Chart of Accounts (All Countries)

Unified Chart of Accounts Reference 
 Last Updated: 2026-02-20
 Purpose: Cross-country comparison and implementation guide for Bilko's Chart of Accounts 
 Overview 
 All three target markets (Serbia, Bosnia & Herzegovina, Croatia) use a class-based Chart of Accounts structure inherited from the former Yugoslav accounting system. Despite political separation, the accounting frameworks remain structurally similar with 10 main classes (0-9). 
 graph TD
 subgraph BALKAN["Balkan Chart of Accounts — Universal Classes 0-9"]
 direction LR
 CL0["Class 0<br/>Stalna imovina<br/>Long-term Assets<br/>DEBIT normal"]
 CL1["Class 1<br/>Obrtna imovina<br/>Current Assets<br/>DEBIT normal"]
 CL2["Class 2<br/>Kratkoročne obaveze<br/>Short-term Liabilities<br/>CREDIT normal"]
 CL3["Class 3<br/>Kapital<br/>Equity<br/>CREDIT normal"]
 CL4["Class 4<br/>Dugoročne obaveze<br/>Long-term Liabilities<br/>CREDIT normal"]
 CL5["Class 5<br/>Rashodi<br/>Expenses<br/>DEBIT normal"]
 CL6["Class 6<br/>Prihodi<br/>Revenue<br/>CREDIT normal"]
 CL7["Class 7<br/>RS/BA: Troškovi (Costs)<br/>HR: Dobici i Gubici (Gains/Losses)<br/>MIXED"]
 CL8["Class 8<br/>Vanbilansna evidencija<br/>Off-Balance Sheet<br/>DEBIT memorandum"]
 CL9["Class 9<br/>Interna računovodstva<br/>Internal Accounting<br/>MIXED — enterprise only"]
 end

 BS["Balance Sheet"] --> CL0
 BS --> CL1
 BS --> CL2
 BS --> CL3
 BS --> CL4
 PL["P&L Statement"] --> CL5
 PL --> CL6
 PL --> CL7

 style CL0 fill:#198754,color:#fff
 style CL1 fill:#198754,color:#fff
 style CL2 fill:#dc3545,color:#fff
 style CL3 fill:#6f42c1,color:#fff
 style CL4 fill:#dc3545,color:#fff
 style CL5 fill:#fd7e14,color:#fff
 style CL6 fill:#0d6efd,color:#fff
 style CL7 fill:#6c757d,color:#fff
 style CL8 fill:#adb5bd,color:#fff
 style CL9 fill:#adb5bd,color:#fff
 style BS fill:#0d6efd,color:#fff
 style PL fill:#198754,color:#fff
 
 
 Universal Structure (Classes 0-9) 
 Class 0: Long-term Assets (Stalna imovina / Dugotrajna imovina) 
 Normal Balance: Debit
 Examples: 
 
 01: Intangible assets (goodwill, patents, software licenses) 
 02: Tangible assets (land, buildings, equipment) 
 03: Long-term financial investments 
 04: Long-term receivables 
 
 Bilko AccountType: asset (debit normal balance) 
 
 Class 1: Current Assets (Obrtna imovina / Kratkotrajna imovina) 
 Normal Balance: Debit
 Examples: 
 
 10: Material and goods (inventory) 
 11: Work in progress 
 12: Finished goods 
 13: Short-term receivables (accounts receivable) 
 14: Short-term financial assets 
 15: Cash and cash equivalents (bank accounts, cash on hand) 
 
 Bilko AccountType: asset (debit normal balance) 
 
 Class 2: Short-term Liabilities (Kratkoročne obaveze) 
 Normal Balance: Credit
 Examples: 
 
 20: Short-term financial liabilities (bank loans < 1 year) 
 21: Accounts payable (suppliers) 
 22: Other short-term liabilities 
 23: Wages and salaries payable 
 24: Taxes payable (VAT, income tax, social contributions) 
 
 Bilko AccountType: liability (credit normal balance) 
 
 Class 3: Capital and Equity (Kapital / Glavni kapital) 
 Normal Balance: Credit
 Examples: 
 
 30: Share capital / Ownership capital 
 31: Reserves (legal, statutory) 
 32: Revaluation reserves 
 33: Retained earnings (accumulated profit/loss) 
 34: Current year profit/loss 
 
 Bilko AccountType: equity (credit normal balance) 
 
 Class 4: Long-term Liabilities (Dugoročne obaveze) 
 Normal Balance: Credit
 Examples: 
 
 40: Long-term loans (bank loans > 1 year) 
 41: Long-term financial liabilities 
 42: Provisions (for pensions, guarantees) 
 43: Deferred tax liabilities 
 
 Bilko AccountType: liability (credit normal balance) 
 
 Class 5: Expenses (Rashodi / Troškovi poslovanja) 
 Normal Balance: Debit
 Examples: 
 
 50: Material costs (raw materials consumed) 
 51: Salaries and wages 
 52: Social security contributions (employer's share) 
 53: Depreciation and amortization 
 54: Other operating expenses (rent, utilities, insurance) 
 55: Financial expenses (interest paid) 
 
 Bilko AccountType: expense (debit normal balance) 
 
 Class 6: Revenue (Prihodi) 
 Normal Balance: Credit
 Examples: 
 
 60: Revenue from sales of goods 
 61: Revenue from sales of services 
 62: Revenue from use of own products 
 63: Subsidies and grants 
 64: Other operating revenue 
 65: Financial revenue (interest received, dividends) 
 
 Bilko AccountType: revenue (credit normal balance) 
 
 Class 7: Cost / Gains and Losses (Troškovi / Dobici i gubici) 
 Normal Balance: Mixed (varies by country) 
 NOTE: This class has different usage across the three countries: 
 Serbia & BiH: Costs (Troškovi) 
 
 70: Cost of goods sold 
 71: Cost of services sold 
 72: Production costs 
 Used for cost accounting separate from financial accounting expenses 
 
 Croatia: Gains and Losses (Dobici i gubici) 
 
 70: Extraordinary gains 
 71: Extraordinary losses 
 72: Prior period adjustments 
 Used for non-operating items 
 
 Bilko Implementation: 
 
 Serbia/BiH: AccountType = expense (cost accounts) 
 Croatia: Mixed — AccountType depends on sub-account (gain = revenue , loss = expense ) 
 
 
 Class 8: Off-Balance Sheet Items (Vanbilansna evidencija) 
 Normal Balance: Debit (memorandum accounts)
 Examples: 
 
 80: Guarantees issued 
 81: Guarantees received 
 82: Leased assets (operating lease) 
 83: Contingent assets and liabilities 
 
 Bilko AccountType: asset (debit memorandum)
 Note: These accounts do NOT affect the balance sheet totals — they are for tracking only. 
 
 Class 9: Internal Accounting (Interna računovodstva) 
 Normal Balance: Mixed (company-specific)
 Examples: 
 
 90: Cost centers 
 91: Projects 
 92: Departments 
 93: Internal settlements between divisions 
 
 Bilko AccountType: Mixed — depends on company's internal structure
 Usage: Primarily for large multi-division companies. NOT needed for SMB MVP. 
 
 Account Numbering Hierarchy 
 graph TD
 CL["1 — Current Assets (Class)"]
 GRP["12 — Short-term Receivables (Group)"]
 ACC1["120 — Trade Receivables Domestic (Account)"]
 ACC2["121 — Trade Receivables Foreign (Account)"]
 SA1["1200 — Trade Rec. — EU (Sub-account)"]
 SA2["1201 — Trade Rec. — Non-EU (Sub-account)"]
 SA3["1210 — Foreign Rec. — EU (Sub-account)"]
 SA4["1211 — Foreign Rec. — Non-EU (Sub-account)"]

 CL --> GRP
 GRP --> ACC1
 GRP --> ACC2
 ACC1 --> SA1
 ACC1 --> SA2
 ACC2 --> SA3
 ACC2 --> SA4

 MVP["MVP Scope<br/>2-3 digit codes<br/>covers 95% of SMBs"]
 PH2["Phase 2<br/>4+ digit analytical accounts<br/>enterprise clients"]

 ACC1 -.->|"MVP"| MVP
 SA1 -.->|"Phase 2"| PH2

 style CL fill:#0d6efd,color:#fff
 style GRP fill:#0d6efd,color:#fff,stroke-dasharray: 5 5
 style ACC1 fill:#198754,color:#fff
 style ACC2 fill:#198754,color:#fff
 style SA1 fill:#6c757d,color:#fff
 style SA2 fill:#6c757d,color:#fff
 style SA3 fill:#6c757d,color:#fff
 style SA4 fill:#6c757d,color:#fff
 style MVP fill:#ffc107,stroke:#e0a800
 style PH2 fill:#adb5bd,color:#fff
 
 Country-Specific Differences 
 Serbia 
 
 Legal Framework: Law on Accounting (Zakon o računovodstvu), Službeni glasnik RS No. 95/2014 [HIGH] 
 Mandatory: Yes, for all legal entities (Article 14) 
 Language: Serbian (Cyrillic or Latin script) 
 Class 7: Cost accounting (Troškovi) 
 Unique Requirement: All accounts, books, and reports must use Serbian Chart as primary 
 
 Bosnia & Herzegovina 
 
 Legal Framework: 
 
 FBiH: Law on Accounting and Auditing in the Federation (2021) — IFRS mandatory 
 RS: Law on Accounting and Auditing (Official Gazette RS No. 94/15, 78/20) — IFRS mandatory 
 
 
 Standard: IFRS Accounting Standards (both entities) 
 Language: Bosnian (FBiH), Serbian (RS — Latin or Cyrillic) 
 Class 7: Cost accounting (Troškovi) 
 Complexity: TWO separate frameworks (FBiH vs RS), but structurally similar 
 SME Option: IFRS for SMEs or full IFRS (company choice for non-PIEs) 
 
 Croatia 
 
 Legal Framework: EU Regulation 1606/2002 + Croatian Accounting Act [HIGH] 
 Guidance: RRiF Chart of Accounts for Entrepreneurs (multiple editions) 
 Standard: IFRS for publicly traded companies, simplified for SMEs 
 Language: Croatian 
 Class 7: Gains and Losses (Dobici i gubici) — different from Serbia/BiH 
 EU Alignment: Stricter compliance due to EU membership 
 
 
 Country Divergence — Class 7 
 graph LR
 CL7["Class 7"]

 CL7 --> RS7["Serbia RS<br/>Troškovi (Costs)<br/>70: Cost of goods sold<br/>71: Cost of services sold<br/>72: Production costs<br/>AccountType: expense"]

 CL7 --> BA7["Bosnia BA<br/>Troškovi (Costs)<br/>70: Cost of goods sold<br/>71: Cost of services sold<br/>72: Production costs<br/>AccountType: expense"]

 CL7 --> HR7["Croatia HR<br/>Dobici i gubici<br/>(Gains and Losses)<br/>70: Extraordinary gains<br/>71: Extraordinary losses<br/>72: Prior period adjustments<br/>AccountType: revenue/expense mixed"]

 RS7 --> SAME["Serbia + BiH<br/>Identical Class 7 treatment<br/>Cost accounting focus"]
 BA7 --> SAME

 HR7 --> DIFF["Croatia differs<br/>Non-operating items only<br/>Bilko: type depends on sub-account"]

 style CL7 fill:#6c757d,color:#fff
 style RS7 fill:#c0392b,color:#fff
 style BA7 fill:#2c3e50,color:#fff
 style HR7 fill:#e74c3c,color:#fff
 style SAME fill:#198754,color:#fff
 style DIFF fill:#ffc107,stroke:#e0a800
 
 MVP Implementation for Bilko 
 Minimum Chart of Accounts for SMBs 
 A basic SMB in any of the three markets needs at minimum 30-40 accounts to operate legally: 
 Assets (Classes 0-1) 
 
 020: Buildings and structures 
 021: Equipment and machinery 
 022: Vehicles 
 023: Computers and IT equipment 
 024: Furniture and fixtures 
 102: Raw materials inventory 
 103: Finished goods inventory 
 120: Accounts receivable — domestic customers 
 121: Accounts receivable — foreign customers 
 130: Advances paid to suppliers 
 140: Cash in bank (main operating account) 
 141: Cash on hand (petty cash) 
 
 Liabilities (Classes 2, 4) 
 
 200: Short-term bank loans 
 210: Accounts payable — domestic suppliers 
 211: Accounts payable — foreign suppliers 
 220: Wages and salaries payable 
 240: VAT/PDV payable 
 241: Income tax payable 
 242: Social security contributions payable 
 400: Long-term bank loans 
 
 Equity (Class 3) 
 
 300: Share capital / Owner's capital 
 330: Retained earnings 
 340: Current year profit/loss 
 
 Revenue (Class 6) 
 
 600: Sales revenue — goods (domestic) 
 601: Sales revenue — services (domestic) 
 610: Sales revenue — exports (0% VAT) 
 650: Interest income 
 690: Other revenue 
 
 Expenses (Class 5) 
 
 500: Cost of goods purchased for resale 
 510: Salaries and wages 
 520: Social security contributions (employer) 
 530: Depreciation expense 
 540: Rent expense 
 541: Utilities (electricity, water, heating) 
 542: Telephone and internet 
 543: Office supplies 
 550: Interest expense 
 560: Bank fees 
 570: Insurance 
 590: Other operating expenses 
 
 Total: ~40 accounts (covers 90% of SMB transactions) 
 
 Seed Data Strategy 
 Approach: Country-Specific Presets 
 Bilko should ship with 3 predefined Chart of Accounts templates : 
 
 Serbia — SMB Standard (Serbian language, Classes 0-6 + 8) 
 BiH — FBiH SMB Standard (Bosnian language, IFRS-aligned, Classes 0-6 + 8) 
 BiH — RS SMB Standard (Serbian language, IFRS-aligned, Classes 0-6 + 8) 
 Croatia — SMB Standard (Croatian language, RRiF-based, Classes 0-6 + 7-gains/losses + 8) 
 
 Installation Process 
 On Company Setup: 
 
 User selects country: Serbia / BiH-FBiH / BiH-RS / Croatia 
 Bilko seeds database with relevant Chart of Accounts preset 
 User can:
 
 Accept preset as-is (recommended for new businesses) 
 Customize (add/edit/hide accounts) 
 Import existing chart (for migrating companies) 
 
 
 
 Database Schema 
 -- Chart of Accounts Table
CREATE TABLE chart_of_accounts (
 id INTEGER PRIMARY KEY,
 company_id INTEGER NOT NULL,
 code TEXT NOT NULL, -- e.g., "120", "600"
 name TEXT NOT NULL, -- e.g., "Potraživanja od kupaca", "Prihodi od prodaje"
 name_en TEXT, -- English translation (optional)
 account_type TEXT NOT NULL, -- 'asset', 'liability', 'equity', 'revenue', 'expense'
 class INTEGER NOT NULL, -- 0-9
 parent_code TEXT, -- for hierarchical charts (e.g., "12" parent of "120")
 country TEXT NOT NULL, -- 'RS' (Serbia), 'BA-FBiH', 'BA-RS', 'HR' (Croatia)
 is_system BOOLEAN DEFAULT 1, -- system preset vs user-created
 is_active BOOLEAN DEFAULT 1, -- allow hiding unused accounts
 FOREIGN KEY (company_id) REFERENCES companies(id),
 UNIQUE (company_id, code)
);

-- Example Seed Data (Serbia)
INSERT INTO chart_of_accounts (company_id, code, name, account_type, class, country) VALUES
 (1, '120', 'Potraživanja od kupaca', 'asset', 1, 'RS'),
 (1, '140', 'Novac u banci', 'asset', 1, 'RS'),
 (1, '210', 'Obaveze prema dobavljačima', 'liability', 2, 'RS'),
 (1, '240', 'PDV za uplatu', 'liability', 2, 'RS'),
 (1, '300', 'Osnovni kapital', 'equity', 3, 'RS'),
 (1, '600', 'Prihodi od prodaje robe', 'revenue', 6, 'RS'),
 (1, '510', 'Troškovi zarada', 'expense', 5, 'RS');
 
 
 Multi-Country Handling 
 Scenario: Company operates in multiple countries 
 Example: Serbian company (HQ) with BiH branch and Croatian client invoicing 
 Approach: 
 
 Primary Chart: Serbia (company HQ location) 
 Secondary Charts: BiH and Croatia (linked, not duplicated) 
 Mapping Table: Maps Serbian account codes to BiH/Croatia equivalents 
 
 CREATE TABLE account_mapping (
 id INTEGER PRIMARY KEY,
 company_id INTEGER NOT NULL,
 source_code TEXT NOT NULL, -- e.g., "120" (Serbia)
 source_country TEXT NOT NULL, -- 'RS'
 target_code TEXT NOT NULL, -- e.g., "120" (BiH)
 target_country TEXT NOT NULL, -- 'BA-FBiH'
 FOREIGN KEY (company_id) REFERENCES companies(id)
);
 
 Usage: 
 
 Invoices issued in Serbia → Serbian chart 
 Invoices issued to Croatian clients → mapped to Croatian chart for their records 
 Consolidated reporting → uses primary (Serbian) chart 
 
 
 IFRS Alignment (BiH Requirement) 
 Challenge 
 BiH legally requires IFRS Accounting Standards, but traditional Chart of Accounts is NOT IFRS. 
 Solution: Hybrid Approach 
 
 
 Internal Recording: Use traditional Chart of Accounts (Classes 0-9) 
 
 This is what accountants know 
 Compatible with neighboring Serbia and Croatia 
 Easy for SMBs to understand 
 
 
 
 Financial Statements: Generate IFRS-compliant reports via mapping 
 
 Map Class 0-1 → IFRS Statement of Financial Position (Assets) 
 Map Class 2-4 → IFRS Statement of Financial Position (Liabilities) 
 Map Class 3 → IFRS Statement of Financial Position (Equity) 
 Map Class 5-6 → IFRS Statement of Comprehensive Income 
 
 
 
 IFRS Disclosure Notes: Auto-generate based on account types 
 
 Property, Plant & Equipment (Class 02) 
 Inventories (Class 10-12) 
 Trade Receivables (Class 13) 
 etc. 
 
 
 
 Benefit: SMBs can use familiar Chart of Accounts, but produce IFRS-compliant financial statements when needed (e.g., for bank loans, audits). 
 
 Account Numbering Schemes 
 Standard Practice (All Three Countries) 
 
 2-digit codes: Main account (e.g., 12 = Receivables) 
 3-digit codes: Sub-account (e.g., 120 = Trade receivables, 121 = Receivables from affiliates) 
 4+ digit codes: Analytical sub-accounts (company-specific) 
 
 Example Hierarchy: 
 1 — Current Assets (Class)
 12 — Short-term Receivables (Group)
 120 — Trade Receivables - Domestic (Account)
 121 — Trade Receivables - Foreign (Account)
 1210 — Trade Receivables - EU (Sub-account)
 1211 — Trade Receivables - Non-EU (Sub-account)
 
 Bilko Recommendation 
 
 MVP: Support 2-3 digit codes (sufficient for 95% of SMBs) 
 Phase 2: Support 4+ digit analytical accounts (for enterprise clients) 
 
 
 Implementation Checklist for Bilko 
 Phase 1 (MVP) 
 
 Seed 3 Chart of Accounts templates (Serbia, BiH-FBiH, Croatia) 
 Country selector on company setup 
 Support 2-3 digit account codes 
 Account type mapping (asset, liability, equity, revenue, expense) 
 Serbian, Bosnian, Croatian language account names 
 Balance sheet and P&L generation using Chart of Accounts 
 VAT/PDV account integration (Class 24) 
 
 Phase 2 
 
 4+ digit analytical sub-accounts 
 User-customizable charts (add/edit/archive accounts) 
 BiH-RS template (separate from FBiH) 
 Multi-country mapping (for cross-border operations) 
 IFRS financial statement generator (BiH requirement) 
 Account import from Excel/CSV 
 Class 9 (Internal Accounting) support for enterprise 
 
 Phase 3 
 
 Industry-specific templates (retail, manufacturing, services) 
 Class 7 differentiation (Serbia/BiH cost vs Croatia gains/losses) 
 Class 8 off-balance sheet tracking 
 Full IFRS vs IFRS for SMEs selector (BiH) 
 
 
 Sources 
 
 RRiF's Chart of Accounts for Entrepreneurs | RRiF 
 Serbian Chart of Accounts | ANA Računovodstvo 
 Law on Accounting - Republic of Serbia | Paragraf 
 IFRS in Bosnia and Herzegovina | IFRS Foundation 
 IFRS in Croatia | IFRS Foundation 
 Accounting standards in BiH | Diaspora Invest