How to Maintain Chart of Accounts

      How to Maintain Charts of Accounts

After making the company profile, we need to enter the chart of accounts for further process. Chart of accounts is necessary for the recordings of transaction in a specified account. For this go to Maintain and select the Chart of Accounts.

Account ID:

Here we need to enter a specified Account ID for a specific account. ID can be any number but it should be in sequence. For say 100, 200, 350, 421 etc.

Description:

Here we need to give the description of the Accounts. For example Cash in bank, Land, Building, Common Stock and Retained Earnings etc.

Account Type:

This identifies the category for which the account is used in the financial statements. For example cash, fixed asset, current liability, Accumulated depreciation etc.

è This is how we fill the data and in the end click the save button.