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The chart of accounts is a listing of all accounts used in the general ledger of an organization. The chart is used by vision to aggregate information into an entity’s financial statements. The chart is usually sorted in order by account number, to ease the task of locating specific accounts. The accounts are usually numeric, but can also be alphabetic or alphanumeric. In short, it is an organizational tool that provides a simple breakdown of all the financial transactions that a company conducted during a specific accounting period.
In the System, Chart of account exists in Finance -> Financial Setting-> Masters -> Accounts-> Chart of Accounts.
Users have to enter a/c code, account code parent.
Users have to select type from payable, receivable, bank and others, descriptions.
Users need to enter subgroups, Currency code, format code and active y/n.
Following details can be entered as Site code and Account, Account Cost center code, Account Analysis code, Account department code.