The Chart of Accounts lists a set of default accounts that can be used in your business, grouped into categories like Assets, Liabilities, Income, Expenses, and Equity. Each account helps track financial transactions accurately. If you need accounts apart from the default list of accounts, you can create them. If you’re unsure how to customize new accounts for your business, consult your accountant.
Default Account Types in Chart of Accounts
Account Category | Account Types |
Assets | Cash and Bank, Money in Transit, Accounts Receivables, Sales Tax, Inventory, Fixed Assets, Other Assets. |
Laibilities | Loans, Accounts Payables, Taxes, Other Liabilities, Due, to Payroll. Due for Business Owners. |
Income | Income and Other Income. |
Expenses | Operating Expenses, COGS, Payroll, Other Expenses. |
Equity | Capital, Equity. |
Create a New Account
Add new account from Chart of Accounts top write button
1. Navigate to "Accounting"
2. Click "Charts of Accounts"
3. Click "Add new account"
📌Example
In this examople we are adding a Bank Account under Assets - Cash and Bank
4. Select "Account Type"
5. Click "Cash and Bank"
6. Type the "Account Name"
7. Type "Bank Account"
8. Fill the "Account ID" if needed
9. Add a "Description" to the account like IBAN or Account Number
10. Click "Save" to create the account.
Add new account directly from each section under the Chart of Accounts.
11. Click "Add account"
