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:
Account Creation → Chart of Accounts → Create
For Child Accounts:
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.
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