Chart of Accounts
The Chart of Accounts is the foundation of your accounting system — a list of all accounts used to classify transactions.
Account Types
- Assets — Cash, inventory, accounts receivable, equipment.
- Liabilities — Accounts payable, loans, accrued expenses.
- Equity — Owner's capital, retained earnings.
- Revenue — Sales income, service income.
- Expenses — Rent, utilities, salaries, cost of goods sold.
Managing Accounts
Go to Accounting > Chart of Accounts to view, create, edit, or deactivate accounts. A default chart of accounts is created when you set up accounting.