Chart of Accounts

The Chart of Accounts option is available under Finance Settings.

Clicking on ‘Chart of Accounts’ opens the below page.

There are 5 different types of Accounts such as Assets, Liabilities, Equity, Expenses and Revenue.

The Chart of Accounts is useful for tracking accounts easily.

To add a new account, click on the ‘Add Account’ button.

The below page appears.

When ‘Enable Services to this Account’ option is clicked, the code and name filled in this page while creating a new account is reflected in the GL Code under Activities section. For instance, when a new code such as 357 is entered with a name, it is reflected and updated in the GL Code of the Activities Section provided ‘Enable Services to this Account’ checkbox is clicked.

Updated GL Code list.

Similarly when ‘Show in Expense Claims’ is clicked, the GL Code is reflected in the Expenses section.

When an expense is made and approved, it can be seen in the Accounts Payable page as well as the GL Code page.

Create an expense under a GL Code.

Approve the created expense by clicking on the ‘Submit’ button.

In the Chart of Accounts, search as ‘Accounts Payable’. The expenses approved are reflected here.

Similarly, while searching with the GL Code, all the expenses created with the GL Code is reflected. The tax foe the expense can be seen in the ‘Sales Tax’ section.

When invoices created enter post stage, the entries are available in the Accounts Receivable section.

Chart of Accounts is structured and helpful to record transactions and maintain financial account balances smoothly.

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