Creating a Chart of Accounts

List all your business accounts used to record financial transactions and manage them effectively. Standardize accounting procedures, generate financial reports, and support your budgeting and forecasting.

You need to Install or Purchase the Double Entry App to use the Chart of Accounts feature.

Creating a Chart of Accounts:

• Go to Double-Entry on the Navigation menu.
• Select Chart of Accounts from the expanded menu options.
• On the Chart of Accounts page, click New Chart of Account.
• Enter the Name and Code.
• Select a Type – Assets, Equity, Expenses, Income, or Liabilities.
• Select a Parent Account and write a Description, if applicable.
• Then, Save.

You can also Import a Chart of Accounts into Akaunting.

To import 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 Import or the ellipses menu icon at the top left corner.
• Select Import from the ellipses dropdown options.
• On the Import Chart of Accounts page, Download the sample file and fill in the provided fields.
  • Type: Current Asset, Current Liability, Inventory, Fixed Asset, Depreciation, etc.
  • Code
  • Name
  • Description
  • Enabled: Define as 1.
  • Parent
  • Balance: Opening balance
• Save 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 notification icon. Also, a confirmation will be sent to your email once the upload is completed.