The Chart of Accounts is the master list of all the accounts your organization uses to record financial activity. Every transaction in the books ultimately posts to one of these accounts.
Where to find it
From the Accounting menu, open Accounts (Chart of Accounts). The list shows your accounts sorted by account number.
Account types
Each account belongs to one of five standard types:
- Asset
- Liability
- Equity
- Revenue
- Expense
Accounts can also have a Sub-Type and an optional Parent Account, which lets you organize accounts into a hierarchy (a tree view).
Key fields
- Account Number — a unique number within your organization.
- Account Name — a clear, descriptive name.
- Account Type and Sub-Type.
- Parent Account — optional, to nest the account.
- Description and Opening Balance (set when creating).
What you can do
- Create an account
- Edit an account
- Filter and search accounts
- Activate, deactivate, or delete an account
- Review the unused accounts report and migrate transactions
Tip: Some accounts are system accounts. These are protected and cannot be deleted, which keeps your books consistent.