Chart of Accounts Module

A chart of accounts, or COA, is a list of all your company’s accounts, together in one place, that is a part of your business’s general ledger. It serves as a systematic way to categorize and record financial transactions.

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How to create COA ?

A Chart of Accounts can include an Account type and a Detail type. The Detail type is used to track the cost of goods your business purchases for resale. You can assign a Name and set a parent account where the Name impacts under the parent Account.

Account Type

Detail Type

Parent Account

Debit/Credit

Benefits of chart of Accounts

Charts of Accounts are very important for a company to organize the financial transaction in a way that is easy to access. This provides investors and other stakeholders to view a company's financial data.

Organization

Enhanced Reporting

Consistency

Scalability

Chart of Accounts

Chart of accounts are mainly used to create the ledgers. All the ledgers which are created will impact on the accounting reports under the selected Account and detail Type.

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Revenue

Expenditure

Assets

Liabilities

Update Equity

Update Equity is used in updating the credit/debit for the accounting type and detail type of a added account in Chart of Accounts.