A chart of accounts is a listing of the names of the accounts that a company has identified and made available for recording transactions in its general ledger.
Follow the below steps to create a new account.
1. Navigate to Accounting -> Chart of Accounts -> +New
2. The New Account window appears as per below.
3. Enter the relevant information of the account:
Field | Explanation | Required/Optional |
System Type | Only for special accounts such as a Bank, Inventory, Fixed Asset, Receivable or Payable accounts. | Optional |
Type | Account type | Required |
Classification | Only for Current Asset, Non-Current Asset, Current Liability, Non-Current Liability, Equity | Required |
Parent Account | Specify the title of a group of accounts. | Optional |
Currency | Default MYR. You can select other currencies for Bank and Credit Card accounts only. | Required |
Account Code | Auto-generated or you can have your own account code | Required |
Name | Account Name | Required |
Description | Account Description | Optional |
4. Click on Save and you're done.