Chart of Accounts introduction
The Chart of Accounts is a list of all the nominal ledger accounts used by your business.Nominal ledger accountsgroup transactions so you can see how your business is performing.
What is a nominal ledger account?
Each ledger account has a unique code to identify the account, though you can change them to use your own numbering scheme if required.
When you enter a transaction in Accounting, you assign the relevant code depending on what you’re recording. For example, a sales invoice or a bank payment.
The Chart of Accounts defines the category of each ledger account and determines where it appears on management reports. You can use these reports to analyse your income, expenditure, assets, liabilities and capital and means you can see how your business is performing.
About the Chart of Accounts
Accounting uses a standard chart of accounts, including control accounts. Control accounts are special accounts used by Accounting when recording transactions to ensure that items such as your VAT are recorded correctly.
While the Chart of Accounts is suitable for most small businesses, you can customise it as needed for your business. Except for control accounts, which need to stay as they're initially set up, you can edit all accounts.
View the Chart of Accounts
Go to Settings then Chart of Accounts.
How to amend the Chart of Accounts