Chart Of Accounts

In the Chart of Accounts, by default, 4 parent groups are provided, which are categorized as:

• Source of Funds (Liabilities)

• Income

• Expenses

• Application of Funds (Assets)

To create any account:

For Parent Accounts:

1. Account Creation → Chart of Accounts → Create

For Child Accounts:

1. Account Creation → Chart of Accounts → Master Account → Add Child

Chart of Account Details (Read Only):

• Organization Name: The name of the organization for which the chart of accounts is being created.

• Parent Account: Read-only field, used for creating child accounts by referencing an existing parent.

• Account Name: Enter the name of the account you are creating.

• Account Number: Enter the number for the account you are creating.

• Report Type: Choose between Balance Sheet or Profit and Loss based on your requirement.

• Root Type: Select the root for creating the account from the dropdown.

• Account Type: Select the type of account for creating the account name from the dropdown.

• Is Group: Check this if you want to create it as a vendor group.