Chart of Accounts
The Chart of Accounts (CoA) is a list of accounts in the general ledger that are organised by title and number in a systematic way. The GL code is a term that refers to the account number. These GL codes are used to post the appropriate financial transactions.
Go to Accounting ->> Chart of Accounts.
It will display the existing list of accounts already present in the system.
By default the chart of accounts will be empty, the user should add the GL accounts as per their requirements. The user can either add a Single GL or a Bulk of GL accounts.
Add a Single GL
The user can add a single general ledger account by the below way,
Go to Accounting ->> Chart of Accounts ->> +Add Account.
In the create GL Account form, the user can add the required details.
Field Name & Description
- Account Type – Select the account type from the drop down (For eg, Asset)
- Parent – By default the parent value is empty. Select any parent account from the drop down if the user wants to map the particular GL account
- GL Code – Specify the GL code and it should be a unique value
- Account name(*) – Specify the account name that needs to be added in Assets account (e.g, Petty Cash)
- Account Usage – Select the value from the drop down,
- Detail – By default, the system will take it as Detail. It will consider the account name as a sub-ledger and be used for passing journal entries; however, the user may not be able to add a new sub-ledger under this account name
- Header – If the user chooses the Header, it allows the user to add a subledger for a particular account
- Manual Entries Allowed – By selecting the check box it allows to do manual entries
- Description – Specify the description of the Account Name which is going to be add
Add Subledger Account
Select any account (Account Usage should be Header) for which the subledger is to be added from the Chart of Accounts form, or create a new GL account with Account Usage as Header.
Fields & Descriptions
- Account Type – Select the account type from the drop down ( For eg, Asset)
- Parent – Select the parent account type from the drop down ( e.g. Fixed Assets)
- GL Code – Specify the GL code and it should be a unique value
- Account Name(*) – Specify the sub-ledger account name that needs to be added below the Fixed Assets account (e.g, Land)
- Account Usage – Select the account usage as Detail from the drop down
- Manual Entries Allowed – Check the box if the user allows the manual entries
- Description – Specify the description of the Account Name
