Chart of Accounts
The Chart of Accounts is the foundation of the Accounting module's double-entry bookkeeping system. It defines every account used to classify financial transactions across your organization.
List Viewโ
The Chart of Accounts list displays all accounts in a table with the following columns:
| Column | Description |
|---|---|
| Code | A unique alphanumeric code identifying the account (e.g., 1000, 2000). |
| Name | The descriptive name of the account (e.g., "Cash", "Accounts Receivable"). |
| Account Type | The classification of the account --- one of Assets, Liabilities, Equity, Income, or Expenses. |
| Parent | The parent account, if this account is nested within a hierarchy. |
| Balance | The current balance of the account. |
| Is Active | Whether the account is currently active and available for use in transactions. |
| Is System | Whether the account is a system-generated default that cannot be deleted. |
Creating an Accountโ
Click the Create Account button in the top-right corner to open the creation side panel. The form includes the following fields:
| Field | Required | Description |
|---|---|---|
| Code | Yes | A unique account code (e.g., 1010). |
| Name | Yes | A descriptive name for the account. |
| Account Type | Yes | Select from Assets, Liabilities, Equity, Income, or Expenses. |
| Parent Account | No | Optionally nest this account under an existing parent account. |
| Description | No | A longer description of the account's purpose. |
| Opening Balance | No | The starting balance for the account. |
| Is Active | No | Toggle whether the account is active (defaults to active). |
| Currency | No | The currency for this account (defaults to USD). |
Default Accountsโ
The system comes pre-configured with 30 default accounts covering all five account types:
- Assets --- Cash, Accounts Receivable, Bank Account, Inventory, Prepaid Expenses, Fixed Assets, Accumulated Depreciation
- Liabilities --- Accounts Payable, Credit Card Payable, Accrued Liabilities, Unearned Revenue, Notes Payable, Tax Payable
- Equity --- Owner's Equity, Retained Earnings, Common Stock, Owner's Draw
- Income --- Sales Revenue, Service Revenue, Interest Income, Other Income
- Expenses --- Cost of Goods Sold, Salaries & Wages, Rent Expense, Utilities, Office Supplies, Insurance, Depreciation, Marketing, Professional Fees, Miscellaneous
These system accounts cannot be deleted but can be deactivated if not needed.
Tipsโ
- Use a consistent coding scheme (e.g., 1000s for Assets, 2000s for Liabilities) to keep accounts organized.
- Deactivate accounts you no longer need rather than deleting them, to preserve historical records.
- Use parent accounts to create hierarchical groupings for cleaner reporting.