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Chart of Accounts

Chart of Accounts is used to refer to the organization of all accounts in a financial system.

Navigate to the chart of accounts from the Sidebar: Setup > Chart of Accounts

Organization of Accounts

There are two types of accounts in the Chart of Accounts

  1. Ledger Accounts: Accounts that are used in the transactional entries and that appear in the General Ledger.
  2. Group Accounts: Accounts that are used to group other Group and Ledger accounts.

Root Accounts

At the upper most level there are 4 Group Accounts. These can be thought of as the Root Accounts. These Root Accounts have all the other accounts grouped underneath them.

Root Accounts

Number of Root Accounts

The number of Root Accounts depends on your country's CoA.

For example: The Indian CoA has only 4. Whereas the Standard Chart of Accounts has 5.

Each Root Account is either a Credit or a Debit account. If a Root Account is a Credit account all the accounts underneath it will also be a Credit Account. (Credit and Debit)

Other Accounts

Clicking on a Root Account will reveal the accounts other it. This goes for the other Group Accounts too.

Other Accounts

Clicking on a Ledger Account will open that accounts Quick Edit Form where the details of the account can be viewed.

Ledger Account

Creating a New Account

To create a new account

  1. Hover over a Group Account
  2. Click on Add Account or Add Group

Create a New Account

This will display a new row where you can enter the account name. After you are done press Save to create the account.