nigerian tax regulations.

In this guide, we’ll show you how to structure your COA, what categories matter most for your business type, and provide a free COA template you can start using immediately.

What Is a Chart of Accounts?

A Chart of Accounts (COA) is a structured list of all the financial accounts used by your business. It serves as the blueprint for your accounting system, organizing transactions into categories like income, expenses, assets, liabilities, and equity.

In Nigeria, having a properly structured COA is essential for VAT filings, FIRS reporting, and financial audits.

Featured Snippet Answer :

A Chart of Accounts (COA) is a categorized list of all your business’s financial accounts. It helps organize income, expenses, assets, and liabilities, making it easier to track performance, prepare taxes, and produce accurate financial statements essential for Nigerian SMEs and startups.

Why Every Nigerian Business Needs a COA

A well-structured COA helps you:

Track income and expenses accurately
Stay compliant with FIRS tax laws
Generate cleaner reports for investors or grants
Simplify bookkeeping and reduce accountant errors

Without one, financial data becomes fragmented, and tax season turns chaotic.

For startups and SMEs, especially those managing multiple revenue streams, your COA is your financial GPS without it, you’re driving blind.

Free Chart of Accounts Template (Nigeria)

To save you hours of setup time, we’ve built a free chart of accounts template tailored for Nigerian agencies, e-commerce brands, and SaaS startups.

This template includes every major account category your business needs, already formatted for Excel and Google Sheets.

Here’s what it looks like

Assets

Account Code	Account Name	Description	Type
1000	Cash – GTBank	Main business account	Debit
1100	Accounts Receivable	Client payments pending	Debit
1200	Equipment	Laptops and tools	Debit
1300	Prepaid Expenses	Rent or subscriptions paid ahead	Debit

Liabilities

Account Code	Account Name	Description	Type
2000	Accounts Payable	Unpaid supplier invoices	Credit
2100	VAT Payable	VAT owed to FIRS	Credit
2200	Short-Term Loans	Credit lines or overdrafts	Credit

Income

Account Code	Account Name	Description	Type
3000	Service Revenue	Client retainers or contracts	Credit
3100	Product Sales	E-commerce or POS revenue	Credit
3200	Subscription Income	SaaS monthly plans	Credit

Expenses

Account Code	Account Name	Description	Type
4000	Rent	Office or warehouse rent	Debit
4100	Salaries	Staff wages	Debit
4200	Marketing & Ads	Campaign budgets	Debit
4300	Internet & Utilities	Data, electricity	Debit
4400	Software Subscriptions	SaaS tools	Debit

Equity

Account Code	Account Name	Description	Type
5000	Owner’s Capital	Funds invested	Credit
5100	Retained Earnings	Accumulated profits	Credit

Chart of Accounts Examples by Industry

For Agencies

Revenue: Client Retainers, Service Fees
Expenses: Salaries, Subcontractor Payments, Advertising
Assets: Office Equipment, Accounts Receivable

For E-commerce Businesses

Revenue: Product Sales, Delivery Fees
Expenses: Packaging, Logistics, Payment Gateway Fees
Assets: Inventory, Online Store Software

For SaaS Startups

Revenue: Monthly Subscriptions, Setup Fees
Expenses: Server Costs, Marketing, Developer Salaries
Assets: Software Licenses, Prepaid Hosting

How to Customize Your COA for Nigeria’s Tax System

To align your COA with Nigerian compliance standards:

Include VAT Payable and VAT Input accounts for 7.5% VAT tracking.
Separate Withholding Tax (WHT) from income to simplify filings.
Use clear naming (e.g., GTBank, ZenithBank, Flutterwave).
Regularly reconcile your COA with FIRS-approved reporting templates.

Automate Your COA Management with Zaccheus

Manual bookkeeping is outdated. Zaccheus, your AI CFO for Nigerian SMEs, can:

Automatically categorize transactions
Sync data from your bank or payment processor
Generate VAT and WHT reports instantly
Help you stay compliant without hiring an accountant

Zaccheus transforms your static COA into a living, automated financial dashboard.

Visit usezaccheus.com to see how it works.

FAQ

1. What is a Chart of Accounts template used for?
It helps Nigerian businesses organize income, expenses, assets, and liabilities in one system, making tax filings and financial reports easier.

2. Can I use the same COA for all my businesses?
You can start with one template, but it’s best to tailor account names to each business type for clarity.

3. What’s the standard VAT rate in Nigeria?
As of now, Nigeria’s VAT rate is 7.5%, applicable to most goods and services except exempt categories.

4. Do I need accounting software to use a COA?
No. You can use Excel or Google Sheets. However, automation tools like Zaccheus simplify and update your COA automatically.

5. How often should I update my COA?
Review it quarterly to add or remove accounts as your business grows or tax rules change.

Conclusion

Your Chart of Accounts (COA) is more than a spreadsheet. It’s the foundation of your financial clarity. With the chart of accounts template in Nigeria, you can organize every transaction, simplify tax filing, and understand your business performance at a glance.

Whether you run a marketing agency, online store, or SaaS startup, this template is your starting point for smarter accounting.

Simplify your finance management today with Zaccheus your AI CFO for Nigerian businesses.

Free Chart of Accounts Template Nigeria — Agencies, E-commerce & SaaS