Chart of Accounts

The foundation of your financial recording system.

Interface Overview

Business Overview

The Chart of Accounts (CoA) is a complete list of all accounts used by your organization to record financial transactions. It categorizes every dollar into Assets, Liabilities, Equity, Income, or Expenses.

Actions

Creating a New Account

1. Navigate to Accountant > Chart of Accounts.
2. Click the Add Account button.
3. Account Code: Enter a unique identifier (e.g., 1001 for Cash).
4. Name: Provide a descriptive name (e.g., "Main Petty Cash").
5. Account Type: Select the broad category (e.g., "Asset").
6. Sub-type: Select a specific sub-category (e.g., "Cash"). Note: Using specific sub-types like "Bank" or "Accounts Receivable" enables automated system logic.
7. Parent Account: (Optional) Select a parent if this is a sub-account for deeper reporting.
8. Currency: Define the account's base currency.
9. Click Save Account.

Updating an Account

1. Locate the account in the list and click the Edit icon.
2. Update the name, code, or parent affiliation.
3. Click Update Account.

Deactivating/Disabling

1. Open the account's Edit screen.
2. Uncheck the "Active" status box.
3. Click Update.
4. Effect: The account will be hidden from selection in new transactions but remains in historical reports.

Deleting an Account

1. Find the account and click the Delete icon.
2. Confirm the action in the prompt.
3. Restriction: Accounts with existing transaction history cannot be deleted. You must deactivate them instead.

Bulk Importing Chart of Accounts from Spreadsheets

When onboarding a new organization or establishing custom ledger structures prepared by your external auditor or accountant in Excel, you can import the complete general ledger hierarchy at once.

1. Navigate to Accountant > Chart of Accounts.
2. Click the Import button in the header action bar.
3. Click Download CSV Template to obtain the standardized format with sample assets, liabilities, equities, income streams, and operating expense groups.
4. Prepare your account columns:
   • Account Code: Standard GL numerical code (e.g. 1010, 1210, 2020, 5015).
   • Account Name (Required): Descriptive ledger name (e.g. "Software Subscriptions & SaaS").
   • Account Type (Required): Must be one of the 5 primary accounting classifications: asset, liability, equity, income, or expense.
   • Sub Type: Detail account classification (e.g., cash, fixed asset, operating expense, current liability).
   • Parent Account: Name or code of the parent account under which this account should nest (e.g. "Operating Expenses").
   • Description: Purpose or internal accounting policy notes.
   • Bank Account Number: Optional for bank/clearing accounts.
5. Choose your Duplicate Handling Rule:
   • Skip Duplicates: Preserves all existing chart of accounts and adds only new ledger accounts.
   • Update Duplicates: Updates codes, descriptions, and parent account affiliations for existing merchant accounts.
   • Note: Universal and system ledger accounts (such as Accounts Receivable and Retained Earnings) are permanently protected and cannot be overwritten.
6. Upload your spreadsheet, verify the interactive preview, and click Import Accounts.

[!TIP] Integrated Logic: Accounts with the sub-type "Bank" or "Cash" will automatically appear as options in the Banking and Expenses modules for payments and deposits.