While having your chart of accounts line up nicely with your analysis (ROI, etc) is nice, it is not a requirement. In accounting, a standard chart of accounts is a numbered list of the accounts that comprise a company’s general ledger. Click the Chart of Accounts icon and select New Account from the drop down list provided. Knowing which accounts within the chart of accounts (COA) belong on financial statements can help a user greatly in any accounting system, especially in Fund Accounting. Furthermore, the company chart of accounts is basically a filing system for categorizing all of a company’s accounts & classifying all transactions they affect. The chart is used by the accounting software to aggregate information into an entity's financial statements . For example, assets and liabilities hold a balance and This displays the Maintain Chart of Accounts window where you … A chart of accounts (COA) is a financial organizational tool that provides a complete listing of every account in the general ledger of a company, broken down into subcategories. Without a chart of accounts, it would be impossible to see at a glance what accounts are available to record a Select Chart of Accounts. Select the Gear Icon. The chart is usually sorted in order by account number, to … Here is another way you can get to the Chart of Accounts: From the left navigation bar, select Accounting. The chart of accounts is an organized list of accounts or "buckets" in which to record accounting transactions. Understanding Account Types Every category in your chart of accounts falls into one of these five account types: asset, income, equity, liability, or expense. To add an account ID to your chart of accounts, you can do so when creating a new account or by clicking the pencil icon to edit the account information. Learn how to set up and edit a Chart of Accounts in Drake Accounting. I would encourage you to separate your thinking into 2 different processes: 1. The chart of accounts is a listing of all accounts used in the general ledger of an organization.