What is Chart of Accounts
Chart of Accounts is a listing of every account such as assets, liabilities, income, expenses, cash, bank, equity , sales and purchase in an accounting system. New account of any type can be created and it will be grouped under respective account types. When an new sub account is created,it would be listed in the chart of accounts with its Parent group.
How to create a New account ?
To create a new account, click on “ New Account “ button on the top right and provide the account details.
Account name – Provide the Account name which is mandatory to create.
Account code – Code is optional which is used to remember
Group – Select the parent Account for the new account which is mandatory.
Description – Provide the details of the new account.
Active – Choose whether the account is active or not in business/transaction
How to edit/delete a account?
You can find the option of edit or delete at the right of every account present in the chart of accounts.