Chart Of Accounts

The Accounting module provides a structured approach to managing financial accounts. The Chart of Accounts is categorized into five main types, each serving a distinct purpose in financial reporting and management.

Charts of Accounts

1. Assets: Assets are resources owned by the company that have economic value.

2. Liability: Liabilities are the company’s financial obligations or debts owed to external parties.

3. Equity: Equity represents the residual interest in the assets of the company after deducting liabilities.

4. Income: Income accounts track the revenue generated by the company through its business activities

5. Expenses: Expense accounts record the costs incurred by the company

Process of Creating a New Account

1. Navigate to the Accounting module

2. Within the Accounting module, select Chart of Accounts

3. Click the "+ New Account" button located at the top left of the Chart of Accounts page

1. Complete the required fields, including:

   1. Account Type: Select from Assets, Liabilities, Equity, Income, or Expenses.

   2. Account Name: Provide a descriptive name for the account.

   3. Account Code: Assign a unique code to identify the account.

   4. Account description: Write a brief description of the account’s purpose.

1. Create Sub-Account (Optional):

   • If the new account is a sub-account, select the "Make this a sub-account" option and choose the parent account.

2. Click the "Save" button to add the new account to the respective account type in the Chart of Accounts.