Chart of Accounts

The Chart of Accounts forms the blueprint of your organization. The overall structure of your Chart of Accounts is based on a system of double entry accounting that has become a standard all over the world to quantify how a company is doing financially.

Video Demonstration of How to Create a New Chart of Account in Axanta ERP

 
 

The Chart of Accounts helps you to answer questions like:

  1. What is your organization worth?

  2. How much debt have you taken?

  3. How much profit are you making (and hence paying tax)?

  4. How much are you selling?

  5. What is your expense break-up?

Go to Axanta ERP → Finance → Chart of Accounts.

Below screenshot with details of Chart of Account form. 

Axanta CMS - a big picture
Fields Description
Account Code The Code of the account to be used
Name of the account Name of the chart of account
Account Type Type of account. It is very important setting as it ensures that the account is of nature Balance Sheet or P&L. Further based on this setting the Balance Sheet and P&L reports are generated.
Account Group
 Just used for advance reporting purpose. Can be left blank if not required
Allow Reconciliation
 This check ensures that the account can be used for reconciliation. Accounts like Account Receivable and Accounts Payable are by default checked
*Note: Please don't check this option until you're very sure about the functionality
Deprecated
 Check this option once to close an account. You cannot delete an account if it is already having transactions
Disable Manual Entry
 By default all accounts are enabled for Journal Entries, however, certain accounts i.e. Sales, COGS, AR, AP etc. should not be allowed for manual entries by accountants as these accounts are setup by system and entries should only be passed from the subledger of these respective accounts

Next Topics :

Analytical Accounts
Bank Accounts
Customers