What is a Chart of Accounts?

A chart of accounts is the list of accounts you use to organize your accounting records. It is made up of balance sheet accounts (assets, liabilities, and equity) and income statement accounts (income and expenses). These accounts are comprised of a company account, accounting unit, and a general ledger account. Optionally you can define a sub account. They are further defined as a summary or detail account. Detail accounts roll up into summary accounts to provide totals.

Example of a chart of accounts:

When you post entries to the general ledger, the account numbers and descriptions you defined are reflected in your balance sheets, income statements, and other reports and inquiries.

The following is a list of required accounts needed for Accounts Receivable:

  • Accounts Receivable

  • Received Not Applied

  • Intercompany receivables

  • Cash

  • Error Suspense

  • Sales Tax

  • Finance Charges

  • Unrealized Currency Gain/Loss

  • Realized Currency Gain/loss