Chart of Accounts

The Chart of Accounts for an Accounting Company is a listing of all the accounts in the general ledger of the Accounting Company, each account accompanied by a reference number.

NOTE: To set up a Chart of Accounts, one first needs to define the various accounts to be used by the business. Each account should have a number to identify it. For very small businesses, three digits may suffice for the account number, though more digits are highly desirable in order to allow for new accounts to be added as the business grows. With more digits, new accounts can be added while maintaining the logical order. Complex businesses may have thousands of accounts and require longer account reference numbers. It is worthwhile to put thought into assigning the account numbers in a logical way, and to follow any specific industry standards.(1)

Table of contents

• Step 1 - Choose Accounting Company
• Step 2 - Open Chart of Accounts
• Step 3 - Select Account to create/view/edit
• Step 4 - View/Edit the account information
• Step 5 - Save or Cancel

Step 1 - Choose Accounting Company

If you haven't yet created the accounting company, please follow the instructions in Create New Accounting Company.

• From the Accounting Company drop-down box on the action bar, select the company whose Chart of Accounts you want to edit.

Step 2 - Open Chart of Accounts

• From the top menu bar, click on Accounting, then select Chart of Accounts.

Step 3 - Select Account to create/view/edit

• From the drop-down box select Add New or an existing account to edit.

Step 4 - View/Edit the account information

There are various items to set:

Field Name	Description
Account Number	The number you choose to assign to this account.
Account Name	The name you choose to describe this account.
Account Type	Select from the drop-down box.
Bank Information	Note: This will only appear if you are editing a Bank account. Click this button to set the account information. This is important for Print Cheques, especially MICR cheques.
Child of:	You may check the Child of: box to indicate that this account is a child of another (parent) account. Select the parent account from the drop-down box.
Description	You may enter a more detailed description of the account here.

The system generates an activity graph for this account, displayed in the Summary Graph Area.

Note: Opening balances need to be set up as General Journal entries.

Step 5 - Save or Cancel

When finished you must click Save to save the entry.

Return to Accounting

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