AccountsPortal Help Documentation


Chart of Accounts

The Chart of Accounts is a list of all the accounts used by an Organisation. Each Organisation will start off with a default Chart of Accounts, which will contain the most commonly used accounts, and will cover the majority of requirements for most Organisations.

View the Chart of Accounts

To view the Chart of Accounts, click the Settings tab, and then click the Chart of Accounts link.

Account Codes

A default Chart of Accounts is provided for all new Organisations, and the following numbering scheme is used for Account Codes.

  • Assets
    • Fixed Assets: 1000
    • Current Assets: 1400
    • Bank Accounts: 1800
  • Liabilities
    • Current Liabilities: 2000
    • Long Term Liabilities: 2500
  • Equity
    • Equity: 3000
  • Income
    • Revenue: 4000
    • Other Income: 4100
  • Expenses
    • Cost of Sales: 5000
    • Operating Expenses: 6000

New Account Codes

The Account Code for new Accounts is not provided. We do, however, recommend that you follow the above numbering scheme (incrementing the code where applicable). For example, if the largest Account Code for Expenses is 6165, then the Account Code for the new Expense should be 6170.

System Accounts

Certain accounts are also automatically designated as System Accounts, which are special accounts where the name cannot be changed. The System Accounts are:

  • Accounts Receivable (default code: 1400)
  • Accounts Payable (default code: 2000)
  • VAT Control (default code: 2100)
  • Retained Earnings (default code: 3005)
  • Sales (default code: 4000)

Add or Edit an Account

Note: Changes made to this part of the application can signficantly affect your data. If you are unsure, speak to your Accountant first.

To add a new Account, or edit an existing Account, perform the following steps:

  • Click the Settings tab, and then Chart of Accounts.
  • To add a new Account, click the “Add New Account” button.
  • To edit an existing Account, click an Account name from the displayed list.
  • From the resulting popup enter or amend the following information.
    • Enabled: If an Account is not Enabled, then it will not appear in any transactions forms (such as a sales invoice, for example).
    • Account Name: Specify a Name for the Account. Note that you cannot change the Name for System Accounts.
    • Account Code: The Account Code (up to a maximum of 10 characters in length) must be specified and cannot be the same as an existing Account code. For more information, refer to the section on Account Codes above.
    • Account Type: Each Account must have an Account Type specified. The options displayed are dependant on the Account Group. For more information, refer to the section on Account Codes above.
    • Default VAT: Specify the Default VAT that will be applied whenever the relevant Account is selected in a transaction.
    • Status: Set to Disabled if you do not want the account to be available for new transactions.
    • Display in Sales: If selected, then the Account will appear in all Sales related transactions, such as Invoices and Credit Notes. Note that if an Account is not Enabled, then it will not appear in any transaction, irrespective of the Display in Sales setting.
    • Display in Purchases: If selected, then the Account will appear in all Purchase related transactions, such as Purchase Invoices and Purchase Credit Notes. Note that if an Account is not Enabled, then it will not appear in any transaction, irrespective of the Display in Sales setting.
    • Display on Dashboard: If selected, then the Account will be displayed in the Account Watchlist featured on the Dashboard tab.

Adding an Opening Balance to your accounts

This is fully explained in the section dealing with How to Convert from Another Accounting System.