Chart of Accounts

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. A new account of any type can be created, and it will be grouped under respective account types. When a 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.

Tax ID – Select the tax value.

SAC – Provide the Service Accounting Code (SAC).

Active – Choose whether the account is active or not in business/transaction

How to edit/delete an account?

You can find the option of edit or delete at the right of every account present in the chart of accounts.

Account Groups

You can create Groups for Accounts which can be used to bring together the ledgers accounts of same nature in an hierarchical order.

We shall see the Top level accounts classification which are available by default in Output Books.

• Assets
• Liabilities
• Equity (Only for other countries other than India)
• Income (Direct)
• Income (Indirect/Other)
• Expense (Direct)
• Expense (Indirect/Other)

Each of the top level account ledgers are further classified into sub groups:

Default Top Level Account Groups & sub groups: