From experience we have run into these 3 problems the most with numerous chart of accounts over the years. They occur easily enough, but sometimes can be a little trickier to amend. And most of time they go unnoticed for long periods of time until the end of the year when preparing taxes or pulling end of year reports. Keep an eye out for similar issues in your books.
1) Duplicating Accounts
Often times you can accidentally make multiple accounts for the same transaction type simply from spelling mistakes. It happens to the best of us, but examining the chart of accounts is usually the only way to catch this.
2) Dead Accounts
Many people have old accounts for expenses, assets or liabilities that are no longer applicable to their business as it changes and grows. It can clutter your your reporting at the least and show excess assets or liabilities at the worst if not handled properly.
3) Not Closing Bank Accounts at Zero
If you have ever switched banks, closed a bank account or credit card associated with your business this can happen to you. Things get complicated if they are not reconciled before you delete the account from the chart of accounts.
Benfield, Garcia & Associates Bookkeeping 