Importing Chart of Accounts

Akaunting makes importing your Chart of Accounts easy, seeing all business accounts in one place.

You need the Double Entry App to import your Chart of Accounts. See how to Install or Purchase an app on Akaunting.

Importing Chart of Accounts:

• Go to Double-Entry on the Navigation menu.
• Select Chart of Accounts from the expanded options.
• On the Chart of Accounts page, click the ellipses menu icon at the top left corner.
• Select Import from the dropdown options.
• On the Import Chart of Accounts page, click Download to Save the sample file.
• Open the Sample file on Google Sheets, Microsoft Excel or an of your preferred document viewer.
• In the downloaded sample file, there are four sheets — chart_of_accounts, items, item_taxes and taxes.

On the Chart_of_Accounts sheet, you’ll find the following fields:

• • Type: Options are Bank & Cash, Current Asset, Depreciation, Fixed Asset, Inventory, Non-current Asset, Prepayment, Equity, Direct Costs, Expense, Other Income, Revenue, Sales, Current Liability, Liability or Non-current Liability.
  • Class: Options are Assets, Liabilities, Expenses, Income or Equity.
  • Code: Enter the chart of accounts code. You can edit codes to suit your businesses preferences.
  • Name: Define a name for the Account.
  • Description: A brief explanation of the account’s purpose or usage.
  • Enabled: TRUE means the account is valid and available for use in the Chart of Accounts.
  • Parent: You can define the Parent account if the account is a sub-account
  • Balance: Enter a balance value for the account.
  • Created_from: Shows the origin of this account in the Chart of Accounts.
  • Created_by: Records the creator of the account for audit and tracking purposes.

On the Items sheet, you’ll find the following fields:

• • Name: Same as the Account name
  • Type: This can either be a Product or Service.
  • Description: A brief explanation of the account’s purpose or usage.
  • Sale_Price: The standard price at which the product or service is sold to customers.
  • Purchase_Price: What you paid vendors for the item.
  • Income_account_code: Revenue account code the sales are posted to. Enter the same code as those in the chart_of_accounts sheet.
  • Expense_account_code: Expense account code purchases are posted to. Enter the same code as those in the chart_of_accounts sheet.
  • Created_from: Shows the origin of this account in the Chart of Accounts.
  • Created_by: Records the creator of the account for audit and tracking purposes.

On the item_taxes sheet, you’ll find the following fields:

• • item_name: Same as the Account name
  • tax_name: name of the tax rule (VAT, Sales Tax, GST, Withholding, Excise Duty, and more.)
  • tax_rate: The percentage of tax applied to the item or transaction (e.g., 18% VAT, 10% withholding).
  • Created_from: Shows the origin of this account in the Chart of Accounts.
  • Created_by: Records the creator of the account for audit and tracking purposes.

On the taxes sheet, you’ll find the following fields:

• • name: name of the tax rule (VAT, Sales Tax, GST, Withholding, Excise Duty, and more.)
  • type: defines the type of tax (normal, fixed, inclusive, withholding, compound).
  • tax_rate: The percentage of tax applied to the item or transaction (e.g., 18% VAT, 10% withholding).
  • account_code: Enter the same code as those in the chart_of_accounts sheet.
  • enabled: TRUE means the account is valid and available for use in the Chart of Accounts.
  • Created_from: Shows the origin of this account in the Chart of Accounts.
  • Created_by: Records the creator of the account for audit and tracking purposes.

• Enter COA detials in all necessary fields.
• Save and Download the file as XLS or XLSX.
• Upload your file to Akaunting.
• Click Import and wait for a few seconds. This may vary depending on the size of the data.

You’ll get a notification on the sidebar. Also, a confirmation will be sent to your email once the upload is completed.